Overseas Investment Act 2005

61E Criteria for all exemptions

(1)

The Minister may recommend any regulations under section 61C, or grant an exemption under section 61D, only if the Minister considers—

(a)

that there are circumstances that mean that it is necessary, appropriate, or desirable to provide an exemption for any of the matters referred to in section 61B(a) to (c); and

(b)

that the extent of the exemption is not broader than is reasonably necessary to address those circumstances.

(2)

In so considering, the Minister—

(a)

must have regard to the purpose of this Act; and

(b)

may have regard to all or any of the following:

(i)

the extent to which effective ownership or control is changed by the overseas investment or remains with persons who are not overseas persons:

(ii)

the extent to which a sensitive asset is already held in overseas ownership or control:

(iii)

the extent to which the acquisition is the result of the operation of other legislation or an event outside the control of the overseas person:

(iv)

the extent of time an overseas person is likely to have ownership or control of a right or an interest, for what purpose, and the likely impact on the sensitive asset of that overseas ownership or control:

(v)

any other factors that seem to the Minister to be relevant to the circumstances.

Section 61E: inserted, on 22 October 2018, by section 47 of the Overseas Investment Amendment Act 2018 (2018 No 25).