11Acquisition of securities in a land entity

11 Acquisition of securities in a land entity

(1) This section applies (subject to subsection (6)) if: (a) a person acquires an interest in securities in a land entity; and (b) the land held by the entity is covered by more than one item of items 2 to 5 in the table in subsection 7(1) of the Act; and (c) the fee that would, apart from this section, be payable under paragraph 9(2)(b) of the Act for giving a notice of a notifiable action under section 81 of the Foreign Acquisitions Act is higher than the fee worked out under this section. Fee payable based on dominant land holding (2) The fee that is payable under section 7 of the Act for giving the notice is the fee that is payable for acquiring an interest in the entity’s dominant land holding. Working out an entity’s dominant land holding (3) To determine the entity’s dominant land holding, make a reasonable assessment of the value of interests in each of the following kinds of land held by the entity: (a) agricultural land that is used wholly and exclusively for a primary production business; (b) commercial land; (c) residential land; (d) mining or production tenements. (4) The entity’s dominant land holding is: (a) except if the value, as assessed under subsection (3), is greatest for commercial land—the kind of land whose value, as assessed under that subsection, is the greatest; or (b) if the value, as assessed under subsection (3), is greatest for commercial land—the kind of land whose value, as assessed under subsection (5), is greatest. (5) For the purposes of paragraph (4)(b), make a reasonable assessment of the value of interests held by the entity in: (a) commercial land that is vacant; and (b) commercial land that is not vacant. Actions of more than one kind (6) However, this section does not apply if: (a) a fee is payable under paragraph 9(2)(a) of the Act (actions of more than one kind); and (b) that fee is higher than the fee worked out under this section.