New Zealand Legislation: Acts

2 Interpretation

• (1) In this Act, unless the context otherwise requires,—

  Bank means a person carrying on in New Zealand the business of banking

  Bank: the reference to the “Banking Act 1982” was substituted, as from 16 December 1982, for a reference to the “Banking Act 1908” pursuant to section 15 Banking Act 1982 (1982 No 144). The Banking Act 1982 was repealed, as from 30 June 1995, by section 2(1) Banking Act Repeal Act 1995 (1995 No 32).

  Company means a company within the meaning of the Companies Act 1955 or the Companies Act 1993, as the case may be

  Company: this definition was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).

  District Registrar, in relation to any unit trust, means the District Registrar of Companies in the district where the company that is the manager of the unit trust is registered

  FMA means the Financial Markets Authority established under Part 2 of the Financial Markets Authority Act 2011

  interest in a unit trust means a beneficial interest in the money, investments, and other property that are subject to the trusts governing that unit trust

  manager, in relation to a unit trust, means the company (howsoever it is described) in which is vested the powers and functions of the manager of a unit trust under this Act

  Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

  Minister: this definition was substituted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39).

  nominated company

  [Repealed]

  Nominated company: this definition was repealed, as from 3 June 1998, by section 2(1) Unit Trusts Amendment Act 1998 (1998 No 64).

  nominated person, in relation to any trustee, means a person nominated by that trustee under section 6

  Nominated person: this definition was inserted, as from 3 June 1998, by section 2(1) Unit Trusts Amendment Act 1998 (1998 No 64).

  nominee, in relation to any nominated person, means a person appointed by that nominated person under section 6B

  Nominee: this definition was inserted, as from 3 June 1998, by section 2(1) Unit Trusts Amendment Act 1998 (1998 No 64).

  portfolio investment entity means a portfolio investment entity within the meaning of the Income Tax Act 2004

  Registrar means the Registrar of Companies; and includes the Deputy Registrar of Companies

  trust means a trust within the meaning of the Trustee Act 1956

  trust deed, in relation to any unit trust, means the trust deed that sets out the trusts governing the unit trust; and includes every instrument that varies those trusts, or affects the powers, duties, or functions of the trustee or manager of the unit trust

  trustee, in relation to any unit trust, means—

  • (a) the trustee in which is vested any money, investments, and other property that are for the time being subject to the trusts governing the unit trust; or

  • (b) if any money, investments, and other property that are for the time being subject to the trusts governing the unit trust are vested in a nominated person, the trustee that appointed the nominated person; or

  • (c) if any money, investments, and other property that are for the time being subject to the trusts governing the unit trust are vested in a nominee of a nominated person, the trustee that appointed the nominated person

  Trustee: this definition was substituted, as from 3 June 1998, by section 2(2) Unit Trusts Amendment Act 1998 (1998 No 64).

  unit holder, in relation to any unit trust, means any person (other than the manager) who is the lawful holder of a certificate evidencing that he has an interest in the unit trust; and includes a purchaser of or a subscriber for such an interest who is entitled to have a certificate issued to him in accordance with section 13

  unit trust means any scheme or arrangement, whether made before or after the commencement of this Act, that is established under New Zealand law and that is made for the purpose or has the effect of providing facilities for the participation, as beneficiaries under a trust, by subscribers or purchasers as members of the public and not as an association, in income and gains (whether in the nature of capital or income) arising from the money, investments, and other property that are for the time being subject to the trust; but does not include—

  • (a) a trust for the benefit of debenture holders; or

  • (b) the Common Fund of Public Trust; or

  • (c) the Common Fund of the Maori Trustee; or

  • (d) any Group Investment Fund established under the Trustee Companies Act 1960; or

  • (da) any group investment fund established under the Public Trust Office Act 1957 or the Public Trust Act 2001; or

  • (e) any friendly society or credit union registered or deemed to be registered under the Friendly Societies and Credit Unions Act 1982; or

  • (f) any superannuation scheme which is registered under the Superannuation Schemes Act 1989; or

  • (g) a share purchase scheme as defined in section YA 1 of the Income Tax Act 2007; or

  • (h) any trust fund or global asset trust or GAT subsidiary or pool within the meaning of the National Provident Fund Restructuring Act 1990.

  (2) Section 63 of the Companies Act 1955 shall apply to interests in a unit trust as if they were shares.

  Section 2(1) FMA: inserted, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

  Section 2(1) portfolio investment entity: inserted, on 1 October 2007, by section 246 of the Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 (2006 No 81).

  Unit trust: this definition was amended, as from 1 January 1974, by section 56(1) Syndicates Act 1973 (1973 No 17) by inserting the words “and not as an association”.

  Unit trust: this definition was amended, as from 1 December 2002, by section 28 Securities Amendment Act 2002 (2002 No 43), by inserting the words “that is established under New Zealand law and” after the words “whether made before or after the commencement of this Act,”.

  Unit trust: paragraph (b) was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100) by substituting the words “Public Trust” for the words “the Public Trustee”. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

  Unit trust: paragraph (da) was inserted, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100). See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

  Unit trust: paragraph (e) was substituted, as from 1 April 1983, by section 161(1) Friendly Societies and Credit Unions Act 1982 (1982 No 118).

  Unit trust: paragraph (f) was amended, as from 2 August 1974, by section 2(1) Unit Trusts Amendment Act 1974 (1974 No 34) by substituting the words “Land and Income Tax Act 1954; or” for the words “Land and Income Tax Act 1954”.

  Unit trust: paragraph (f) was substituted, as from 22 March 1989, by section 31(1) Superannuation Schemes Act 1989 (1989 No 10).

  Unit trust: paragraph (f) was amended, as from 1 April 1990, by section 32(3) Superannuation Schemes Act 1989 (1989 No 10) by omitting the words “is approved under the Superannuation Schemes Act 1976 or”.

  Unit trust: paragraph (g) was inserted, as from 2 August 1974, by section 2(2) Unit Trusts Amendment Act 1974 (1974 No 34).

  Unit trust: paragraph (g), section 166 of the Income Tax Act 1976 was substituted for section 129CH of the repealed Land and Income Tax Act 1954.

  Unit trust: paragraph (g) was substituted, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35).

  Section 2(1) unit trust paragraph (g): amended, on 1 April 2008, by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).

  Unit trust: paragraph (h) was inserted, as from 1 April 1991, by section 77 National Provident Fund Restructuring Act 1990 (1990 No 126).