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Overseas Investment Act 2005

Consent and conditions regime - Procedure for making an application for consent and for granting consent

27: Consent may be varied by agreement

You could also call this:

"You can change your overseas investment consent if you and the Minister agree."

If you have a consent under the Overseas Investment Act 2005, you can agree with the Minister to change it. The Minister can also change or add conditions to your consent if you agree. You can ask the Minister to change a condition of your consent by sending a written notice to the regulator and paying the required fee.

The Minister can cancel a condition of your consent. However, there are some conditions that the Act says must be included, and the Minister cannot cancel these. But the Minister can change these conditions if you agree, for example by changing a deadline.

You can apply to change your consent or a condition of your consent by sending a written notice to the regulator and paying the required fee, as set out in the regulations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM358039.

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26: Minister may revoke consent in case of fraud, or

"The Minister can cancel an overseas investment approval if it was obtained unfairly"

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27A: Consent holder may apply for new consent, or

"You can ask for a new approval if you already have one with conditions."

Part 2Consent and conditions regime
Procedure for making an application for consent and for granting consent

27Consent may be varied by agreement

  1. A consent granted under this Act may be varied by the relevant Minister or Ministers with the agreement of the consent holder.

  2. Any conditions of a consent may be varied or added to by the relevant Minister or Ministers with the agreement of the consent holder.

  3. A condition of a consent may be revoked by the relevant Minister or Ministers.

  4. Subsection (3) does not apply in respect of a condition that this Act required to be imposed but the relevant Ministers may, with the agreement of the consent holder, vary the condition (for example, by varying the specified period within which a matter must occur).

  5. An application for variation of a consent or a condition of a consent may be made by written notice to the regulator accompanied by the fee required by regulations.

Notes
  • Section 27(3A): inserted, on , by section 19 of the Overseas Investment Amendment Act 2018 (2018 No 25).