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Overseas Investment Act 2005

Consent and conditions regime - Transitional provisions and amendments to other enactments - Dissolution of Commission

64: Assets and liabilities vest in the Crown

You could also call this:

"The government gets all the Commission's belongings and debts when it is closed."

Illustration for Overseas Investment Act 2005

When the Commission is dissolved, all its assets and liabilities become the Crown's. You need to think of the Commission's rights, assets, liabilities, and debts as belonging to the Crown from the moment section 63 starts. This change happens because of what is stated in section 63.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM358089.

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63: Commission dissolved, or

"The group in charge is shut down and stops working."

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65: No compensation for loss of office, or

"You don't get paid if you lose your job because of the Overseas Investment Act."

Part 2Consent and conditions regime
Transitional provisions and amendments to other enactments: Dissolution of Commission

64Assets and liabilities vest in the Crown

  1. All rights, assets, liabilities, and debts that the Commission had immediately before the commencement of section 63 must be treated as the rights, assets, liabilities, and debts of the Crown on that commencement.