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Overseas Investment Act 2005

National security and public order risks management regime - Risk management actions - Statutory management

106: Termination of statutory management

You could also call this:

"When the government stops controlling someone or a company"

Illustration for Overseas Investment Act 2005

The Governor-General can decide that a person under statutory management is no longer subject to it. You will know when this happens because the Governor-General makes an Order in Council that says so. The order must say when it starts and what time it starts.

If the statutory manager puts the person into liquidation, they are no longer under statutory management. This happens when the statutory manager applies for the person to be put into liquidation.

The Governor-General makes this decision on the recommendation of the Minister, and the order has a specific start date and time.

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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=LMS359009.

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Part 3National security and public order risks management regime
Risk management actions: Statutory management

106Termination of statutory management

  1. The Governor-General may, by Order in Council, on the recommendation of the Minister, declare that a person under statutory management is to cease to be subject to statutory management.

  2. The order must specify the date on which, and the time at which, it comes into force.

  3. A person under statutory management ceases to be subject to statutory management if the person is put into liquidation on the application of the statutory manager.

Notes
  • Section 106: inserted, on , by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).