76Content of notification

76 Content of notification

(1) A no objection notification given to a person under section 74 or 75 must: (a) specify the following: (i) the one or more actions to which the notification relates; (ii) the one or more foreign persons to which the notification relates; and (b) include the following: (i) a requirement that the actions to which the notification relates, if taken, must be taken before the end of a specified period after the day the notification is given; (ii) a statement to the effect that the Treasurer may, in certain circumstances review the actions to which the notification relates under Division 3 and exercise powers under that Division. (2) The no objection notification may specify a foreign person by specifying: (a) a foreign person that: (i) is not yet incorporated; or (ii) is a trustee of a trust that is not yet established; and (b) the way in which the foreign person is to be incorporated or the trust is to be established. (3) A foreign person is taken not to be specified in a no objection notification if: (a) the notification specified the foreign person under subsection (2) before the foreign person was incorporated or the trust was established; and (b) the foreign person is not incorporated or the trust is not established in the way specified in the notification.

Note: The protection under section 70 from disposal orders applies to a foreign person only if the foreign person is specified in a no objection notification.

(4) The period mentioned in subparagraph (1)(b)(i) is: (a) the period prescribed by the regulations; or (b) if the Treasurer is satisfied that a longer period is not contrary to national security or the national interest—that longer period. (5) A single notification may include a no objection notification under each of sections 74 and 75 in relation to different actions. Variation of no objection notification (6) A person given a no objection notification may apply to the Treasurer for a variation of the notification (including after the action specified in the notification is taken).

Note: See also Part 6 (fees) and section 135 (manner and form for notices and applications).

(7) An application for an extension of a period specified in a no objection notification must be made 2 months before the end of the period. (8) The Treasurer may vary a no objection notification if: (a) in the case of a no objection notification given in relation to an action of a kind mentioned in subsection 74(1) or 75(1)—the Treasurer is satisfied that the variation is not contrary to the national interest; and (b) in the case of a no objection notification given in relation to an action of a kind mentioned in subsection 74(1A) or 75(1A)—the Treasurer is satisfied that the variation is not contrary to national security.