42Exemption certificate for businesses or entities

#### 42 Exemption certificate for businesses or entities (1) A foreign person may apply for a certificate under this section (a businesses or entities certificate) if the foreign person or any other foreign person proposes to acquire one or more kinds of interests in the assets of an Australian business or the securities of an entity. > Note: See also Part 6 (fees) and section 135 (manner of notification and application) of the Act. (2) The Treasurer may give a certificate if the Treasurer is satisfied that acquisitions of those kinds of interests by that foreign person are not contrary to the national interest. (3) The certificate must specify: (a) the foreign person, who may not yet be incorporated or established, to whom the certificate relates (or will relate); and (b) the kinds of interests to which the certificate relates; and (c) whether the acquisition of any of those kinds of interests: (i) does not give rise to a notifiable action; or (ii) neither gives rise to a significant action nor a notifiable action. > Note: For other things that the certificate may specify, see section 60 of the Act. (4) For the purposes of subsection 45(3) of the Act, an action is not a significant action if: (a) the action is an acquisition by a foreign person of an interest in assets of an Australian business or securities of an entity; and (b) the foreign person is specified in a businesses or entities certificate; and (c) the interest is of a kind specified in the certificate; and (d) the acquisition of the interest is specified in the certificate as not giving rise to a significant action; and (e) the conditions (if any) specified in the certificate are met. (5) For the purposes of subsection 49(2) of the Act, an action is not a notifiable action if: (a) the action is an acquisition by a foreign person of an interest in assets of an Australian business or securities of an entity; and (b) the foreign person is specified in an Australian businesses or entities certificate; and (c) the interest is of a kind specified in the certificate; and (d) the conditions (if any) specified in the certificate are met.