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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Disposal of property

41F: Regulator may issue notice requesting disposal of property

You could also call this:

"The regulator can ask you to sell a property if they think you've broken the rules."

Illustration for Overseas Investment Act 2005

The regulator thinks you have done something wrong with some property, so they can ask you to get rid of it. They will send you a notice in writing telling you what to do. You have to get rid of the property in the time and way the regulator says.

The regulator has to give you at least 90 days to get rid of the property. They have to tell you why they think you have done something wrong and what their reasons are. You might want to use section 41G(1) to help you, so the regulator will ask you to tell them if you want to do that.

The regulator can change their mind and withdraw the notice at any time before you get rid of the property and tell them you want to use section 41G(1). This rule does not stop the regulator from using any other powers they have. In this case, property means what is said in section 47(3) and it also applies to section 41G.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS112004.

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41E: Conditions relating to publication or disclosure of information or documents, or

"Rules for keeping shared information private and safe"

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41G: Consequences of disposal or retention of property, or

"What happens if you don't follow the rules about property you're not allowed to have"

Part 2Consent and conditions regime
Enforcement: Disposal of property

41FRegulator may issue notice requesting disposal of property

  1. This section applies if the regulator has reasonable grounds to believe 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 condition of a consent or of an exemption.

        1. The regulator may, by notice in writing,—

        2. ask A to dispose of the property (within the time and in the manner specified in the notice for the purposes of this paragraph); and
          1. require A, if A wants to rely on section 41G(1), to notify the regulator of that fact (within the time and in the manner specified in the notice for the purposes of this paragraph).

            1. The time specified in the notice for the purposes of subsection (2)(a) must not be less than 90 days after the date on which the notice is given (but this does not limit the power to specify any time under subsection (2)(b)).

            2. The notice must set out the regulator’s belief and the reasonable grounds for that belief.

            3. The regulator may withdraw a notice at any time before A does both of the following:

            4. disposes of the property within the time and in the manner specified in the notice under subsection (2)(a); and
              1. complies with subsection (2)(b) within the time and in the manner specified in the notice under that paragraph.

                1. This section does not limit any other power that the regulator has.

                2. In this section and section 41G, property has the meaning set out in section 47(3).

                Notes
                • Section 41F: inserted, on , by section 36 of the Overseas Investment Amendment Act 2018 (2018 No 25).