Plain language law

New Zealand law explained for everyone

Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Statement relating to compliance with consent requirement

51C: Conveyancer must obtain and keep statement

You could also call this:

"Conveyancers must get and keep a special statement to prove an investment follows the rules"

Illustration for Overseas Investment Act 2005

If you are a conveyancer, you must not lodge certain documents unless you have a statement that shows the investment complies with the rules. You must get this statement or a copy of it as required under section 51A(5) or (6). You also must not lodge the documents if you think the statement is incorrect in an important way.

You need to keep a copy of the statement for at least 7 years after the documents are lodged. You must take reasonable steps to make sure this happens.

If you do not follow these rules, you may have to pay a civil pecuniary penalty under section 48, but some other rules in the Act, such as sections 41F, 45, and 47, do not apply in this case.

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 It might be out of date or be missing some parts.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=LMS112017.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesHousing and property > Buying and selling homes
Previous

51B: Regulator must authorise manner of providing statement, or

"The regulator decides how you tell them you're following the rules."

Next

52: Administrative penalties for late filing, or

"Paying a penalty for filing documents late with the government"

Part 2Consent and conditions regime
Enforcement: Statement relating to compliance with consent requirement

51CConveyancer must obtain and keep statement

  1. A conveyancer must not lodge, or direct the lodgement of, the instrument referred to in section 51A(1)(b) if the conveyancer—

  2. has not obtained the statement or a copy of the statement that is required to be provided under section 51A(5) or (6); or
    1. has reasonable grounds for believing that the statement or copy that is provided is not correct in a material particular.

      1. The conveyancer must take reasonable steps to ensure that a copy of the statement is kept for a period of at least 7 years after the date on which the instrument is lodged.

      2. Sections 41F, 45, and 47 do not apply in respect of a contravention of this section (but a conveyancer may be liable to a civil pecuniary penalty under section 48).

      Notes
      • Section 51C: inserted, on , by section 43 of the Overseas Investment Amendment Act 2018 (2018 No 25).
      • Section 51C(3): amended, on , by section 44 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).