Notice Type
Authorities/Other Agencies of State
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 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 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.
Publication Date
7 Apr 1994

Notice Number

1994-au2571

Page Number

1282