OBS_VALUE: There are no restrictions on foreign investment in private telecommunications firms, other than the provisions of the Overseas Investment Act 2005 (Section 2). However, the Constitution of Chorus provides that no person who is not a New Zealand national shall have more than 49.9% of the total voting shares of Chorus without the prior written approval of the Crown, and at least half of the board of directors must be New Zealand citizens. There are no-company specific restrictions on investment in Spark New Zealand. 