Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
DZ 5: Farm-out arrangements for petroleum mining before 16 December 1991
or “Rules for pre-1991 petroleum mining farm-out arrangements”
You could also call this:

“Rules for partners selling property before 16 December 1991”

In sections DZ 3 to DZ 5, you need to understand two important points about partnerships and property.

First, if you’re a partner in a partnership, you’re considered to have a share in the partnership’s property, like a petroleum permit. Your share is equal to how much of the partnership’s income you’re entitled to.

Second, when these sections talk about selling an asset, they also mean selling part of an asset. So, if you sell just a piece of something, it’s treated the same as selling the whole thing.

These rules apply unless the context of sections DZ 3 to DZ 5 suggests they shouldn’t.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: DZ 7: Petroleum mining operations outside New Zealand before 16 December 1991

or “Rules for overseas petroleum mining before 16 December 1991”
Next

Part D Deductions
Terminating provisions

DZ 6Partnership interests and disposal of part of asset before 16 December 1991

  1. In sections DZ 3 to DZ 5, unless the context requires otherwise,—

  2. a partner is treated as having a share or interest in a petroleum permit or other property of a partnership to the extent of their income interest in the partnership:
    1. references to the disposal of an asset apply equally to the disposal of part of an asset.

      Compare