Overseas Investment Act 2005

Reprint as at 20 May 2014

Overseas Investment Act 2005

Public Act2005 No 82
Date of assent21 June 2005
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

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 1When consent required and criteria for consent

When consent required

10 Consent required for overseas investments in sensitive New Zealand assets

11 Consent must be obtained before overseas investment given effect

What are overseas investments in sensitive New Zealand assets

12 What are overseas investments in sensitive land

13 What are overseas investments in significant business assets

Criteria for consent

14 Approach to criteria for consent

15 Who are relevant overseas persons, and individuals with control, for overseas investments

16 Criteria for consent for overseas investments in sensitive land

17 Factors for assessing benefit of overseas investments in sensitive land

18 Criteria for overseas investments in significant business assets

19 Applying good character and Immigration Act 2009 criteria

20 Exemptions from farm land offer criterion

Subpart 2Procedure for making an application for consent and for granting consent

21 Application for consent

22 Who must apply for consent

23 Requirements for application for consent

24 Who decides application

25 Granting or refusal of consent

26 Minister may revoke consent in case of fraud

27 Consent may be varied by agreement

28 Conditions of consent

29 Transaction may be cancelled

Subpart 3Administration

30 Regulator

31 What regulator does

32 Delegation by relevant Minister or Ministers

33 Rules that apply to delegation under this Act or regulations

34 Ministerial directive letter

35 Ministerial directive letter must be published, etc

36 Regulator may issue guidelines

37 Regulator must keep list of reserves, parks, and other sensitive areas

Subpart 4Monitoring

38 Regulator may require consent holder to provide information for monitoring purposes

39 Regulator may require any person to provide information for statistical or monitoring purposes

40 Regulator may require consent holder to provide statutory declaration as to compliance

41 Regulator may require information and documents for purpose of detecting offences

Subpart 5Enforcement

Offences

42 Offence of giving effect to overseas investment without consent

43 Offence of defeating, evading, or circumventing operation of Act

44 Offence of resisting, obstructing, or deceiving

45 Offence of failing to comply with notice, requirement, or condition

46 Offence of false or misleading statement or omission

Powers of court

47 Court may order disposal of property

48 Court may order person in breach to pay civil penalty

49 Court may order mortgage to be registered over land

50 Court may order interest to be paid

51 Court may order consent holder to comply with condition of consent or exemption

Administrative penalties

52 Administrative penalties for late filing

53 Administrative penalty for retrospective consent

Address for service

54 Address for service

55 Non-appearance not ground for court to refuse order under Act if consent holder served at address for service

Search and seizure

56 Search warrant

57 Form and content of search warrant [Repealed]

58 Powers conferred by search warrant [Repealed]

59 Requirements when executing search warrant [Not in force]

60 Disposal of things seized under search warrant [Repealed]

Subpart 6Miscellaneous provisions

61 Regulations

62 Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision

Subpart 7Transitional provisions and amendments to other enactments

Dissolution of Commission

63 Commission dissolved

64 Assets and liabilities vest in the Crown

65 No compensation for loss of office

66 Transfer to LINZ

67 Transferring employee must be employed in equivalent employment

68 Continuity of employment

69 No compensation for technical redundancy

70 Final report

71 References to Commission

72 Proceedings of Commission

Amendments to Fisheries Act 1996

73 New sections 56 to 58B substituted in Fisheries Act 1996

Amendment to Te Ture Whenua Maori Act 1993

74 Amendment to Te Ture Whenua Maori Act 1993

Consequential amendments

75 Consequential amendments

Transitional provisions

76 Repeal and revocations

77 Transitional provision for acts done or begun under previous overseas investment regime

78 Transitional provision for consents, exemptions, and conditions under 1973 Act and Regulations

79 Transitional provision for permissions, etc, under Fisheries Act 1996

Schedule 1
Sensitive land

Schedule 2
Enactments amended

Reprint notes