Overseas Investment Amendment Bill

Members, there are 50 amendments proposing amendments to schedule 3 to exempt overseas investments in sensitive land involving different primary industries. These amendments are so similar in substance that I think I will test the will of the committee to make such amendments by putting the question on a broad selection of these very similar amendments.

The question was put that the following amendment in the name of Stuart Smith to schedule 3 be agreed to:

In Schedule 3, new Schedule 3, after clause 8, insert:

Exemptions in respect of overseas investments in sensitive land involving viticulture

8A Area of viticulture activity less than 1,000 hectares

(1) A transaction does not require consent to the extent that it will result in an overseas investment in sensitive land (the relevant viticultural investment) if—

(a) the relevant viticultural investment is the acquisition of a right to use land for viticultural activity (the relevant viticultural right); and

(b) the area of the relevant viticultural right is less than 1,000 hectares.

(2) Subclause (3) applies to a transaction that will result in an overseas investment in sensitive land (the relevant viticultural investment) if—

(a) the relevant viticultural investment is the acquisition of rights or interests in securities of a person who owns or controls (directly or indirectly) a right to use land for viticultural activity that is an interest in land described in section 12(a) (the relevant viticultural right); and

(b) the area of the relevant viticultural right is less than 1,000 hectares.

(3) To the extent that the transaction will result in the relevant viticultural investment, it does not require consent in relation to the relevant viticultural right.

(4) Subclause (1) or (3) (as the case may be) does not apply if, immediately after the relevant viticultural investment is given effect to, the sum of the following area is 1,000 hectares or more:

(a) the area of the relevant viticultural right:

(b) the combined area of all other viticultural rights—

(i) that related viticultural investors acquire in the same calendar year as that in which the relevant viticultural investment is given effect to; and

(ii) that are for a term of 3 years or more (including rights of renewal, whether of the granter or the grantee).

(5) For the purposes of subclause 4(b)(i),—

(a) related viticulture investor means—

(i) the person who makes the relevant viticultural investment; or

(ii) any associate of that person; or

(iii) a body corporate related to that person or to any associate of that person (as determined in accordance with section 12(2) of the Financial Markets Conduct Act 2013); and

(b) a related viticulture investor (B) is treated as acquiring a viticultural right if—

(i) B acquires rights or interests in securities of a person (C) who owns or controls (directly or indirectly) the viticultural right and, as a result of the acquisition, B has (either alone or together with B’s associates) a 25% or more ownership or control interest in C; or

(ii) the viticultural right comes under the ownership or control (direct or indirect) of a person in whom B has (either alone or together with B’s associates) a 25% or more ownership or control interest; and

(c) it does not matter if a viticultural right is acquired by a related viticulture investor before the relevant viticultural investment is given effect to.

(6) In this clause, area, in relation to a viticultural right, means the area of land covered by the viticultural right (including any right, whether of the grantor or grantee, to have the original area increased).

Members, it appears that the will of the committee is to not agree to such amendments. Therefore, I will not put the rest of those amendments to the vote—that is, the amendments from the Hon Nathan Guy, the Hon Alfred Ngaro, Chris Penk, Todd Muller, Melissa Lee, the Hon Judith Collins, Matt King, Simon O’Connor, Dr Jian Yang, Simeon Brown, Maureen Pugh, the Hon Louise Upston, the Hon Jacqui Dean, Lawrence Yule, Dan Bidois, the Hon Gerry Brownlee, Simon O’Connor, Jonathan Young, Tim van de Molen, Matt Doocey, Denise Lee, Melissa Lee, Hamish Walker, Paul Goldsmith, Andrew Bayly, and Hon David Bennett. We will move on.