Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill

Russel Norman | 26 July 2010

Explanatory note

This Bill is designed to retain ownership and control of sensitive land within New Zealand. It amends the Overseas Investment Act 2005 to prevent overseas persons from purchasing sensitive land.

Clause by clause analysis

Clause 1 is the Title clause.

Clause 2 is the commencement clause. The Bill is to come into force on the day after the date on which it receives the Royal Assent.

Clause 3 states that this Act amends the Overseas Investment Act 2005.

Clause 4 states the purpose of this Act is to: prevent foreign ownership of sensitive land.

Clause 5 deletes sections 16 and 17 of the principal act, governing the conditions under which overseas investments in sensitive lands may be granted, and inserts a new section which prohibits all overseas investments in sensitive land.

Russel Norman

Overseas Investment (Restriction on Foreign Ownership of Sensitive Land) Amendment Bill

Member’s Bill

Contents

The Parliament of New Zealand enacts as follows:

1 Title

This Act is the Overseas Investment (Restriction on Foreign Ownership of Land) Act .

2 Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act amended

This Act amends the Overseas Investment Act 2005.

4 Purpose

The purpose of this Act is to: prevent foreign ownership of sensitive land.

5 Sections 16 and 17 deleted and replaced

Sections 16 and 17 of the principal act are deleted and replaced with

“16 No overseas investment in sensitive land

No consent can be granted for overseas investment in sensitive land.”