Foreign Acquisitions and Takeovers Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 416 1

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Foreign Acquisitions and Takeovers Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Foreign Acquisitions and Takeovers Act 1975.

Dated 12 December 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

GEORGE GEAR

Assistant Treasurer

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1.   Amendment

1.1   The Foreign Acquisitions and Takeovers Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Regulation 2 (Interpretation)

2.1   Before “charitable institution”, insert the following definition:

“‘accommodation facility’ means premises used, or suitable for use, as accommodation of persons on either a long-term or short-term basis, including, in particular, hotels, motels, hostels, guesthouses, serviced apartments and holiday units;”.

3.   Regulation 3 (Exempt acquisitions of interests in Australian urban land)

3.1   Paragraph 3 (f):

Omit the paragraph, substitute:

• “(f)

  where:

  • (i)

    the land is being used, or is able to be used immediately and in its present state, for industrial or non-residential commercial purposes; and

  • (ii)

    the acquisition is wholly incidental to the conduct of the existing or proposed business activities of the foreign person (other than business activities that include acquisitions of land or the development of, or investment in, land or the development or operation of any form of accommodation facility);”. 

3.2   Paragraph 3 (p):

Omit the paragraph, substitute:

• “(p)

  if:

  • (i)

    the land is non-residential commercial land valued at less than $5 million; and

  • (ii)

    the land is not:

    • (A)

      vacant land; or

    • (B)

      land the whole or part of which comprises an accommodation facility;”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 19 December 1995.

2. Statutory Rules 1989 No. 177 as amended by 1991 No. 302; 1994 No. 295.