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Changes to Overseas Investment Act
Changes for overseas persons purchasing residential land are imminent.The Overseas Investment Amendment Bill (OIA Bill) passed its final reading in Parliament on 15 August 2018. It is likely to come into force soon: in or around October 2018.The OIA Bill introduces a new category of sensitive land,...
Body Corporate Business Update August 2018
FORM MATTERSThe importance of the proper use of statutory forms should not be underestimated. Schedule 2 of the Unit Titles Regulations 2011 sets out 33 statutory forms. These formsare described in regulation 37 as “…prescribed as the forms to be used for the generalmatters to which the forms re...
Body Corporate Business Update September 2018
CHANGES TO OVERSEAS INVESTMENT ACTChanges for overseas persons purchasing residential land are imminent.The Overseas Investment Amendment Bill (OIA Bill) passed its final reading in Parliament on 15 August 2018. It is likely to come into force soon: in or around October 2018.The OIA Bill introduces...
All for One and One for All?
The allocation of costs for significant repairs to unit title developments can be a very contentious issue. A recent decision of the Court of Appeal in Gu v Body Corporate 211747 [2018] NZCA 396 provides further guidance for bodies corporate and unit owners.The case relates to a mixed use building i...
Overseas Investment Act – Amendments have legal effect
Amendments to the Overseas Investment Act 2005 (OIA) that restrict certain overseas people from buying residential land in New Zealand reported in our September newsletter came into force on 22 October 2018.The new provisions affect the purchase of land that is rated as a residential or lifestyle p...
Do you have a Quorum?
Who gets counted when establishing whether a general meeting has a quorum?This question was considered by the High Court in Singh v Body Corporate 207605 [2018] NZHC 2872. The case relates to an application for leave to appeal a decision relating to unpaid body corporate levies (in earlier judgments...
Land Transfer Act 2017
The Land Transfer Act 2017 came into force on 12 November 2018. It repeals and replaces the Land Transfer Act 1952. The 2017 Act updates and modernises the earlier legislation.The key changes for bodies corporate and unit owners are:New terminology, “record of title” replaces certificate of titl...