61G Person who relies on exemption to acquire property may be subject to existing consent or exemption conditions

(1)

This section applies if—

(a)

1 or more of the following apply:

(i)

a consent holder (A) is subject to 1 or more conditions that apply in connection with property:

(ii)

a person (A) relies on an exemption in, or an exemption granted under, this Act or the regulations that is subject to 1 or more conditions that apply in connection with property:

(iii)

because of the previous operation of this section, a person (A) is treated as being subject to 1 or more conditions that apply in connection with property; and

(b)

another person (B) acquires the property (in whole or in part) under an overseas investment transaction, but B does not obtain consent because B relies on an exemption listed in the regulations; and

(c)

the regulations specify 1 or more classes of conditions to which subsection (3) applies.

(2)

However, this section does not apply in the circumstances prescribed in the regulations (if any).

(3)

B must be treated as being subject to the conditions referred to in subsection (1)(a) that are of the class specified in the regulations (and those conditions apply as conditions of a consent or an exemption, as the case may be, with all necessary modifications as if B were the person who was originally subject to the conditions).

(4)

If the conditions that apply to B are conditions of a consent, B must be treated as being a consent holder in respect of the property and in respect of the conditions (for example, B may agree to the variation of the conditions under section 27).

(5)

A ceases to be subject to the conditions in the circumstances, and to the extent, provided for in the regulations.

(6)

Subsection (5) does not limit subsection (4).

(7)

This section does not limit section 61F(3).

Section 61G: inserted, on 22 October 2018, by section 47 of the Overseas Investment Amendment Act 2018 (2018 No 25).