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New Zealand Legislation: Acts

Acts are laws made by Parliament

Reprint as at 24 November 2009

Corporations (Investigation and Management) Act 1989

Public Act	1989 No 11
Date of assent	22 March 1989

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Ministry of Commerce

Contents

2 Interpretation

3 Act to bind the Crown

4 Application of Act

5 General objects of Act

6 Meaning of operating fraudulently or recklessly

7 No obligation on Registrar to supervise

8 Consultation with Reserve Bank

Part 1
Supply of information by, and investigation of affairs of, corporations

Power to request information

9 Registrar of Companies may require corporation or associated person to supply information

10 Requirement that information be audited

11 Disclosure of information to Registrar by trustees or statutory supervisors

12 Trustee or statutory supervisor to inform corporation of intention to disclose

13 Disclosure of information to Registrar by auditors

14 Registrar to inform corporation of intention to request information from auditor

15 Protection of trustees, statutory supervisors, and auditors

16 Terms of notices

Powers to obtain information and documents

17 Powers to obtain information and documents

18 Requirements on entering and searching premises

19 Investigation of affairs of corporation

20 Offence to hinder investigation, etc

21 Powers of person appointed to carry out investigation

22 Requirements to be complied with by person carrying out investigation

23 Confidentiality of information

24 Procedure for obtaining warrants

25 Effect of warrant

26 Effect of proceedings

27 Effect of final decision that exercise of powers under section 17 unlawful

28 Effect of final decision that exercise of powers under sections 19 to 21 unlawful

29 Saving for privileged communications

Part 2
Corporations at risk

30 Registrar may declare corporation to be at risk

31 Obligation to consult with Registrar

32 Power of Registrar to give advice and assistance

33 Power of Registrar to give directions to corporation declared to be at risk

34 Period for which directions may apply

35 Offence to contravene directions, etc

36 Offence to disclose that corporation declared to be at risk, etc

37 Miscellaneous provisions relating to notices

Part 3
Statutory management

38 Statutory management of corporations and associated persons

39 Grounds on which corporation can be declared to be subject to statutory management

40 Grounds on which associated person can be declared to be subject to statutory management

Powers of statutory manager

41 Considerations affecting exercise of powers by statutory manager

43 Prohibition against removal of assets

44 Statutory manager may suspend payment of money owing

45 Management of corporation to vest in statutory manager

46 Powers of statutory manager

47 Statutory manager empowered to carry on business of corporation

48 Statutory manager empowered to pay creditors and compromise claims

49 Termination of contract of agency or service

50 Power of statutory manager to sell business undertaking of corporation

51 Sale of property or assets subject to a security

52 Liquidation of corporations

53 Provisions applying where liabilities included in sale or other disposition of business undertaking of corporation

54 Power to trace property improperly disposed of

55 Application of certain provisions of Companies Act 1993

56 Application of this Part to joint statutory managers, associated persons, and subsidiaries

57 Termination of appointment of statutory manager

58 Statutory manager may apply to Court for directions

59 Court may confer additional powers on statutory manager

59A Special considerations if insurer under Part 10 of Injury Prevention, Rehabilitation, and Compensation Act 2001 is subject to statutory management

60 Advisory committees

61 Prior winding up, liquidation, or receivership to cease

62 Termination of statutory management

64 Corporation not entitled to be consulted about exercise of powers

65 Expenses of statutory management

66 Advances to statutory managers and members of advisory committees

67 Duty to deliver books and property to statutory manager

68 Offence to destroy, alter, or conceal records

69 Duty to report offences

70 Penalties for offences

71 Application of other Acts

71A Application of reporting requirements in other Acts

72 Proof of transactions

73 Repeal of Companies Special Investigations Act 1958

75 Procedure for applying this Act to company to which Companies Special Investigations Act 1958 applies

Schedule
Enactments repealed

An Act to enable the Registrar of Companies to determine whether corporations are at risk, to enable action to be taken in relation to such corporations in appropriate cases, and to repeal the Companies Special Investigations Act 1958