37Acquisition in certain circumstances

#### 37 Acquisition in certain circumstances (1) The excluded provisions do not apply in relation to an acquisition of an interest in Australian land by a foreign person if a subsection of this section applies in relation to the acquisition. Securities in listed Australian land entities and stapled securities (2) All of the following apply: (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity; (b) the land entity is or will be listed for quotation in the official list of a stock exchange (whether or not in Australia); (c) after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity; (d) the foreign person is not in a position: (i) to influence or participate in the central management and control of the land entity; or (ii) to influence, participate in or determine the policy of the land entity. (3) All of the following apply: (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity; (b) the interest in the shares or units can only be transferred together with interests in one or more securities in another entity; (c) the interest in the securities in the other entity is covered by subsection (2). Securities in unlisted Australian land entities (4) All of the following apply: (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity; (b) the land entity is not, and will not be, listed for quotation in the official list of a stock exchange (whether or not in Australia); (c) after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity; (d) the foreign person is not in a position: (i) to influence or participate in the central management and control of the land entity; or (ii) to influence, participate in or determine the policy of the land entity; (f) the land entity carries on a business that does not include (other than incidentally) investing directly or indirectly in established dwellings. Acquisitions for diplomatic or consular purposes (5) Both of the following apply: (a) the foreign person is: (i) a foreign government or a separate government entity; or (ii) an entity (within the ordinary meaning of the term) in which a foreign government holds a substantial interest; (b) the acquisition is of an interest in commercial land or residential land to be used exclusively as any of the following: (i) a diplomatic mission or consular post; (ii) a diplomatic residence or the residence of the head of a consular post.