Schedule 1AA Transitional, savings, and related provisions

s 8B

Schedule 1AA: inserted, on 22 October 2018, by section 49 of the Overseas Investment Amendment Act 2018 (2018 No 25).

Part 1 Provisions relating to Overseas Investment Amendment Act 2018

1 Existing transactions and applications not affected

(1)

The amendments made by the Overseas Investment Amendment Act 2018 apply only to transactions entered into on or after commencement.

(2)

In particular, this Act and the regulations, as in force immediately before commencement, continue to apply to the following as if the Overseas Investment Amendment Act 2018 had not been enacted:

(a)

any transaction entered into before commencement:

(b)

any application for consent that is made before commencement and that relates to a transaction entered into before commencement:

(c)

any application for consent that is made after commencement and that relates to a transaction entered into before commencement.

(3)

Subclause (2) does not limit subclause (1).

(4)

In this clause, entering into a contract or an arrangement before commencement is a transaction that must be treated as being entered into before commencement even if, immediately before commencement, the transaction is subject to a condition precedent.

(5)

If a sale or transfer of property or securities, or the issue, allotment, buyback, or cancellation of securities, occurs without a contract or an arrangement being entered into or an understanding being arrived at, the transaction must be treated as being entered into for the purpose of subclauses (1) and (2) when the property or securities are sold or transferred or the securities are issued, allotted, bought back, or cancelled (as the case may be).

(6)

In this clause, clause 2, and clause 3, commencement means the commencement of this clause.

Example

A is an overseas person.

Before commencement, A enters into a sale and purchase agreement to buy a house that is on residential (but not otherwise sensitive) land. At that time, the land is not sensitive under this Act. The agreement is subject to a finance condition.

After commencement, the finance condition is satisfied and the agreement becomes unconditional. Settlement occurs 1 month later.

The transaction does not require consent under this Act because the transaction was entered into before commencement (that is, at a time when the residential land was not sensitive land and its purchase did not require consent).

2 Existing transactions: benefit to New Zealand test relating to sensitive land that will be used for forestry activities

(1)

This clause applies to a transaction entered into before commencement if consent is not given for the transaction before commencement.

(2)

Despite clause 1,—

(a)

an application for consent for the transaction may be considered under the benefit to New Zealand test applying section 16A(3) or in accordance with section 16A(4), as inserted by the Overseas Investment Amendment Act 2018; and

(b)

the other provisions of this Act, as amended by the Overseas Investment Amendment Act 2018, apply accordingly.

(3)

Clause 1(4) and (5) applies for the purposes of this clause.

3 New information-gathering powers and service provisions apply to matters before or after commencement

(1)

Despite clause 1,—

(a)

the regulator may exercise a power under section 41 (as in force after commencement) in connection with any transaction, act, omission, or other matter regardless of whether the transaction, act, omission, or other matter occurred before or after commencement; and

(b)

sections 54 to 55A (as in force after commencement) apply to any document that is served after commencement regardless of whether the document relates to a transaction, act, omission, or other matter that occurs before or after commencement.

(2)

However, section 54 (as in force after commencement) does not apply to a holder of an exemption under section 61D if the exemption was continued in force under clause 4(2) of this schedule.

(3)

Sections 41A to 41E (as in force after commencement) apply for the purposes of subclause (1)(a).

4 Existing exemptions saved

(1)

An exemption made under section 61(1)(i) that is in force immediately before the commencement of section 46 of the Overseas Investment Amendment Act 2018 continues in force as if it were made under section 61C of this Act.

(2)

An exemption granted under regulation 37 of the Overseas Investment Regulations 2005 that is in force immediately before the commencement of section 46 of the Overseas Investment Amendment Act 2018 continues in force as if it were granted under section 61D of this Act.

(3)

However, sections 61B, 61D(3), 61E, and 61F(5)

(a)

do not apply to those exemptions as granted; and

(b)

do not apply (other than section 61D(3)) to a minor or technical amendment to those exemptions, or to a replacement of those exemptions with only minor or technical amendments, made after the commencement of section 46 of the Overseas Investment Amendment Act 2018.

5 Exemption relating to existing Resource Management Act 1991 requirements

(1)

This clause applies if an overseas person (A), or a person (B) on behalf of an overseas person, is (in effect) required to acquire an estate or interest in residential (but not otherwise sensitive) land because of—

(a)

a condition of a resource consent granted under the Resource Management Act 1991 before the commencement of this clause; or

(b)

any other requirement imposed by or under that Act and that is imposed on A or B before the commencement of this clause.

(2)

A transaction does not require consent for the purposes of section 10(1)(a) to the extent that it will result in an overseas investment in sensitive land that is the acquisition of that estate or interest in residential (but not otherwise sensitive) land and is entered into by A or B for the purpose of satisfying that condition or other requirement.

Schedule 1AA clause 5(1): amended, on 16 June 2020, by section 54(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Schedule 1AA clause 5(2): amended, on 16 June 2020, by section 54(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

6 Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date

(1)

This clause applies in respect of land that is being used, or intended to be used, for 1 (or more) of the following (a development):

(a)

in the construction of 1 or more multi-storey buildings as 1 development, where each building consists, or will consist, of at least 20 residential dwellings; or

(b)

to increase the number of residential dwellings in 1 or more multi-storey buildings, where the number of residential dwellings in each building will be increased by 20 or more.

Exemption certificates

(2)

A person involved in the development (the developer) may apply for an exemption certificate no later than the expiry of the 6-month period that starts on the date of Royal assent of the Overseas Investment Amendment Act 2018 (the assent date), specifying the land that constitutes the development (in a way that enables its boundaries to be clearly identified).

(3)

The relevant Minister or Ministers may grant an exemption certificate if they are satisfied that—

(a)

at least 20 new residential dwellings that are not completed at the assent date (the new dwellings) will be, or are likely to be, completed in the development before the expiry of the 5-year period that starts on the assent date; and

(b)

on or before the assent date, a transaction has been entered into by the parties in good faith in the ordinary course of business for the acquisition of 1 or more of the new dwellings that the relevant Minister or Ministers are satisfied will be, or are likely to be, completed in the development before the expiry of that 5-year period.

(4)

In considering whether the matters in subclause (3) are met, the relevant Minister or Ministers may have regard to factors such as—

(a)

whether the development has appropriate resource consent, building consent, and any other relevant authorisations; and

(b)

the developer’s financial strength; and

(c)

the previous activity of the developer (or its associates or individuals with control) regarding use of residential land; and

(d)

the previous record of the developer (or its associates or individuals with control) in complying with consent conditions or applying for consent conditions to be varied.

(5)

An exemption certificate must be applied to 100% of the new dwellings in the development.

Exemptions for dwellings to which exemption certificate applies that are purchased from developer

(6)

A transaction does not require consent for the purposes of section 10(1)(a) to the extent that it will result in an overseas investment in sensitive land in respect of a residential dwelling in the development if—

(a)

the relevant land is residential (but not otherwise sensitive) land; and

(b)

an exemption certificate applies to the dwelling under subclause (5); and

(c)

the person (the purchaser) acquires the relevant land before the expiry of the 5-year period that starts on the assent date; and

(d)

the purchaser acquires the relevant land from—

(i)

the developer; or

(ii)

another person from whom the exemption certificate permits the purchaser to acquire the relevant land in reliance on this exemption.

Other provisions

(7)

In any exemption certificate granted under this clause, the relevant Minister or Ministers—

(a)

must specify the land that constitutes the development; and

(b)

may specify persons or classes of persons for the purposes of subclause (6)(d) having regard to the purpose of this exemption, which is to allow persons involved in the construction of new dwellings to sell those dwellings (but not the development) to an overseas person as the first sale of the dwelling without the overseas person requiring consent.

(8)

The relevant Minister or Ministers may, with the agreement of the developer, vary an exemption certificate granted under this clause to the extent that it relates to the following:

(a)

the developer:

(b)

the persons specified under subclause (7)(b).

(9)

For the purposes of Part 2 of the Act, exemption certificate includes an exemption certificate granted under this clause.

(10)

Clause 1(4) and (5) applies for the purposes of this clause as if references to commencement were references to assent date.

7 References to Land Transfer Act 2017

(1)

This clause applies until the Land Transfer Act 1952 ceases to apply to instruments lodged for registration or endorsement.

(2)

The definition of lodged in section 51A of this Act must be treated as including lodged for registration or endorsement under the Land Transfer Act 1952 or the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002.

8 Section 61G applies to conditions before and after commencement

Section 61G may apply to a condition regardless of whether the condition came into effect before or after the commencement of this clause.

9 Provisions relating to exemptions in clauses 6 and 8 of Schedule 3

(1)

For the purposes of clause 6(4)(b)(i) of Schedule 3, the acquisition (or treated acquisition) of a forestry right by a related forestry investor is to be disregarded if the acquisition (or treated acquisition)—

(a)

was made before commencement; or

(b)

was made on or after commencement but resulted from a transaction referred to in clause 1(2)(a) of this schedule.

(2)

For the purposes of clause 8(4)(b)(ii) of Schedule 3, it does not matter if a regulated profit à prendre was first held (or treated as first held) by a related profit investor—

(a)

before commencement; or

(b)

on or after commencement as a result of a transaction referred to in clause 1(2)(a) of this schedule.

(3)

In this clause, commencement means the commencement of clause 1 of this schedule.

10 Review of amendments relating to forestry

(1)

The Minister must—

(a)

carry out a review of the operation and effectiveness of the amendments made by the Overseas Investment Amendment Act 2018 relating to forestry (including forestry rights); and

(b)

prepare a report on that review, including the Minister’s recommendations for amendments to this Act (if any); and

(c)

present the report to the House of Representatives as soon as practicable after it has been prepared.

(2)

The review must be started within 2 years after the commencement of this clause.

Part 2 Provisions relating to Comprehensive and Progressive Agreement for Trans-Pacific Partnership Amendment Act 2018

Schedule 1AA Part 2: inserted, on 30 December 2018, by section 70 of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Amendment Act 2018 (2016 No 90).

11 Application

The amendments to the Act made by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Amendment Act 2018, and the regulations made under section 61A, apply only to the acquisition of rights or interests in securities or of other property, or the establishment of any business, after the commencement of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Amendment Act 2018.

12 No refunds

No person is entitled to a refund of any fee or charge paid to the regulator for a matter under Schedule 2 of the Overseas Investment Regulations 2005 on the ground that regulations made under section 61A mean that the matter is no longer relevant (for example, that a consent that had been applied for is no longer required).

13 Validation of exemptions for Australian investors

Nothing in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Amendment Act 2018 affects the validity of the Overseas Investment (Australia) Amendment Regulations 2013, which are also declared to have been lawfully made and to be and always have been valid.

Part 3 Provisions relating to Overseas Investment (Urgent Measures) Amendment Act 2020

Schedule 1AA Part 3: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

14 Interpretation in this Part

(1)

In this Part,—

commencement, in relation to a provision that is being inserted or amended by the 2020 Urgent Act, means the commencement of the insertion or amendment

new, in relation to a provision of this Act, means the provision as it reads immediately after commencement

new Act means this Act as it reads immediately after the relevant provision of the 2020 Urgent Act commenced

old, in relation to a provision of this Act, means the provision as it read immediately before commencement

old Act means this Act as it read immediately before the relevant provision of the 2020 Urgent Act commenced.

(2)

Part 1 of this schedule applies when determining whether a transaction is entered into before commencement or on or after commencement (see clause 1(4) and (5)).

Schedule 1AA clause 14: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

15 Existing transactions and applications, etc

(1)

This clause applies for the purposes of applying a provision of this Act that relates to—

(a)

determining who are overseas persons, what are overseas investments in sensitive assets, and other matters in Part 1 of this Act; and

(b)

determining when consent is required and the criteria for consent under subpart 1 of Part 2 of this Act; and

(c)

the making an applications for consent and for granting consent under subpart 2 of Part 2 of this Act.

(2)

Except as provided in this Part, the new Act applies to—

(a)

transactions entered into on or after commencement:

(b)

applications received by the regulator on or after commencement, regardless of when the transaction is or was entered into:

(c)

transactions entered into before commencement in respect of which this Act requires an application to be made on or after commencement (for example, for retrospective consent):

(d)

any other matters that relate to events or circumstances on or after commencement.

(3)

The requirement for consent does not apply to a transaction that meets all of the following requirements:

(a)

the transaction has not been given effect to before commencement; and

(b)

consent has not been granted before commencement; and

(c)

the transaction would not require consent under the new Act or would be eligible for a standing consent under Part 4.

(4)

In other cases, the old Act continues to apply.

Schedule 1AA clause 15: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

16 Persons who are no longer overseas persons

(1)

A person who has been granted consent before commencement of section 7 of the 2020 Urgent Act (section 7 amended (who are overseas persons)), and who would have been entitled to the benefit of the standing consent granted by clause 31 (standing consent relating to New Zealand listed issuers and managed investment schemes), may apply to the regulator under section 27 for a variation of a consent granted to them while they were an overseas person.

(2)

To avoid doubt, this clause does not require a variation to be granted.

Schedule 1AA clause 16: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

17 Investor test

When applying new section 18A after commencement, the factors in new section 18A(4) apply to events (for example, convictions) before commencement in the same way as they apply to events after commencement.

Schedule 1AA clause 17: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

18 Time frames

Time frames set under new section 37B do not apply to any functions, powers, duties, or services under this Act that first arose for exercise, performance, or provision in respect of a matter before commencement.

Schedule 1AA clause 18: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

19 Administration

The powers in subpart 3 of Part 2 of the new Act apply to any circumstances for which the powers are conferred, whether occurring before, on, or after commencement.

Schedule 1AA clause 19: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

20 New information-gathering powers apply to matters before, on, or after commencement

The regulator may exercise a power under subpart 4 of Part 2 of the new Act in connection with any transaction, act, omission, or other matter, regardless of whether the transaction, act, omission, or other matter was entered into or otherwise occurred before, on, or after commencement.

Schedule 1AA clause 20: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

21 Enforcement
General rule: exceptions

(1)

Except as provided in this Part,—

(a)

subpart 5 of Part 2 of the old Act continues to apply in relation to contraventions, or alleged contraventions, of this Act or the regulations that occurred before commencement; and

(b)

subpart 5 of Part 2 of the new Act applies to contraventions, or alleged contraventions, of this Act or the regulations that occur on or after commencement.

Exceptions

(2)

However, the following apply to contraventions, or alleged contraventions, of this Act or the regulations, whether occurring before, on, or after commencement:

(a)

new sections 46A to 46E (enforceable undertakings):

(b)

new sections 51AAA to 51AAE (injunctions, etc).

Schedule 1AA clause 21: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

22 Existing regulations saved

Regulations that are made under an old provision, and in force immediately before commencement, continue in force until revoked as if made under the new Act.

Schedule 1AA clause 22: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

23 Existing exemptions saved

Exemptions that are granted under an old provision, and in force immediately before commencement, continue in force until revoked as if made under the new Act.

Schedule 1AA clause 23: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

24 Call-in transactions

(1)

Subpart 1 of Part 3 applies only to transactions entered into on or after commencement.

(2)

Subpart 1 of Part 3 does not apply to transactions that would have required consent under the old Act but that would not require consent under the new Act.

(3)

Subpart 1 of Part 3 does not apply to transactions in respect of which a standing consent applies under Part 4.

(4)

A notification may be given under new subpart 1 of Part 3 early, that is, at any time before the commencement of section 52 or 53 of the 2020 Urgent Act.

Schedule 1AA clause 24: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

25 Overseas investment fishing provisions

This Part applies to matters under sections 56 to 58B of the Fisheries Act 1996 in the same way as it applies to similar matters under the rest of this Act.

Schedule 1AA clause 25: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

26 Transitionals, savings, and orderly implementation of 2020 Urgent Act

(1)

The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations for the purpose of providing that, subject to any conditions stated in the regulations, specified provisions of this Act do not apply, or continue to apply or apply with modifications or additions, or both, during the whole or any part of the transitional implementation period ending on the 1-year date.

(2)

The Minister must not recommend the making of regulations under this clause unless the Minister is satisfied that the regulations—

(a)

are necessary or desirable for the orderly implementation of the 2020 Urgent Act; and

(b)

are consistent with the intended purpose of the specified provisions.

(3)

This clause is repealed on the close of the 1-year date.

(4)

Any regulations made under this clause that are in force on the 1-year date are revoked on the close of that day.

(5)

In this clause,—

1-year date means the date that is 1 year after the date on which this clause comes into force

specified provisions of the Act means any specified provisions of this Act to the extent that they are inserted, amended, or otherwise affected by the 2020 Urgent Act (including definitions and any transitional provisions in this schedule).

(6)

This clause is repealed on the 42nd day after the date on which the Overseas Investment Amendment Act (No 3) 2020 receives the Royal assent.

Schedule 1AA clause 26: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

27 Review of emergency notification regime

(1)

The Minister must review, at intervals that are no more than 90 days apart, whether the effects of the emergency continue to justify the emergency notification regime continuing in place.

(2)

In doing so, the Minister must have regard to the following:

(a)

the economic, social, and other effects of the emergency in New Zealand:

(b)

any risks to New Zealand’s national interest associated with transactions by overseas persons:

(c)

New Zealand’s international relations and international obligations.

(3)

If the Minister is not satisfied that the emergency notification regime should continue, the Minister must recommend to the Governor-General the commencement of section 53 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (replacement of emergency notification regime with more permanent call-in regime).

Schedule 1AA clause 27: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Part 4 Provisions relating to period between Overseas Investment (Urgent Measures) Amendment Act 2020 and Overseas Investment Amendment Act (No 3) 2020

Schedule 1AA Part 4: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

28 Purpose and overview of this Part

(1)

The purpose of this Part is to facilitate streamlined assessment criteria for certain lower-risk transactions that are entered into during the epidemic period.

(2)

This Part contains standing consents that apply to certain lower-risk transactions that are entered into during the epidemic period.

(3)

The consents are given on a class-by-class basis, due to the difficulties caused by COVID-19.

(4)

As a result of these consents, no application needs to be made for a consent.

Schedule 1AA clause 28: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

29 Interpretation in this Part

(1)

In this Part,—

epidemic period means the period commencing with the commencement of this Part and ending with the date that is the 42nd day after the date on which the Overseas Investment Amendment Bill (No 3) receives the Royal assent

new, in relation to a provision, means the provision in the form it was introduced into Parliament, as proposed to be amended or inserted by the Overseas Investment Amendment Bill (No 3).

(2)

Other terms have the same meaning as in clause 14.

Schedule 1AA clause 29: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

30 Application

Part 1 of this schedule applies when determining whether a transaction is entered into during the epidemic period (see clause 1(4) and (5)).

Schedule 1AA clause 30: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

31 Standing consent relating to New Zealand listed issuers and managed investment schemes

(1)

Consent is granted in respect of all transactions entered into during the epidemic period that would not require consent if new sections 7 and 12(1)(b) and (2) of this Act had been enacted.

(2)

Consent is granted in respect of all transactions entered into during the epidemic period by managed investment schemes that meet all of the following requirements:

(a)

the managed investment scheme is a listed issuer:

(b)

the managed investment scheme is established under New Zealand law:

(c)

both—

(i)

50% or less of the value of the managed investment products in the managed investment scheme is invested on behalf of overseas persons; and

(ii)

25% or less of the managed investment products in the managed investment scheme that entitle holders to vote are beneficially owned by or on behalf of overseas persons who each beneficially own 10% or more of those products (alone or together with their associates).

(3)

Terms used in this clause have the same meanings as in the Financial Markets Conduct Act 2013 unless otherwise defined in this Act.

(4)

The consent is granted unconditionally.

Schedule 1AA clause 31: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

32 Standing consent relating to sensitive adjoining land

(1)

Consent is granted in respect of all transactions entered into during the epidemic period, to the extent a transaction is an overseas investment in sensitive land, that would not require consent if new Schedule 1 of this Act had been enacted.

(2)

The consent is granted unconditionally.

(3)

Section 16 applies to transactions entered into during the epidemic period, to the extent a transaction is an overseas investment in sensitive land, as if new Schedule 1 of this Act had been enacted.

Schedule 1AA clause 32: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

33 Standing consent relating to transfer of certain debt securities

(1)

Consent is granted in respect of all transactions entered into during the epidemic period, for the purposes of section 10(1)(b) of this Act, to the extent that giving effect to the transaction has the effect of a transfer of an interest or right that is solely an interest in or right to be paid money that has been deposited with or lent to, or is otherwise owing by, any person.

(2)

However, this clause does not apply if the interest or right is convertible into a security within paragraphs (a) to (d) of the definition of security in section 6(1).

(3)

The consent is granted unconditionally.

Schedule 1AA clause 33: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

34 Effect of standing consents on call-in

See clause 24, which provides, in effect, that a standing consent also exempts the transaction from subpart 1 of Part 3 (which relates to call-in transactions).

Schedule 1AA clause 34: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

35 Provisions do not apply to standing consents in this Part

The following provisions do not apply to standing consents under this Part:

(a)

section 26 (Minister may revoke consent in case of fraud):

(b)

sections 27 (consent may be varied by agreement) and 27A (consent holder may apply for new consent):

(c)

section 54 (address for service):

(d)

any provisions that impose automatic conditions.

Schedule 1AA clause 35: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

36 Other standing consents unaffected

This Part does not affect standing consents granted under Schedule 4 and that schedule does not affect standing consents granted by this Part.

Schedule 1AA clause 36: inserted, on 16 June 2020, by section 54(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).