Subpart 1—Call-in transactions during emergency notification regime

Subpart 1: inserted, on 16 June 2020, by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Call-in transactions, etc

Heading: inserted, on 16 June 2020, by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

82 What are call-in transactions and overseas investments covered by emergency notification regime

(1)

A call-in transaction is a transaction by an overseas person or an associate of an overseas person that—

(a)

is an overseas investment covered by the emergency notification regime; but

(b)

does not require consent (see section 10).

(2)

An overseas investment is an overseas investment covered by the emergency notification regime if it is—

Securities

(a)

the acquisition by an overseas person, or an associate of an overseas person, of rights or interests in securities of a person (A) if, as a result of the acquisition, the overseas person or the associate (either alone or together with its associates) has—

(i)

a more than 25% ownership or control interest in A; or

(ii)

an increase in an existing more than 25% ownership or control interest in A to either a more than 50% or 75% ownership or control interest in A or a 100% ownership or control interest in A; or

(iii)

an interest defined in the regulations:

Property

(b)

the acquisition by an overseas person, or an associate of an overseas person, of property (including goodwill and other intangible assets) in New Zealand used in carrying on business in New Zealand (whether by 1 transaction or a series of related or linked transactions) of any value that effectively amounts to a change in control of the business, as defined in the regulations.

(3)

This section is subject to any regulations made under section 127(1).

Section 82: inserted, on 16 June 2020, by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).