Clause 4
Definition of licensee: to omit this definition (lines 5 and 6 on page 11) and substitute the following definition:
licensee means an agent, a branch manager, or a salesperson
Paragraph (c) of the definition of real estate agency work: to add the following subparagraph (after line 3 on page 12):
To insert the following definition after the definition of register (after line 5 on page 12):
REINZ means the Real Estate Institute of New Zealand Incorporated
To add the following subclause as subclause (2) (after line 35 on page 12):
(2) To avoid doubt, the sale, purchase, or other disposal or acquisition of shares comes within the definition of transaction in subsection (1) if, and only if, the shares entitle the holder to a licence that is registrable under Part 7A of the Land Transfer Act 1952.