NEW ZEALAND GAZETTE, No. 118 — 15 DECEMBER 2016

1. a beneficial entitlement to, or beneficial interest in, 50% or more of the farm land securities of the company or other body corporate; or

2. the right to exercise or control the exercise of 50% or more of the voting power at a meeting of the company or other body corporate; or

3. the right to control the composition of 50% or more of the board of directors (or other persons or body exercising powers of management, however described) of the company or other body corporate;

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, where:

i. the acquisition is from another member of the same group, 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, where:

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 jurisdictions; and

iii. each relevant person is incorporated outside New Zealand;

i. the acquisition of farm land or farm land securities by an overseas person who has applied for, and been granted, a permanent residence visa under the Immigration Act 2009 if, within 12 months after the grant of that visa, that person becomes ordinarily resident in New Zealand;

j. the acquisition by an overseas person (A) of a lease or any other interest (other than a freehold estate) in farm land, where:

i. the lease or other interest is for a term of not more than 20 years (including rights of renewal, whether of the grantor or grantee); and

ii. in the 20 years prior to the date of A's acquisition, where that farm land (or any part of it) was (or was part of) the relevant land in relation to any other overseas investment in sensitive land ("previous transaction"):

  A. consent was obtained to that previous transaction; and

  B. that previous transaction was not exempt from the criterion in section 16(1)(f) of the Act and that criterion was complied with;

k. the acquisition by an overseas person (A) of farm land securities in a person (P) where:

i. at the date of A's acquisition, the only interest (other than an exempted interest) in farm land that is sensitive land (as defined in Schedule 1 of the Act) that P owns or controls (directly or indirectly) is a lease or any other interest (other than a freehold estate) for a term of not more than 20 years (including rights of renewal, whether of the grantor or grantee); and

ii. in the 20 years prior to the date of A's acquisition, where that farm land (or any part of it) was (or was part of) the relevant land in relation to any other overseas investment in sensitive land (previous transaction):

  A. consent was obtained to that previous transaction; and

  B. that previous transaction was not exempt from the criterion in section 16(1)(f) of the Act and that criterion was complied with.

5. Revocation—The Notice of Exemptions From Farm Land Offer Criterion Pursuant to Section 20 of the Overseas Investment Act 2005, made on 1 August 2005 and published in the New Zealand Gazette, 11 August 2005, No. 123, page 145.