Clause 24

by deleting subsections (1) and (2) and substituting the following subsections:“(1) A company that desires to obtain a loan of not less than $20 million from a non‑resident person (called in this Part a foreign lender) by means of an agreement under which credit facilities are granted for the purchase of productive equipment for the purposes of its trade or business, may apply to the Minister for that loan to be approved as an approved foreign loan.(2) The Minister may, where the Minister thinks it expedient to do so, consider an application for approval in respect of a foreign loan of less than $20 million.”;

by deleting the word “financial” in subsection (3);

by deleting subsection (4) and substituting the following subsection:“(4) Where the Minister is satisfied as to the bona fides of such an application and that it is expedient in the public interest to do so, the Minister may —

subject to such conditions as the Minister considers appropriate, approve the loan specified in the application as an approved foreign loan; and

issue a certificate certifying the approval.”; (d)by deleting the words “, and shall be subject to such conditions as the Minister thinks fit” in subsection (5);

by inserting, immediately after subsection (5), the following subsection:“(6) The Minister may not approve any loan as an approved foreign loan on or after 1 January 2024.”; and

by deleting the words “and issue of approved foreign loan certificate” in the section heading and substituting the words “approval of foreign loan”.