47Meaning of notifiable action—general

47 Meaning of notifiable action—general

(1) An action is a notifiable action if the conditions in this section are met. First condition—kinds of action (2) The first condition is that the action is any of the following: (a) to acquire a direct interest in: (i) an Australian entity that is an agribusiness; or (ii) an Australian business that is an agribusiness; (b) to acquire a substantial interest in an Australian entity; (c) to acquire an interest in Australian land.

Note: For the definition of acquire a direct interest or a substantial interest, see section 20.

Second condition—threshold (3) The second condition is that the threshold test is met in relation to the entity, business or land (see Subdivision B of Division 4). Third condition—kinds of entities covered (4) If subparagraph (2)(a)(i) or paragraph (b) applies, the third condition is that the entity is: (a) an Australian corporation that carries on an Australian business, whether alone or together with one or more other persons; or (b) an Australian unit trust; or (c) an Australian entity that is the holding entity of an entity mentioned in paragraph (a) or (b). Last condition—action taken by a foreign person (5) The last condition (whether paragraph (2)(a), (b) or (c) applies) is that the action is or is to be taken by a foreign person.