Overseas Investment Regulations 2005

  • not the latest version

Reprint as at 3 September 2009

Overseas Investment Regulations 2005

(SR 2005/220)

Silvia Cartwright, Governor-General

Order in Council

At Wellington this 1st day of August 2005

Present:
Her Excellency the Governor-General in Council

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.

These regulations are administered by the Treasury.

Pursuant to section 61 of the Overseas Investment Act 2005, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Finance, makes the following regulations.

Contents

1 Title

2 Commencement

3 Interpretation

Part 1
Consent

Procedure for offering farm land or farm land securities for acquisition on open market

4 Purpose of regulations 5 to 10

5 Procedure for offering farm land or farm land securities for acquisition on open market

6 Obligation of owner to advertise that farm land or farm land securities available for acquisition

7 Content of advertisement

8 Form of advertisement

9 Farm land or farm land securities must be on open market for minimum period

10 Advertisement must be published within previous 12 months

11 Effect of regulations 5 to 10

Procedure for offering foreshore, seabed, riverbed, or lakebed to the Crown

12 Procedure for offering foreshore, seabed, riverbed, or lakebed to the Crown

13 Obligation of owner to give notice to relevant Ministers and regulator

14 Content of notice

15 The Crown may waive right to acquire special land

16 Procedure if the Crown does not waive right to acquire special land at outset

17 Valuation of special land

18 Costs of valuation

19 Appointment of valuer is not an arbitration

20 Valuer may determine market value of special land with reference to market value of relevant land

21 Valuer must give notice to parties on determining market value of special land

22 Relevant Ministers and owner must negotiate in good faith

23 Effect of offering special land to the Crown

24 Relevant Ministers must decide on whether to accept offer to acquire special land

25 Agreement for acquisition of special land by the Crown must be conditional on overseas investment receiving consent and being given effect to

26 What happens if there is material change to terms and conditions of overseas investment transaction

27 Minister may delegate functions and powers to regulator [Revoked]

Other factors for assessing benefit of overseas investment in sensitive land

28 Other factors for assessing benefit of overseas investment in sensitive land

Fees and charges

29 Fees and charges

30 When fees and charges are payable

Administrative penalties

31 Administrative penalty for late filing

32 Administrative penalty for retrospective consent

Part 2
Exemptions

Exemptions from requirement for consent

33 Certain transactions exempted from requirement for consent

Exemptions from requirement for consent provisions of Act

34 Exemption for persons connected to portfolio investors or New Zealand controlled persons

35 Exemption for New Zealand controlled persons

36 Consequential exemption for other transactions

Applications for exemptions

37 Application for exemption

38 Requirements for application for exemption

Part 3
Miscellaneous

Notices

39 Relevant Minister or Ministers may give notice of exercise of powers

Service of notices

40 Service of notices

Schedule 1
Form of advertisement

Schedule 2
Fees and charges

Schedule 3
Portfolio investors

Schedule 4
New Zealand controlled persons

Gazette information

Overseas Investment Amendment Regulations (No 2) 2006

Overseas Investment Amendment Regulations 2008

Overseas Investment Amendment Regulations (No 2) 2009

Reprint notes

Regulations