Foreign Acquisitions and Takeovers Regulations (Amendment) (Cth)

Statutory Rules 1994

No. 295 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 30 August 1994.

 BILL HAYDEN

 Governor-General

 

By His Excellency’s Command,

GEORGE GEAR

Assistant Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 September 1994.

2.   Amendment

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

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

3.1   Paragraph 3 (q):

Omit the paragraph, substitute:

• “(q)

  where the acquisition is of an interest in land that is zoned as residential property, and the person:

  • (i)

    is, at the time of acquisition, the holder of:

    • (A)

      a permanent visa; or

    • (B)

      a special category visa;

   within the meaning of the Migration Act 1958; or

  • (ii)

    if he or she had entered Australia lawfully immediately before the time of acquisition, would have been entitled to the grant, on presentation of a passport, of a special category visa within the meaning of that Act;”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 31 August 1994.

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