What the official record says
This Act is the Overseas Investment (Owning our Own Rural Land) Amendment Act . This Act comes into force on the day after the date on which it receives the Royal assent. This Act amends the Overseas Investment Act 2005 (the ). The purpose of this Act is to substantially limit the sale of rural land of more than 5 hectares in area to overseas persons. Repeal section 14(1)(c). Replace section 16(1)(e) with: any of is met— the relevant overseas person is, or (if that person is not an individual) all the individuals with control of the relevant overseas person are, New Zealand citizens, ordinarily resident in New Zealand, or intending to reside in New Zealand indefinitely; or if the relevant land does not include non-urban land, the overseas investment will, or is likely to, benefit New Zea