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This is a Bill, not an Act. For current law, see the Acts databases.
2016
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Foreign Acquisitions and Takeovers
Amendment (Strategic Assets) Bill 2016
No. , 2016
(Mr Katter)
A Bill for an Act to amend the Foreign Acquisitions
and Takeovers Act 1975, and for related purposes
No. , 2016
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill
2016
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Foreign Acquisitions and Takeovers Act 1975
3
No. , 2016
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill
2016
1
A Bill for an Act to amend the Foreign Acquisitions
1
and Takeovers Act 1975, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Foreign Acquisitions and Takeovers Amendment
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(Strategic Assets) Act 2016.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill
2016
No. , 2016
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day the Governor-General in Council
assents to this Act.
2. Schedule 1
The later of:
(a) the start of the day after the Governor-
General in Council assents to this Act;
and
(b) the start of the day the Consolidated
Revenue Fund is appropriated under an
Act to the Department in which this Act
is administered for payment to the
Foreign Ownership Assessment Board.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
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Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Amendments
Schedule 1
No. , 2016
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill
2016
3
Schedule 1--Amendments
1
2
Foreign Acquisitions and Takeovers Act 1975
3
1 After section 2
4
Insert:
5
2A Ban on acquisition of assets of strategic economic importance or
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strategic defensive importance to Australia
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(1) Despite anything else in this Act, a foreign person cannot acquire a
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10 per cent or greater interest in Australian land, water or other
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assets that are of strategic economic significance or strategic
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defence significance to Australia.
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(2) Subsection (1) does not apply in relation to an acquisition if:
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(a) each House of the Parliament, following notice of a motion
13
given in that House, passes a resolution by at least a
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two-thirds majority authorising the acquisition; and
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(b) the acquisition is for no more than 45 per cent of the interest
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in the Australian land, water or other asset.
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(3) The regulations must provide for:
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(a) the establishment of a Foreign Ownership Assessment Board
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(FOAB) to determine whether an asset is of strategic
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economic significance or strategic defensive significance to
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Australia for the purposes of subsection (1);
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(b) the FOAB to constitute a Board chosen by a majority of the
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Senate of Australia; and
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(c) any determination of the FOAB to be reviewable by an
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appeals tribunal.
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(4) If any party to an appeal against the decision of the FOAB chooses
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not to be represented by a lawyer (however described), then no
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other party to the proceedings may be represented by a lawyer.
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