Statutory Notices

Most applications will require the submission of a statutory notice. The notices comprise either a S26, S26A or S25 Notice.

For any acquisition that is notifiable under Section 26A of the Foreign Acquisitions and Takeovers Act 1975, the submission of a Section 26A Notice is required. Section 26A makes it compulsory for a foreign interest to notify a proposal to acquire an interest in Australian urban land. The section does not apply if the proposed acquisition is exempt under the Foreign Acquisitions & Takeovers Regulations.

For any acquisition that is notifiable under Section 26 of the Foreign Acquisitions and Takeovers Act 1975, the submission of a Section 26 Notice is required. Section 26 makes it compulsory for a foreign interest to notify a proposal to acquire, or increase, a substantial shareholding (that is, 15 per cent or more) of an Australian corporation, unless the total assets are below the applicable threshold.

There are substantial penalties for non-compliance with the notification provisions of sections 26 and 26A.

For any acquisition that is notifiable under Section 25 of the Foreign Acquisitions and Takeovers Act 1975, a Section 25 Notice should be submitted. Section 25 provides for the notification of other proposals that come within the scope of the Act but which are not subject to compulsory notification (for example, off-shore takeovers, takeovers of businesses by purchase of assets, or acquisitions of shares in Australian companies that are less than a substantial shareholding).

Formal notification of a proposal under sections 25, 26 or 26A (that is, in accordance with the forms prescribed in the Foreign Takeovers (Notices) Regulations) activates a time clock and, if the Treasurer does not take action within 30 days and notify the parties of this action within a further 10 days, the Treasurer loses the ability to either prohibit the proposal or to impose conditions. The normal 30 day examination period may be extended by up to a further 90 days by the issue of an interim order (sections 22 and 25(3)).

Notice
Section 26A	28KB	232KB
Section 26	29KB	81KB
Section 25	53KB	406KB