Examples of OI Act in a sentence
As noted above, the OI Act places restrictions on investments by overseas persons in relation to sensitive land, significant business assets, fishing quotas and certain forestry rights.
The restrictions under the OI Act are consistent across all levels of the New Zealand government.
The CB Guarantor is a corporation for the purposes of the CIMA and is capable of being considered an “associate” for the purposes of the OI Act, and, accordingly, a statutory manager could be appointed to the CB Guarantor if the relevant requirements (as described above) were met.
Buyer may not withhold its approval to the terms of any consent, approval or conditions of clearance granted under the OI Act and the OI Regulations if: (A) the terms or conditions imposed are consistent with the OIO standard terms for approval attached as Schedule 7.6(g); or (B) the terms or conditions imposed by such consent arise directly from or relate to performance or fulfilment of plans, intentions or undertakings of Buyer referred to in Buyer’s application for consent.
It is also subject to the OI Act and Crown Entity planning and budgeting requirements (preparation of SOI, Government budgetary processes).
Bidco will, and Parent will procure that Bidco will, within two business days of the date of the Lock-Up Agreement, file an application for consent (" OIO Application") under the Overseas Investment Act 2005 (the "OI Act") and the Overseas Investment Regulations 2005 (the "OI Regulations") in relation to the Offer.
What is the process and timeline for such approvals?As discussed in respect of questions 2 and 3 above, foreign investors must obtain consent under the OI Act for transactions which involve sensitive land and significant business assets.Applicants are expected to complete the application template provided by the Overseas Investment Office (the regulatory unit within Land Information New Zealand, tasked with the administration of the OI Act) ( OIO).
Examples of sensitive land (but not residential land) include any:• non-urban land that exceeds five hectares;• land on islands which is not the main islands (North Island and South Island), and other islands listed in Part 2 of Schedule 1;• the foreshore and seabed; and• land greater than 0.4 hectares which adjoins sensitive land.The definition of “significant business assets” is set out in section 13 of the OI Act.
Are there any restrictions or limitations?As set out in respect of questions 2 and 5, the acquisition of “sensitive land” by an overseas person requires consent under the OI Act.
As set out in respect of questions 2 and 5, the acquisition of “sensitive land” by an overseas person requires consent under the OI Act.