Foreign Acquisitions and Takeovers Regulations (Amendment) (Cth)

Statutory

Rules1991No. 302 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 24 September 1991.

  BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

J. KERIN

Treasurer

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1.   Amendment

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

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

2.1   Add at the end:

“;(r)

if:

 (i) the acquisition is of an interest in land that is, or may be, used for residential purposes, other than land on which:

 (A) a dwelling exists; or

 (B) a dwelling may be constructed;

 that is, or would be, part of a subdivided building in which hotel services are provided; and

 (ii) the Treasurer has certified that the sale of the interest to foreign persons is not contrary to the national interest; and

 (iii) the person who intends to dispose of the interest provides the foreign person with a copy of the certificate”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 September 1991.

 

2. Statutory Rules 1989 No. 177.