Foreign Takeovers Amendment Act 1976 (Cth)

FOREIGN TAKEOVERS AMENDMENT ACT 1976

No. 93 of 1976

An Act to amend the Foreign Takeovers Act 1975.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation. 1. (1) This Act may be cited as the Foreign Takeovers Amendment Act 1976. (2) The Foreign Takeovers Act 1975 is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may be cited as the Foreign Takeovers Act 1975-1976.

Commencement. 2. (1) Sections 1 and 2, sub-section 3(2) and sections 5, 9, 11 and 12 shall come into operation on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act shall be deemed to have come into operation on 1 January 1976.

Transitional provisions. 3. (1) Section 3 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:—

"(2) Notwithstanding the repeal of the Companies (Foreign Takeovers) Act 1972-1974, that Act, other than section 17, shall be deemed to continue in force in relation to—

(a) an offer (including an offer constituting, or made in pursuance of an invitation constituting, a take-over offer) to sell or purchase shares that was accepted before the date of commencement of this Act; and

(b) an issue of shares that occurred before that date.".

(2) Section 3 of the Principal Act is amended by omitting paragraph (a) of sub-section (4).

Interpretation. 4. Section 5 of the Principal Act is amended by inserting in paragraph (b) of the definition of "share" in sub-section (1), after the word and figures "section 11", the word and figures "or 26".

Control of voting power. 5. Section 8 of the Principal Act is amended by inserting after the word "arrangements" the words "or practices".

Application of Act. 6. Section 15 of the Principal Act is amended by omitting paragraph (c) and substituting the following paragraph:— "(c) an acquisition of shares or assets occurring on or after that date, where notice in writing was issued by the Commonwealth Government before that date to the effect that the Common­wealth Government did not object to the acquisition or, in the case of an acquisition occurring by way of the exercise of an option, that it did not object to the acquisition of the option or to the acquisition of those shares of assets in pursuance of the option.". 7. Section 26 of the Principal Act is repealed and the following sec­tion substituted: —