New Zealand Guardian Trust Company Amendment Act 2008

Crest

New Zealand Guardian Trust Company Amendment Act 2008

Private Act2008 No 1
Date of assent21 February 2008
Commencementsee section 2
  • Preamble

    (1) The New Zealand Guardian Trust Company Act 1982 vested in The New Zealand Guardian Trust Company Limited (NZGT)—

    • (a) the trust department undertaking of The New Zealand Insurance Company Limited; and

    • (b) the undertaking of The South British Guardian Trust Company Limited:

    (2) NZGT carries on a trust and agency business as an executor, as a trustee, in other fiduciary capacities, and as a trustee company:

    (3) The New Zealand Guardian Trust Company Act 1982 authorises NZGT to transact business with Promina Group Limited (as its parent company) and with that parent company’s subsidiaries and associated companies:

    (4) NZGT’s parent company changed from Promina Group Limited to Suncorp-Metway Limited on 20 March 2007:

    (5) NZGT wishes to—

    • (a) be able to transact business with its current and future parent companies and with those parent companies’ subsidiaries and associated companies; and

    • (b) ensure the principal Act reflects NZGT’s current ownership structure; and

    • (c) validate business transacted with Suncorp-Metway Limited, or subsidiaries or associated companies of Suncorp-Metway Limited, on or between 20 March 2007 and the commencement of this Act:

    (6) The objects of this Act cannot be achieved without legislation:

The Parliament of New Zealand therefore enacts as follows:

1 Title
  • This Act is the New Zealand Guardian Trust Company Amendment Act 2008.

2 Commencement
  • This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act amended
4 Short Title and commencement
  • (1) Section 1(3) is amended by omitting the Schedule to this Act shall and substituting Schedule 1.

    (2) Section 1(4) is amended by omitting the Schedule to this Act and substituting Schedule 1.

5 Interpretation
  • (1) The definition of appointed day in section 2 is amended by omitting the Schedule to this Act and substituting Schedule 1.

    (2) Section 2 is amended by inserting the following definition after the definition of Guardian:

    holding company has the same meaning as in section 5 of the Companies Act 1993 and, for the avoidance of doubt, includes a body corporate that is incorporated outside New Zealand.

    (3) The definition of parent company in section 2 is repealed.

    (4) Section 2 is amended by adding the following subsection as subsection (2):

    • (2) The Governor-General may, by Order in Council made on the recommendation of the Minister of Justice given after consultation with the Minister of Commerce, amend Schedule 2 to—

      • (a) add the name of a body corporate that is a holding company of the new company:

      • (b) amend a reference to a body corporate named in Schedule 2 in order to reflect a change in that body corporate’s name, provided that that body corporate continues to be a holding company of the new company:

      • (c) omit the name of a body corporate that ceases to be a holding company of the new company.

6 Repeals
  • Section 13 is amended by omitting the Schedule to this Act and substituting Schedule 1.

7 Company not to wind up without sanction of Court
  • Section 18 is amended by adding the following subsection as subsection (2):

    • (2) In this section, parent company means a holding company of the new company.

8 Company authorised to transact business with parent company or subsidiaries or associated companies
  • Section 21 is amended by adding the following subsection:

    • (3) In this section, parent company means a holding company of the new company specified in Schedule 2.

9 New Schedule 2 added
  • The schedule set out in the Schedule of this Act is added as Schedule 2.

10 Validation of certain previous transactions
  • Section 21 of the principal Act is deemed to have applied on and after 20 March 2007 until the commencement of this Act as if parent company was defined in that section to mean Suncorp-Metway Limited.


Schedule
New Schedule 2 added

s 9

Schedule 2
Authorised parent companies of new company

ss 2(2), 21(3)

Suncorp-Metway Limited


Legislative history

9 October 2007Introduction (Bill 157–1)
17 October 2007First reading and referral to Finance and Expenditure Committee
12 December 2007Reported from Finance and Expenditure Committee
20 February 2008Second reading, third reading
21 February 2008Royal assent