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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Powers of court

47: Court may order disposal of property

You could also call this:

"Court can make you sell property if you break the rules"

If you break the Overseas Investment Act, you might have to get rid of some property. The court can make you do this if you have done something wrong with property. You might have broken the Act, committed an offence, or not followed a notice under section 38, section 39, section 40, or section 41.

The court can order you to get rid of the property, and someone else might be in charge of selling it. The court can also make other orders to make sure this happens. When we talk about property, we mean things like rights to securities, land, or fishing quota.

The court's decision is based on what you have done with the property. You might have failed to follow the rules of a consent, exemption, or direction order. The regulator can ask the court to make you get rid of the property.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM358064.

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Part 2Consent and conditions regime
Enforcement: Powers of court

47Court may order disposal of property

  1. This section applies if the court is satisfied that a person (A) has, in relation to property,—

  2. contravened this Act; or
    1. committed an offence under this Act; or
      1. failed to comply with a notice under section 38 or section 39 or section 40 or section 41; or
        1. failed to comply with a condition of a consent, an exemption, or a direction order.

          1. The court may, on the application of the regulator,—

          2. order the disposal of the property (whether by A or by some other person appointed by the court, for example, the regulator); and
            1. make any other order or give any direction that is necessary to give effect to an order under paragraph (a).

              1. In this section, property means—

              2. a right or interest in any security; or
                1. an estate or interest in land; or
                  1. an interest in fishing quota; or
                    1. any other property or any rights or interests in any other property.

                      Notes
                      • Section 47(1)(d): amended, on , by section 37(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).
                      • Section 47(3)(b): amended, on , by section 37(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).