Prohibition of foreign ownership

45QA Prohibition of disposal or issue of shares to foreign person

• No person who is a shareholder in a mixed ownership model company may—

  • (a) sell or otherwise dispose of any shares in the company held in that person's name, unless the purchaser is resident in, or incorporated in, New Zealand; or

  • (b) permit shares in, or other securities of, the company to be allotted or issued to any person, unless that person is resident in, or incorporated, in New Zealand.

Restriction on sale of certain assets

45Y Restriction on sale of certain assets

• (1) A power-generating mixed ownership model company may not sell an energy-generating asset located in New Zealand that has a fair value of more than $1 million, unless the purchaser of the asset is—

  • (a) the Crown; or

  • (b) a Crown entity, as defined in the Crown Entities Act 2004; or

  • (c) a State enterprise, as defined in the State-Owned Enterprises Act 1986.

  (2) For the purposes of this section, a power-generating mixed ownership model company means any of the following companies:

  • (a) Genesis Power Limited:

  • (b) Meridian Energy Limited:

  • (c) Mighty River Power Limited:

  • (d) Solid Energy New Zealand Limited.