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A Bill for an Act to amend the Foreign Acquisitions and Takeovers Act 1975, and for related purposes
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 27 Nov 2012
Introduced HR 26 Nov 2012
Table of contents.

2010‑2011‑2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012

 

No.      , 2012

 

(Mr Katter)

 

 

 

A Bill for an Act to amend the Foreign Acquisitions and Takeovers Act 1975, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendments                                                                                                3

Foreign Acquisitions and Takeovers Act 1975                                                      3

 


A Bill for an Act to amend the Foreign Acquisitions and Takeovers Act 1975, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Act 2012.

2  Commencement

                   This Act commences on the day after this Act receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


 

Schedule 1Amendments

  

Foreign Acquisitions and Takeovers Act 1975

1  Subsection 1(1)

Insert:

Cubbie Station means the area of land known, on 26 November 2012, as Cubbie Station.

2  After section 14

Insert:

14A  Cubbie Station: meaning of control

             (1)  Cubbie Station is controlled by foreign persons if:

                     (a)  a corporation that owns Cubbie Station, or a holding corporation of such a corporation, is controlled (within the meaning of subsection 18(7) or paragraph 20(5)(a)) by foreign persons; or

                     (b)  an Australian business of operating Cubbie Station, or a holding corporation of a corporation that carries on such a business, is controlled (within the meaning of subsection 19(7), paragraph 20(5)(b) or subsection 21(5)) by foreign persons.

             (2)  Subsection (1) does not limit the circumstances in which Cubbie Station may be controlled, directly or indirectly, by foreign persons for the purposes of this Act.

14B  Cubbie Station: anti‑avoidance

                   A reference in this Act to Cubbie Station being controlled, directly or indirectly, by foreign persons includes a reference to any area of land that is part of Cubbie Station being so controlled, if the Treasurer has reason to believe that control of that part of Cubbie Station is an element of a scheme to avoid the application of a provision of this Act that refers to Cubbie Station.

3  After subsection 18(2)

Insert:

          (2A)  The Treasurer must make an order under subsection (2) in relation to a proposed acquisition or acquisition, or a proposed issue, of shares in a corporation if:

                     (a)  paragraphs (2)(a) and (b) apply in relation to the proposal; and

                     (b)  a consequence of the control by foreign persons referred to in paragraph (2)(b) is that Cubbie Station would be controlled, directly or indirectly, by foreign persons.

4  After subsection 18(4)

Insert:

          (4A)  The Treasurer must make an order under subsection (4) in relation to an acquisition of shares in a corporation if:

                     (a)  paragraph (4)(a) applies in relation to the acquisition; and

                     (b)  a consequence of the control referred to in paragraph (4)(a) is that Cubbie Station is controlled, directly or indirectly, by foreign persons.

5  After subsection 19(2)

Insert:

          (2A)  The Treasurer must make an order under subsection (2) in relation to a proposed acquisition of assets of an Australian business if:

                     (a)  paragraphs (2)(a) and (b) apply in relation to the proposal; and

                     (b)  a consequence of the control by foreign persons referred to in paragraph (2)(b) is that Cubbie Station would be controlled, directly or indirectly, by foreign persons.

6  After subsection 19(4)

Insert:

          (4A)  The Treasurer must make an order under subsection (4) in relation to an acquisition of assets of an Australian business if:

                     (a)  paragraph (4)(a) applies in relation to the acquisition; and

                     (b)  a consequence of the control referred to in paragraph (4)(a) is that Cubbie Station is controlled, directly or indirectly, by foreign persons.

7  After subsection 20(2)

Insert:

          (2A)  The Treasurer must make an order under subsection (2) in relation to a proposed entry into an agreement in relation to the affairs of a corporation, or a proposed alteration of a constituent document of a corporation, if:

                     (a)  paragraphs (2)(a), (b) and (c) apply in relation to the proposal; and

                     (b)  a consequence of the control by foreign persons referred to in paragraph (2)(c) is that Cubbie Station would be controlled, directly or indirectly, by foreign persons.

8  After subsection 20(3)

Insert:

          (3A)  The Treasurer must make an order under subsection (3) in relation to an agreement in relation to the affairs of a corporation, or an alteration to a constituent document of a corporation, if:

                     (a)  paragraph (3)(a) applies in relation to the result of the agreement or alteration; and

                     (b)  a consequence of the control referred to in paragraph (3)(a) is that Cubbie Station is controlled, directly or indirectly, by foreign persons.

9  After subsection 21(2)

Insert:

          (2A)  The Treasurer must make an order under subsection (2) in relation to a proposed entry into, or termination of, an arrangement in relation to an Australian business if:

                     (a)  paragraphs (2)(a) and (b) apply in relation to the proposal; and

                     (b)  a consequence of the control by foreign persons referred to in paragraph (2)(b) is that Cubbie Station would be controlled, directly or indirectly, by foreign persons.

10  After subsection 21(3)

Insert:

          (3A)  The Treasurer must make an order under subsection (3) in relation to an arrangement entered into, or terminated, in relation to an Australian business if:

                     (a)  paragraph (3)(a) applies in relation to the entering into, or termination, of the arrangement; and

                     (b)  a consequence of the control referred to in paragraph (3)(a) is that Cubbie Station is controlled, directly or indirectly, by foreign persons.

11  Transitional provision—mandatory rejection of foreign control of Cubbie Station

(1)       If, before this Act commences:

                     (a)  the Treasurer has made a decision under subsection 25(1A) of the Foreign Acquisitions and Takeovers Act 1975, deciding that the Commonwealth Government has no objection to a proposal; and

                     (b)  a consequence of the proposal would be that Cubbie Station would be controlled, directly or indirectly, by foreign persons; and

                     (c)  the proposal has not been carried out;

the Treasurer must:

                     (d)  revoke the decision; and

                     (e)  make an order under subsection 18(2), 19(2), 20(2) or 21(2) of the Foreign Acquisitions and Takeovers Act 1975 in relation to the proposal.

(2)       If, before this Act commences:

                     (a)  the Treasurer has made a decision under subsection 25(1A) of the Foreign Acquisitions and Takeovers Act 1975, deciding that the Commonwealth Government has no objection to a proposal; and

                     (b)  a consequence of the proposal was that Cubbie Station would be controlled, directly or indirectly, by foreign persons; and

                     (c)  the proposal has been carried out;

the Treasurer must, despite the decision under subsection 25(1A) and despite subsection 25(1D), make an order under subsection 18(4), 19(4), 20(3) or 21(3) of the Foreign Acquisitions and Takeovers Act 1975 in relation to the result of the proposal.

(3)       An action the Treasurer is required to take under this item must be taken no later than 7 days after the day on which this Act commences.