3018 NEW ZEALAND GAZETTE, No. 123 11 AUGUST 2005

(a) protecting natural and physical resources or historic
heritage; and

(b) providing public access to natural and physical
resources or historic heritage.

10. Any reserve designated under the Resource Management
    Act for purposes other than those noted above (e.g. a
    drainage reserve) will be excluded from the list.

Monitoring Conditions of Consent

11. Overseas people wanting to buy sensitive New Zealand
    assets will all be subject to the screening regime.
    Monitoring powers under the Act give the regulator
    the ability to require a person to provide a statutory
    declaration verifying compliance with conditions of
    consent (and if the consent holder is in breach of a
    condition or conditions, a statutory declaration verifying
    the reason for the breach and the steps to be undertaken
    to remedy any breach of consent). It is estimated that the
    regulator will spend up to half a day per consent every
    year for the first five years after the consent has been
    granted. It is likely that monitoring will continue until
    the conditions are met. This may be earlier than five
    years. The key point is that the level of monitoring is
    designed to ensure compliance with the conditions of the
    consent in as effective and efficient way as possible.

Date Letter Takes Effect

This Ministerial Directive letter shall come into effect on
and from 25 August 2005.

DR MICHAEL CULLEN, Minister of Finance.

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Notice of Exemptions From Farm Land Offer Criteria Pursuant to Section 20 of the Overseas Investment Act 2005

1. Take notice that we, The Honourable Dr Michael
   Cullen, Minister of Finance, and The Honourable Pete
   Hodgson, Minister for Land Information, pursuant to
   section 20 of the Overseas Investment Act 2005 (“the
   Act”), hereby exempt every person from section
   16 (1) (f) of the Act for a transaction to the extent that
   giving effect to the transaction has any of the following
   effects:

(a) The acquisition by an overseas person of farm land
securities that are quoted on a market operated by
New Zealand Exchange Limited;

(b) the acquisition by an overseas person of farm land
securities as a result of subscribing for securities if:

(i) the offer of those securities is an offer to the
public for which an investment statement or
registered prospectus is required under the
Securities Act 1978; and

(ii) the offer is made in, or accompanied by, an
investment statement or registered prospectus;

(c) the acquisition by an overseas person of farm land
securities if:

(i) the takeovers code in force under the Takeovers
Act 1993 applies to the acquisition; and

(ii) the acquisition is under an offer made to all
holders of those securities other than the offeror
(whether the offer is for all or some of the farm
land securities);

(d) the acquisition by an overseas person of farm land
securities if the farm land to which the farm
land securities relate has, in accordance with a
procedure prescribed by regulations made under the
Act, been offered for sale or acquisition on the open
market to persons who are not overseas persons;

(e) the acquisition by an overseas person of farm land
securities from a person if the overseas person and
the other person, immediately before the transfer, do
not together have (directly or indirectly):

(i) a beneficial entitlement to, or beneficial interest
in, 50% or more of the farm land securities of
the company or body corporate that owns or
controls the farm land; or

(ii) the right to exercise or control the exercise of
50% or more of the voting power at a meeting
of the company or body corporate that owns or
controls the farm land; or

(iii) the right to appoint or control the appointment
of 50% or more of the board of directors
(or other persons or body exercising powers of
management, however described) of the
company or body corporate that owns or
controls the farm land;

(f) the acquisition of farm land or farm land securities
by an overseas person from a family member
(whether or not the family member is an overseas
person);

(g) the acquisition of farm land or farm land securities
by an overseas person if:

(i) the acquisition is from another member of the
same group or another partner in the same
partnership or another member of the
same joint venture as part of a reconstruction
or reorganisation of that group, partnership,
or joint venture; and

(ii) the group is an overseas group or the partnership
or joint venture is an overseas person;

(h) the acquisition of farm land or farm land securities
by an overseas person from another overseas person
as part of a wider acquisition or merger if:

(i) the wider acquisition or merger is being
undertaken by other members (relevant
persons) of the same overseas groups as those
overseas persons; and

(ii) the wider acquisition or merger involves the
acquisition of the whole or a substantial part
of the specified securities in, or the business of,
one or more relevant persons in one or more
overseas jurisdiction; and

(iii) each relevant person is incorporated outside
New Zealand; or

(i) the acquisition of farm land or farm land securities
by an overseas person that has applied to be a
permanent resident of New Zealand if that application
is approved and that person becomes a permanent
resident in New Zealand within 12 months after the
application is approved.

2. In this notice, unless the context otherwise requires:

(a) family member, in relation to any person means:

(i) a person who is related to that person by blood
within the fourth degree of relationship; or

(ii) the person’s spouse, civil union partner or
de facto partner; or

(iii) a person who is the spouse, civil union partner
or de facto partner of a third party to whom the
person is related by blood within the fourth
degree of relationship; or

(iv) the adopted child of the person; or

(v) the adopted child of a third party who is
within the third degree of relationship to the
person; and