Foreign ownership in Chorus Limited (formerly part of Telecom Corporation of New Zealand Limited) is capped at 49.9% of voting shares, per company statute in accordance with the Deed accorded between the company and the Crown (in the right of New Zealand) at the time of  , unless prior consent is granted by the Crown.
"1 INTERPRETATION
Defined terms
1.1 In this constitution the following expressions have the following meanings: [...]
Crown means Her Majesty the Queen in right of New Zealand;
Deed means the deed relating to certain operational and governance undertakings dated 11 November 2011 between the Company and the Crown, and includes that document as amended, varied, novated or substituted from time to time;
New Zealand citizen means any New Zealand citizen, or any person who has attained the age of 18 years and is of full capacity who would, in the opinion of the Board, meet the requirements for citizenship set out in section 8(2) of the Citizenship Act 1977 (or any provision enacted in substitution for that section) if that person made an application for citizenship on the date on which his or her status is considered for the purposes of this constitution;
[...]
FIRST SCHEDULE: OWNERSHIP RESTRICTIONS [...]
1 Definitions
In this Schedule, if not inconsistent with the context: [...]
New Zealand business means, for the purposes of paragraph (d) of the definition of the term New Zealand national, any one or more of the following:
(a) a person exempted from the requirements of Parts 2 and 3 of the Overseas Investment Regulations 2005 by virtue of an exemption notice issued under those regulations; or
(b) any person named in, or in a schedule to, any such exemption notice; or
(c) if the regulations referred to in paragraph (a) of this definition are revoked, any person falling within that paragraph or paragraph (b) of this definition at the date of the revocation; or
(d) any subsidiary of any person referred to in paragraph (a) or paragraph (b) or paragraph (c) of this definition; or
(e) underwriters or sub-underwriters of any offer of voting shares for subscription or purchase;
New Zealand national means:
(a) any New Zealand citizen, [...]; or
(b) the Crown or any department or instrument of the executive government of New Zealand [...]; or
(c) any municipal, local, statutory or other authority formed or established in New Zealand or any instrument of local government in New Zealand; or
(d) any New Zealand business; or
(e) any company, or other body corporate, that:
(i) is established in New Zealand and has its registered office in New Zealand and that is substantially owned and effectively controlled by persons coming within any of paragraphs (a) to (d) of this definition; or
(ii) is not an overseas person within the meaning of the Overseas Investment Act 2005; or
(f) the trustees of any employee share purchase scheme operated by way of a trust for the benefit of any employees, where all the trustees are persons coming within any of paragraphs (a) to (e) of this definition and where all voting rights in respect of all shares to which the scheme relates are held by the trustees;
[...]
2.2 No person who is not a New Zealand national shall have a relevant interest in more than 49.9% of the total voting shares for the time being without, and except in accordance with the terms of, the prior written approval of the Crown given under the Deed (unless it has been terminated with the consent of the Crown).[...]" (Constitution of Chorus Limited [accessed on 13.10.2021], Fist Schedule: Ownership Restrictions, Clauses 1 and 2.2)
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"This Deed is made on 11 November 2011
between Chorus Limited (Chorus)
and Her Majesty the Queen in right of New Zealand (the Crown)
Introduction [...]
C. Chorus, a New Zealand's public company focusing on the supply of fixed access and aggregation services in New Zealand, was created out of the demerger of Telecom Corporation of New Zealand Limited (TCNZ).
D. Pursuant to the Transaction Documents, Chorus has agreed to build and operate the Network in the Coverage Area and CFH will provide certain funding to Chorus for that purpose.
It is agreed 
[...]
4. Chorus' Constitution
4.1 Chorus represents and warrants for the benefit of the Crown that on the date of the Final Court Orders, Chorus adopted the Constitution. The Crown acknowledges that it has approved the form of the Relevant Constitutional Provisions in the Constitution.
4.2 Chorus must, and must procure that the Chorus directors and employees, at all times comply with the Relevant Constitutional Provisions.
4.3 Without limiting any other provision of this Deed, including clause 4.2, Chorus must, and must procure that the Board will, take all action permitted by the Constitution so as to ensure that:
(a) no person shall have a relevant interest in 10 percent or more of the total voting share for the time being without, and except in accordance with the terms of, the prior written approvals of the Crown given under this Deed; or
(b) no person who is not a New Zealand national shall have a relevant interest in more than 49.9 percent of the total voting shares for the time being without, and except in accordance with the terms of, the prior written approvals of the Crown given under this Deed [...]" (Deed of Operation and Governance Undertakings, 2011)
Constitution of Chorus Limited [accessed on 13.10.2021], Fist Schedule: Ownership Restrictions, Clauses 1 and 2.2
Deed of Operation and Governance Undertakings, 2011
[<a href="https://company.chorus.co.nz/governance">Statute</a>],[<a href="https://company.chorus.co.nz/governance">Deed</a>]