Overseas Investment Amendment Act 2021

4 Section 6 amended (Interpretation)

(1)

In section 6(1), insert in their appropriate alphabetical order:

director, in the case of a limited partnership, includes any general partner

fresh or seawater area has the meaning set out in clause 2 of Schedule 5

fresh or seawater interest has the meaning set out in clause 2 of Schedule 5

kaitiakitanga has the meaning set out in section 2(1) of the Resource Management Act 1991

natural environment includes land, water, air, soil, all forms of plants and animals (whether native to New Zealand or introduced), and ecosystems and their constituent parts

securities of the same class means securities that have attached to them identical rights, privileges, limitations, and conditions, and securities of a different class has a corresponding meaning

(2)

In section 6(1), definition of excluded accommodation facility, replace paragraph (b) with:

(b)

any TLtP premises as defined in clause 5 of Schedule 3 (which relates to premises used, or intended to be used, in the course of business principally for providing temporary lodging to the public); or

(3)

In section 6(1), definition of farm land, after “livestock”, insert “(which, to avoid doubt, do not include forestry activities within the meaning of section 16A(9))”.

(4)

In section 6(1), definition of governing body, after paragraph (c), insert:

(ca)

in relation to a limited partnership, the general partner or partners:

(5)

In section 6(1), definition of governing body, paragraph (d), replace “a partnership,” with “any other partnership, an”.

(6)

In section 6(1), replace the definition of historic heritage with:

historic heritage has the meaning set out in section 2(1) of the Resource Management Act 1991

(7)

In section 6(1), definition of New Zealand listed issuer, after “incorporated in New Zealand”, insert “or, in the case of a managed investment scheme, established under New Zealand law”.

(8)

In section 6(1), definition of relevant government enterprise, after paragraph (a), insert:

(aa)

a limited partnership (LP), if—

(i)

a general partner of LP is a relevant government investor; or

(ii)

more than 25% of the persons having the right to control the composition of the governing body of LP are relevant government investors; or

(iii)

more than 25% of the partnership interests (as defined in the Limited Partnerships Act 2008) of the partners of LP are held by relevant government investors; or

(iv)

a relevant government investor or investors have the right to exercise or control the exercise of more than 25% of the voting power at a meeting of the partners of LP; or

(9)

In section 6(1), definition of relevant government enterprise, paragraph (b), replace “a partnership” with “any other partnership”.

(10)

After section 6(4)(c), insert:

and references to other ownership or control interests (for example, of 10% or more) have a corresponding meaning.

(11)

After section 6(9), insert:

(10)

A person has disproportionate access to or control of a strategically important business (A) if the person has 1 or more of the following:

(a)

access to—

(i)

information that would not otherwise be available to the person, but that is information that is material to an assessment of the value of shares or other financial products issued by A or a related company; or

(ii)

sensitive information held by A or its subsidiaries:

(b)

membership or observer rights on the governing body of A:

(c)

any involvement, other than through the voting of securities, in the substantive decision-making of A regarding—

(i)

research, development, production, or maintenance of military or dual-use technology or sensitive information; or

(ii)

the use of, or access to, the assets of A; or

(iii)

the supply of goods or services to an intelligence or security agency.