Overseas Investment Amendment Bill

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Hon David Parker

Overseas Investment Amendment Bill

Government Bill

5—1

Contents

Explanatory note
1Title
2Commencement
3Principal Act
4Section 6 amended (Interpretation)
5Schedule 1 amended
6Section 4 amended (Overview)
7Section 6 amended (Interpretation)
8Section 7 amended (Who are overseas persons)
9New section 8A and cross-heading inserted
8ATransitional, savings, and related provisions
10Section 16 amended (Criteria for consent for overseas investments in sensitive land)
11New sections 16A to 16F inserted
16ACommitment to New Zealand test
16BOccupation and on-selling requirements and mandatory conditions: commitment to New Zealand test
16CIncreased housing on residential land test
16DOutcomes and mandatory conditions: increased housing on residential land test
16EBenefit to New Zealand test
16FMandatory conditions for sensitive land that is residential land: benefit to New Zealand test
12Section 17 amended (Factors for assessing benefit of overseas investments in sensitive land)
13Section 23 amended (Requirements for application for consent)
14New section 23A inserted (Applications for “standing consent” in advance of transaction)
23AApplications for “standing consent” in advance of transaction
15Section 25 amended (Granting or refusal of consent)
16New sections 25A and 25B inserted
25AConditions of consent
25BAutomatic conditions: every overseas investment
17Section 28 repealed (Conditions of consent)
18Section 31 amended (What regulator does)
19Section 34 amended (Ministerial directive letter)
20Subpart 4 heading in Part 2 replaced
21Section 38 amended (Regulator may require consent holder to provide information for monitoring purposes)
22Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
23Section 40 amended (Regulator may require consent holder to provide statutory declaration as to compliance)
24Section 41 amended (Regulator may require information and documents for purpose of detecting offences)
25New sections 41A to 41D inserted
41AEffect of proceedings
41BEffect of final decision that exercise of powers under sections 38 to 41 unlawful
41CConfidentiality of information and documents
41DConditions relating to publication or disclosure of information or documents
26New sections 41E and 41F and cross-heading inserted
41ERegulator may issue notice to dispose of property
41FConsequences of complying or failing to comply with notice
27Section 46 amended (Offence of false or misleading statement or omission)
28Section 48 amended (Court may order person in breach to pay civil penalty)
29New section 48A inserted (Defences for person involved in contravention, offence, or failure)
48ADefences for person involved in contravention, offence, or failure
30Section 51 replaced (Court may order consent holder to comply with condition of consent or exemption)
51Court may order compliance with condition of consent or exemption
31New section 51A and cross-heading inserted
51AProvider of conveyancing services must give certificate
32Sections 54 and 55 and cross-heading replaced
54Address for service
54ANotices or other documents given, provided, or served by regulator
55Non-appearance not ground for court to refuse order under Act if person served in accordance with section 54A
55AProof that documents given, provided, or served
33Section 61 amended (Regulations)
34New Schedule 1AA inserted

The Parliament of New Zealand enacts as follows: