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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Enforceable undertakings

46D: Withdrawal or variation of enforceable undertaking

You could also call this:

"Changing or cancelling a promise you made to follow the Overseas Investment Act rules"

Illustration for Overseas Investment Act 2005

If you have given an enforceable undertaking, you can withdraw or change it at any time, but you need the written agreement of the regulator. You can either withdraw the undertaking or vary it. However, you cannot change the undertaking to relate to a different alleged breach of the Overseas Investment Act or its regulations.

The regulator must put a notice on their website when an enforceable undertaking is withdrawn or changed. This notice will be on an Internet site maintained by the regulator.

You can find more information about this by looking at the Overseas Investment Act and the Overseas Investment (Urgent Measures) Amendment Act 2020.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS357773.

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46C: Notice of decision, or

"The regulator must tell you about their decision on an undertaking on their website."

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46E: Proceedings for alleged contravention, or

"What happens if you break the rules and promise to fix it"

Part 2Consent and conditions regime
Enforcement: Enforceable undertakings

46DWithdrawal or variation of enforceable undertaking

  1. A person who has given an enforceable undertaking may at any time, with the written agreement of the regulator,—

  2. withdraw the undertaking; or
    1. vary the undertaking.

      1. However, the provisions of the undertaking cannot be varied to provide for a different alleged contravention of this Act or regulations.

      2. The regulator must publish on an Internet site maintained by, or on behalf of, the regulator notice of the withdrawal or variation of an enforceable undertaking.

      Compare
      Notes
      • Section 46D: inserted, on , by section 35 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).