Overseas Investment Act 2005

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Exemptions in respect of overseas investments in sensitive land that is residential land[Repealed]

Heading: repealed, on 16 June 2020, by section 56(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

2 Periodic lease

(1)

A transaction does not require consent for the purposes of section 10(1)(a) to the extent that it will result in an overseas investment in sensitive land if the estate or interest in land described in section 12(1)(a) is a periodic lease.

(2)

In this clause, periodic lease means a lease that—

(a)

is terminable at will, whether by the grantor or the grantee (including a periodic tenancy within the meaning of section 2(1) of the Residential Tenancies Act 1986); and

(b)

offers no certainty of term of 4 months or more (including rights of renewal, whether of the grantor or the grantee).

Schedule 3 clause 2(1): replaced, on 16 June 2020, by section 56(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Schedule 3 clause 2(2)(b): amended, on 5 July 2021, by section 35(1) of the Overseas Investment Amendment Act 2021 (2021 No 17).