Federal Register of Legislation - Australian Government

Primary content

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 30 Nov 2015
Introduced HR 30 Nov 2015
Table of contents.

2013‑2014‑2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill 2015

 

No.      , 2015

 

(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............ Schedules............................................................................................ 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 (Strategic Assets) Act 2015.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

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 this Act receives the Royal Assent.

 

2.  Schedule 1

The later of:

(a) the start of the day after this Act receives the Royal Assent; 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 enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation 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  After section 2

Insert:

2A  Ban on acquisition of assets of strategic economic importance or strategic defensive importance to Australia

             (1)  Despite anything else in this Act, a foreign person cannot acquire a 10 per cent or greater interest in Australian land, water or other assets that are of strategic economic significance or strategic defence significance to Australia.

             (2)  Subsection (1) does not apply in relation to an acquisition if:

(a)   each House of the Parliament, following notice of a motion given in that House, passes a resolution by at least a two‑thirds majority authorising the acquisition; and

(b)  the acquisition is for no more than 45 per cent of the interest in the Australian land, water or other asset.

             (3)  The regulations must provide for:

                     (a)  the establishment of a Foreign Ownership Assessment Board (FOAB) to determine whether an asset is of strategic economic importance or strategic defensive importance to Australia for the purposes of subsection (1);

                     (b)  the FOAB to constitute a Board chosen by a majority of the Senate of Australia; and

(c)           any determination of the FOAB to be reviewable by an appeals tribunal.

             (4)  If any party to an appeal against the decision of the FOAB chooses not to be represented by a lawyer (however described), then no other party to the proceedings may be represented by a lawyer.