Overseas Investment Act 2005

If you need more information about this Act, please contact the administering agency: The Treasury
20 Exemptions from farm land offer criterion
Powers to exempt

(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 the nature of the land to which the section 12 interest relates (for example, its productive capacity); 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.

Restrictions on powers to exempt

(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.

Applications

(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.

Conditions

(6)

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

Class exemptions

(7)

An exemption made under subsection (1)(b) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

(8)

The reasons of the relevant Ministers for granting the exemption must be published with the exemption.

Other exemptions

(9)

An exemption made under subsection (1)(a) or (2) 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.

(10)

However, publication under subsection (9) 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, in which case the relevant Ministers must publish the reason for deferring or dispensing with publication and the grounds in support of that reason.

Maximum duration

(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 sooner is revoked or expires).

Legislation Act 2019 requirements for secondary legislation made under this section
PublicationThe maker must:LA19 ss 73, 74(1)(a), Sch 1 cl 14
• publish it in the Gazette
• publish it on a website maintained by, or on behalf of, the regulator
PresentationIt is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 of the Legislation Act 2019LA19 s 114, Sch 1 cl 32(1)(a)
DisallowanceIt may be disallowed by the House of Representatives LA19 ss 115, 116
This note is not part of the Act.

Section 20: replaced, on 24 November 2021, by section 11 of the Overseas Investment Amendment Act 2021 (2021 No 17).