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craft or in such a location that it can be rapidly placed in a survival craft.

(3) One of the transponders required to be carried under this clause may be the transponder required by regulation 7 (1) (c) of the Shipping (Radio) Regulations 1994."

(4) Every ship of Class I to which this Code of Practice applies, shall comply with the requirements of this clause no later than 1 February 1995.

3. Two-way radiotelephone sets—The Schedule to the principal notice is hereby amended by adding the following clause:

"11. Two way radiotelephone sets—(1) Every ship of Class I to which this Code of Practice applies shall carry 3 two-way VHF radiotelephone apparatus which shall conform to the performance standards published by the International Maritime Organisation Assembly Resolution A. 605 (15) or to those standards which may be prescribed by the Minister by notice in the New Zealand Gazette.

(2) Any fixed two-way VHF radiotelephone apparatus fitted in a survival craft shall conform to the performance standards published by the International Maritime Organisation Assembly Resolution A. 605 (15) or to those standards which may be prescribed by the Minister by notice in the New Zealand Gazette.

(3) Two-way VHF radiotelephone apparatus carried on ships of Class I to which this Code of Practice applies, and not complying fully with the performance standards set out in this clause, shall be deemed to have complied with these standards until 1 February 1999, provided that such apparatus is compatible with two-way radiotelephone apparatus which complies with the standards published by the International Maritime Organisation Assembly Resolution A. 605 (15)."

Dated at Wellington this 24th day of March 1994.

MAURICE WILLIAMSON, Minister of Transport.

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Authorities and Other Agencies of State

Overseas Investment Commission

Overseas Investment Regulations 1985

The Overseas Investment Exemption Notice 1994 No. 2

Pursuant to the Overseas Investment Regulations 1985, the Overseas Investment Commission hereby gives the following notice.

N o t i c e

1. Title and commencement—(1) This notice may be cited as the Overseas Investment Exemption Notice 1994 No. 2.

(2) This notice shall come into force on the day after the date of its notification in the New Zealand Gazette.

2. Interpretation—(1) In this notice, unless the context otherwise requires—

“Specified person” means any company which is an overseas person which would not be an overseas person if Bancorp Holdings Limited were not an overseas person;

“The regulations” means the Overseas Investment Regulations 1985.

(2) Terms or expression used in this notice shall have the same meaning as they have in the regulations.

3. Exemption from Part I of the Regulations—(1) Every specified person is exempt from the provisions of Part I of the regulations in respect of the issue of shares to, or the allotment of shares subscribed for by—

(a) A specified person; or

(b) Bancorp Holdings Limited.

(2) Bancorp Holdings Limited and every specified person is exempt from the provisions of Part I of the regulations in respect of the issue of shares to, or the allotment of shares subscribed for by, any other overseas person where that issue or allotment is made instead of the payment of dividends in cash.

4. Exemption from Parts II or III of the Regulations—(1) Bancorp Holdings Limited and every specified person is exempt from the provisions of Part II (except regulation 16) and Part III of the regulations.

(2) Every person is exempt from the provisions of regulation 16 of the regulations in respect of the provision of any contract or agreement which provides for the transfer of shares in a company to—

(a) A specified person; or

(b) Bancorp Holdings Limited.

Dated this 30th day of March 1994.

For and on behalf of the Overseas Investment Commission.

R. W. STANNARD, Chairman.

Explanatory Note

This note is not part of the notice, but is intended to indicate its general effect.

This notice, which comes into force on the day after the date of its notification in the New Zealand Gazette, exempts persons who issue or allot shares to any specified person, or to Bancorp Holdings Limited from Part I of the Overseas Investment Regulations 1985. The term ‘specified person’ is defined to mean a company which is an overseas person under the regulations but which would not be an overseas person if Bancorp Holdings Limited were not an overseas person.

The notice also exempts Bancorp Holdings Limited and specified persons from the requirement of Part I of the regulations in relation to the issue or allotment of shares to overseas persons where that issue or allotment is made instead of the payment of dividends in cash.

The notice exempts Bancorp Holdings Limited and specified persons from compliance with the requirements of Part II (except regulation 16) of the regulations (which relates to takeovers by overseas persons) and from Part III of the regulations (which relates to the acquisition by an overseas person of assets used in carrying on a business).

The notice also exempts persons from compliance with regulation 16 in relation to any contract or agreement which provides for the transfer of shares in a company to a specified person or to Bancorp Holdings Limited.

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