Disposal orders

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

93 Disposal orders

(1)

The Minister may give a disposal order to an overseas person, or an associate of an overseas person, who acquired sensitive assets under a transaction of national interest or a call-in transaction.

(2)

A disposal order may—

(a)

require disposal of the whole or any part of the sensitive assets owned by the person or their associate:

(b)

specify the time within which or manner in which the disposal must be made:

(c)

specify any reasonable steps that must be taken in order to comply with the disposal order:

(d)

require the person to report to the regulator within the time specified in the order stating how and when the order has been or will be implemented.

(3)

The Minister may give a disposal order to a person only if the Minister is satisfied on reasonable grounds that—

(a)

the transaction gives rise, or is likely to give rise, or has given rise to a risk referred to in section 81; and

(b)

the risk cannot be adequately managed by taking an enforcement action under subpart 5 of Part 2 or (in the case of sensitive assets acquired under a call-in transaction) giving a direction order to the relevant acquirer.

(4)

See also section 112, which applies when the Minister is giving a disposal order in connection with a transaction of national interest.

(5)

The Minister must have regard to New Zealand’s international obligations when acting under this section.

(6)

A person who is given a disposal order must comply with it within the time, and in the manner, specified in the order.

Section 93: inserted, on 16 June 2020, by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).