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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Powers of court

51AAD: Undertaking as to damages not required by regulator

You could also call this:

"The regulator doesn't have to promise to pay damages to get a court order."

Illustration for Overseas Investment Act 2005

If you are the regulator and you ask the court for an interim injunction, the court cannot make you promise to pay damages as a condition of getting the injunction. The court must decide if you get the injunction based on your application, without thinking about the fact that you do not have to promise to pay damages. You can find more information about this by looking at the Overseas Investment Act 2005 and the changes made by 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=LMS358348.

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Part 2Consent and conditions regime
Enforcement: Powers of court

51AADUndertaking as to damages not required by regulator

  1. If the regulator applies to the court for the grant of an interim injunction under this subpart, the court must not, as a condition of granting an interim injunction, require the regulator to give an undertaking as to damages.

  2. In determining the regulator’s application for the grant of an interim injunction, the court must not take into account that the regulator is not required to give an undertaking as to damages.

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Notes
  • Section 51AAD: inserted, on , by section 42 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).