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Overseas Investment Act 2005

Consent and conditions regime - Transitional provisions and amendments to other enactments - Transitional provisions

78: Transitional provision for consents, exemptions, and conditions under 1973 Act and Regulations

You could also call this:

"Rules from the old law still apply to some overseas investments made before 2005"

When the Overseas Investment Act 2005 started, you had consents, exemptions, and conditions under the old 1973 Act and Regulations. These consents, exemptions, and conditions are still valid and you must treat them as if they were granted under the new Act. You do this for monitoring and enforcement purposes, but only for things that happen after the new Act started.

If you have a consent or exemption, some old rules still apply to you. These old rules are from the Regulations and they apply to consents and exemptions that you already had. The old rules that still apply are the ones that were in force before the new Act started, and they are found in regulation 16 of the Regulations and section 76 and section 77(2).

You must follow the new Act for monitoring and enforcement, but the old rules apply in some cases. This means you have to follow the new rules for things that happen after the new Act started, but the old rules still apply to some things. The new Act and the old rules work together to regulate overseas investments.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM358550.

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

78Transitional provision for consents, exemptions, and conditions under 1973 Act and Regulations

  1. This section applies to consents granted under the Regulations, exemptions granted under the 1973 Act or regulation 16 of the Regulations, and conditions of those consents and exemptions, that are in effect immediately before the commencement of section 76 or that are granted after that commencement by virtue of section 77(2).

  2. Those consents, exemptions, and conditions must be treated as if they were consents and exemptions granted under this Act, or conditions applied under this Act,—

  3. for the purposes of subpart 4 (monitoring):
    1. for the purposes of subpart 5 (enforcement), in relation to any act or omission that occurs after the commencement of section 76.

      1. However, the following provisions, as in force immediately before the commencement of section 76, continue to apply:

      2. regulation 14(2) of the Regulations, to those consents and conditions of those consents:
        1. regulation 16(3) of the Regulations, to those exemptions.