Common use of Foreign Investment Review Board Clause in Contracts

Foreign Investment Review Board. 29.1 Unless disclosed in item L of the Particulars, the Buyer warrants that:- (a) the Buyer is not a Foreign Person; (b) the Buyer may enter into this Contract and complete the purchase without obtaining approval from the Foreign Investment Review Board or that such consents or approvals as necessary have been given. 29.2 If the Buyer has disclosed that it is a Foreign Person, then this Contract is subject to the consent of the Treasurer and the following provisions apply:- (a) the Buyer must give to the Seller a statement showing the names, citizenship and ordinary residence of the Buyer and such other information and documentation reasonably required by the Seller; (b) the Buyer must make application for such consent at the Buyer’s cost or in default the Seller may make such application in which case the Buyer: (i) will upon demand pay to the Seller; and (ii) indemnifies the Seller for, (c) despite the previous clause, the Seller is under no obligation to make the relevant application for consent referred to in this clause 29.2 and the Buyer will have no Claim against the Seller if the Seller chooses not to make the application; (d) if the consent is refused or is not obtained by the date that is 60 days from the Contract Date then either party may terminate this Contract and the Deposit shall be refunded to the Buyer; (e) For the removal of doubt, if the Seller has made the application for consent and consent is refused or is not obtained by the date referred to above, the Buyer is still liable to the Seller for all costs associated with the Seller making the application. The Seller is not required to reimburse or repay the Buyer any part of the costs it may incur. 29.3 At the time of signing this Contract, the Buyer must disclose in the relevant item of the Particulars its status in terms of the Foreign Acquisitions and Takeovers Act. If the Buyer is a company and/or a Trustee the Buyer must also provide to the Seller at the time of signing this Contract the names and addresses of the principal shareholders and/or beneficiaries. The Buyer warrants the accuracy of all information provided.

Foreign Investment Review Board. 29.1 Unless disclosed in item L of the Particulars, the Buyer warrants that:- (a) the Buyer is not a Foreign Person; (b) the Buyer may enter into this Contract and complete the purchase without obtaining approval from the Foreign Investment Review Board or that such consents or approvals as necessary have been given. 29.2 If the Buyer has disclosed that it is a Foreign Person, then this Contract is subject to the consent of the Treasurer and the following provisions apply:-apply: (a) the Buyer must give to the Seller a statement showing the names, citizenship and ordinary residence of the Buyer and such other information and documentation reasonably required by the Seller; (b) the Buyer must make application for such consent at the Buyer’s cost or in default the Seller may make such application in which case the Buyer: (i) will upon demand pay to the Seller; and (ii) indemnifies the Seller for,, all costs associated with the Seller making the application, including the application fee. (c) despite the previous clause, the Seller is under no obligation to make the relevant application for consent referred to in this clause 29.2 and the Buyer will have no Claim against the Seller if the Seller chooses not to make the application; (d) if the consent is refused or is not obtained by the date that is 60 days from the Contract Date then either party may terminate this Contract and the Deposit shall be refunded to the Buyer; (e) For the removal of doubt, if the Seller has made the application for consent and consent is refused or is not obtained by the date referred to above, the Buyer is still liable to the Seller for all costs associated with the Seller making the application. The Seller is not required to reimburse or repay the Buyer any part of the costs it may incur. 29.3 At the time of signing this Contract, the Buyer must disclose in the relevant item of the Particulars its status in terms of the Foreign Acquisitions and Takeovers Act. If the Buyer is a company and/or a Trustee the Buyer must also provide to the Seller at the time of signing this Contract the names and addresses of the principal shareholders and/or beneficiaries. The Buyer warrants the accuracy of all information provided.