(1) The trustee of any company to which this Act applies shall have the following powers:
(a) to take and retain possession of all property, whatsoever and wheresoever situated, belonging to the company or held by or vested in any receiver under any debenture, and in particular, but without limiting the generality of the power conferred by this paragraph, to demand, receive, and hold all scrip, share certificates, or other instruments of title to property of the company (whether registered in the name of the company or not) which is or may be in the hands of any person or corporation, whether or not employed by the company, with all related documents, records, and lists of such instruments:
(c) to sell the whole or any part of the assets of the company by public auction or public tender on such terms and conditions as he thinks fit, with power to buy in at any auction or to rescind or vary any contract for sale on such terms as he thinks fit, and with power also to sell the whole thereof to any person or to sell the same in parcels and in any order:
(e) to repair and insure against any damage, whether by fire or earthquake or accident or otherwise, any assets of the company, and to insure against any other risk or liability against which the trustee considers it prudent to insure:
(f) to pay all rates, taxes, insurance premiums, or other outgoings payable in respect of the assets of the company, or under any policy of insurance of any kind:
(g) to apply money forming part of the assets of the company, whether arising from real or personal property and whether income or capital, in or towards the payment of any debts, obligations, or liabilities incurred by the trustee in the exercise of his powers as such:
(k) to cause to be brought to New Zealand any books, records, vouchers, securities, instruments of title, or any other movable property of the company held out of New Zealand:
(m) to appoint servants, clerks, managers, and agents on such terms and subject to such conditions as the trustee thinks fit, and at his discretion to dismiss any person appointed by the company or by the trustee:
(p) to consult and employ counsel, solicitors, accountants, sharebrokers, and other persons.
(2) In addition to the powers given by subsection (1), but subject to the provisions of this Act, the trustee may sell by private contract—
(c) any property that, by reason of its nature, situation, value, or other special circumstances, he considers it unnecessary or inadvisable to sell by public auction or public tender:
(d) any property for which authority has been given by a resolution of creditors to sell by private contract:
provided that the sale shall be in accordance with the terms of the authority so conferred:
(e) securities in any company, securities of the Government of New Zealand, and securities issued by any local authority within the meaning of Part 1 of the Local Authorities Loans Act 1956, if the sale is made through a person authorised to undertake trading activities on a registered exchange's securities market (within the meaning of section 2(1) of the Securities Markets Act 1988).
(3) Before exercising any of the powers conferred by the foregoing provisions of this section, the trustee may in his discretion apply to the court ex parte for directions with respect to the exercise of those powers, and the court may, on any such application, make such order declaring the rights of persons before the court or otherwise, as the court thinks just.
(4) Where the trustee of any company to which this Act applies refuses to meet any liability incurred by any receiver under the power conferred on him by subsection (1)(i), the trustee shall, if so requested by the receiver and on giving notice to all interested parties, apply to the court for directions with respect to the exercise of that power, and the court may make such order as it thinks just.
(5) Where a document is made or executed in professed exercise of the power to sell conferred by this section, the title of any person acquiring title thereunder shall not be impeachable except on the ground of fraud, or be affected on the ground that no case has arisen to authorise the sale, or that the power was otherwise improperly or irregularly exercised.
Compare: 1958 No 23 s 7; 1967 No 54 s 72
Section 9(2)(e): amended, on 24 November 2009, by section 23(1) of the Securities Markets Amendment Act 2009 (2009 No 54).
Section 9(2)(e): amended, on 1 December 2002, by section 30 of the Securities Markets Amendment Act 2002 (2002 No 44).