Overseas Investment Amendment Bill (No 3)

10 Section 20 replaced (Exemptions from farm land offer criterion)

Replace section 20 with:

20 Exemptions from farm land offer criterion

(1)

Section 16(1)(f) does not apply to an overseas investment if—

(a)

the relevant Ministers consider that the overseas investment need not meet this criterion by reason of the circumstances relating to the particular overseas investment or section 12 interest; or

(b)

the overseas person making the overseas investment belongs to a class of overseas persons, or the overseas investment transaction belongs to a class of transactions, that is exempted from this criterion by the relevant Ministers.

(2)

The relevant Ministers may also exempt a person or transaction from—

(a)

the requirement that offers for acquisition must be on the open market:

(b)

any other requirement in regulations about how farm land or section 12 interests must be advertised.

(3)

The relevant Ministers may grant an exemption under this section only if those Ministers consider that—

(a)

there are circumstances that mean that it is necessary, appropriate, or desirable to provide an exemption; and

(b)

the extent of the exemption is not broader than is reasonably necessary to address those circumstances.

(4)

In so considering, the relevant Ministers—

(a)

must have regard to the purpose of this Act; and

(b)

may have regard to any other factors that seem to those Ministers to be relevant to the circumstances.

(5)

An application for an exemption under this section may be made at any time by written notice to the regulator accompanied by the fee required by regulations.

(6)

An exemption under this section may be made subject to any conditions.

(7)

An exemption under this section must be published on an Internet site maintained by, or on behalf of, the regulator, together with the reasons of the relevant Ministers for granting the exemption.

(8)

However, the publication of an exemption under this section, or of the reasons for granting an exemption, may be deferred or dispensed with (in whole or in part) if the relevant Ministers are satisfied on reasonable grounds that good reason for withholding the exemption or the reasons (as the case may be) would exist under the Official Information Act 1982.

(9)

If the exemption is for a class of overseas persons, or a class of transactions, it must also be published in the Gazette and subsection (8) does not apply.

(10)

An exemption under this section may at any time be amended or revoked.

(11)

An exemption under this section may continue in force for not more than 5 years (and at the close of the date that is 5 years after the exemption first comes into force, the exemption must be treated as having been revoked unless it is sooner revoked or expires).