New Zealand Legislation: Acts

6A Term implied in certain offers of previously allotted securities

• (1) This section applies to a security—

  • (a) that is exempted from the application of sections 33, 34, 37 to 38A, 38C to 43B, and 44B to 59 by virtue of section 6(1); and

  • (b) that is not a security to which any of subsections (2), (2AA), (2A), or (3) of section 6 applies; and

  • (c) that is offered to the public.

  (2) Subject to subsection (3), it is an implied term of every offer of a security to which this section applies, that, except to the extent disclosed for the purposes of the offer of the security, the offeror has no information in relation to the original allotter that is not publicly available and that would, or would be likely to, affect materially the price of the security if it were so disclosed.

  (3) For the purposes of subsection (2), an offeror is not to be taken to have information in relation to the original allotter if—

  • (a) arrangements existed to ensure that no individual who took part in the decision to offer the securities to the public received, or had access to, that information or was influenced, in relation to that decision, by an individual who had that information; and

  • (b) no individual who took part in the decision to offer the securities to the public received, or had access to, that information or was influenced, in relation to that decision, by an individual who had that information.

  Section 6A: substituted, on 1 July 1994, by section 2 of the Securities Amendment Act 1994 (1994 No 15).

  Section 6A(1)(a): amended, on 1 May 2011, by section 10 of the Securities Amendment Act 2011 (2011 No 6).

  Section 6A(1)(a): amended, on 1 October 1997, by section 8(1) of the Securities Amendment Act 1996 (1996 No 100).

  Section 6A(1)(b): amended, on 1 December 2002, by section 6(1) of the Securities Amendment Act 2002 (2002 No 43).

  Section 6A(1)(b): amended, on 1 October 1997, by section 8(2) of the Securities Amendment Act 1996 (1996 No 100).

  Section 6A(1)(c): amended, on 1 December 2002, by section 6(2) of the Securities Amendment Act 2002 (2002 No 43).