Plain language law

New Zealand law explained for everyone

Overseas Investment Act 2005

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

27A: Consent holder may apply for new consent

You could also call this:

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

If you have a consent for a transaction with conditions, you can apply for a new consent. You make this application as if the overseas investments from the transaction will happen on a future date. The Ministers will consider your application according to section 14.

The Ministers can grant you a new consent if they are satisfied that all the criteria are met. If your application asks for the benefit to New Zealand test, the Ministers can assess the benefit by comparing the likely result of the overseas investment. They can also apply some provisions of sections 16A to 16C as if they were considering your original application.

If the Ministers grant you a new consent, it replaces the old one from a certain date. This date is either the future date you specified or the date after the new consent is granted, whichever is later.

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 It might be out of date or be missing some parts.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

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=LMS111157.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesGovernment and voting > Government departments
Previous

27: Consent may be varied by agreement, or

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

Next

28: Conditions of consent, or

"Rules that overseas investors must follow when buying something in New Zealand"

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

27AConsent holder may apply for new consent

  1. This section applies to a consent for a transaction that is subject to 1 or more conditions that this Act required to be imposed in relation to the consent.

  2. The holder of the consent may apply for a new consent for the transaction.

  3. The application must be made on the basis that any overseas investments that have resulted from the transaction are instead to be treated as if they will be given effect to on a future date specified or determined in accordance with the application.

  4. The relevant Ministers—

  5. must consider the application in accordance with section 14; and
    1. may grant the new consent if satisfied that all of the applicable criteria are met.

      1. Despite subsection (3), if the application asks for the benefit to New Zealand test to be applied to any overseas investment, the relevant Ministers may—

      2. assess the benefit to New Zealand (or any part of it or group of New Zealanders) by comparing the likely result of the overseas investment from the date on which the overseas investment was actually given effect to:
        1. otherwise apply (wholly or partly) any provision of sections 16A to 16C as they would have done had they been considering the application at the time of the original application for consent for the transaction.

          1. If the relevant Ministers grant the new consent, the new consent (including its conditions) replaces the previous consent (including its conditions) with effect from the start of—

          2. the date referred to in subsection (3); or
            1. if later, the date after the date on which the new consent is granted.

              Notes
              • Section 27A: inserted, on , by section 20 of the Overseas Investment Amendment Act 2018 (2018 No 25).
              • Section 27A(5)(a): amended, on , by section 18 of the Overseas Investment Amendment Act 2021 (2021 No 17).