Overseas Investment Act 2005
Public Act 2005 No 82Date of assent 21 June 2005
Commencement see section 2
Note
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Treasury.
Contents
1 Title
2 Commencement
Part 1
Preliminary provisions
3 Purpose
4 Overview
5 Act incorporates sections 56 to 58B of Fisheries Act 1996
6 Interpretation
7 Who are overseas persons
8 Meaning of associate and associated land
Act binds the Crown
9 Act binds the Crown
Part 2
Consent and conditions regime
Subpart 1—When consent required and criteria for consent
When consent required
10Consent required for overseas investments in sensitive New Zealand assets
11Consent must be obtained before overseas investment given effect
What are overseas investments in sensitive New Zealand assets
12What are overseas investments in sensitive land
13What are overseas investments in significant business assets
Criteria for consent
14Approach to criteria for consent
15Who are relevant overseas persons, and individuals with control, for overseas investments
16Criteria for consent for overseas investments in sensitive land
17Factors for assessing benefit of overseas investments in sensitive land
18Criteria for overseas investments in significant business assets
19Applying good character and Immigration Act 2009 criteria
20Exemptions from farm land offer criterion
Subpart 2—Procedure for making an application for consent and for granting consent
21Application for consent
22Who must apply for consent
23Requirements for application for consent
24Who decides application
25Granting or refusal of consent
26Minister may revoke consent in case of fraud
27Consent may be varied by agreement
28Conditions of consent
29Transaction may be cancelled
Subpart 3—Administration
30Regulator
31What regulator does
32Delegation by relevant Minister or Ministers
33Rules that apply to delegation under this Act or regulations
34Ministerial directive letter
35Ministerial directive letter must be published, etc
36Regulator may issue guidelines
37Regulator must keep list of reserves, parks, and other sensitive areas
Subpart 4—Monitoring
38Regulator may require consent holder to provide information for monitoring purposes
39Regulator may require any person to provide information for statistical or monitoring purposes
40Regulator may require consent holder to provide statutory declaration as to compliance
41Regulator may require information and documents for purpose of detecting offences
Subpart 5—Enforcement
Offences
42Offence of giving effect to overseas investment without consent
43Offence of defeating, evading, or circumventing operation of Act
44Offence of resisting, obstructing, or deceiving
45Offence of failing to comply with notice, requirement, or condition
46Offence of false or misleading statement or omission
Powers of court
47Court may order disposal of property
48Court may order person in breach to pay civil penalty
49Court may order mortgage to be registered over land
50Court may order interest to be paid
51Court may order consent holder to comply with condition of consent or exemption
Administrative penalties
52Administrative penalties for late filing
53Administrative penalty for retrospective consent
Address for service
54Address for service
55Non-appearance not ground for court to refuse order under Act if consent holder served at address for service
Search and seizure
56Search warrant
57Form and content of search warrant [Repealed]
58Powers conferred by search warrant [Repealed]
59Requirements when executing search warrant [Not in force]
60Disposal of things seized under search warrant [Repealed]
Subpart 6—Miscellaneous provisions
61Regulations
62Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision
Subpart 7—Transitional provisions and amendments to other enactments
Dissolution of Commission
63Commission dissolved
64Assets and liabilities vest in the Crown
65No compensation for loss of office
66Transfer to LINZ
67Transferring employee must be employed in equivalent employment
68Continuity of employment
69No compensation for technical redundancy
70Final report
71References to Commission
72Proceedings of Commission
Amendments to Fisheries Act 1996
73New sections 56 to 58B substituted in Fisheries Act 1996
Amendment to Te Ture Whenua Maori Act 1993
74Amendment to Te Ture Whenua Maori Act 1993
Consequential amendments
75Consequential amendments
Transitional provisions
76Repeal and revocations
77Transitional provision for acts done or begun under previous overseas investment regime
78Transitional provision for consents, exemptions, and conditions under 1973 Act and Regulations
79Transitional provision for permissions, etc, under Fisheries Act 1996
