365 Registrar’s powers of inspection

(1)

The Registrar or a person authorised by the Registrar may,—

(a)

for the purpose of—

(iaa)

ascertaining whether information provided to the Registrar is correct; or

(i)

ascertaining whether a company or a director of a company is complying, or has complied, with this Act; or

(ii)

ascertaining whether the Registrar should exercise any of his or her rights or powers under this Act; or

(iii)

detecting offences against this Act; and

(b)

if, in the Registrar’s opinion, it is in the public interest to do so,—

do any of the following:

(caaa)

require a person, in relation to information provided to the Registrar, to—

(i)

confirm that the information is correct; or

(ii)

correct the information; or

(c)

require a person, including a person carrying on the business of banking, to produce for inspection relevant documents within that person’s possession or control; or

(d)

inspect and take copies of relevant documents; or

(e)

take possession of relevant documents and remove them from the place where they are kept, and retain them for a reasonable time, for the purpose of taking copies; or

(f)

retain relevant documents for a period which is, in all the circumstances reasonable, if there are reasonable grounds for believing that they are evidence of the commission of an offence.

(1A)

When exercising the powers described in subsection (1)(caaa) or (c), the Registrar may specify—

(a)

a particular form in which the confirmation or correction must be provided; and

(b)

a date by which the confirmation or correction must be provided; and

(c)

whether the confirmation or correction must be verified by the production of original documents or certified copies of original documents or by a statutory declaration.

(2)

Nothing in this section limits or affects the Tax Administration Act 1994 or the Statistics Act 1975.

(3)

The Registrar or a person authorised by the Registrar must consult with the Reserve Bank of New Zealand before exercising any of the powers conferred by subsection (1) if the purpose of exercising the power relates to a company that is a registered bank (within the meaning of section 2 of the Reserve Bank of New Zealand Act 1989).

(4)

A person must not obstruct or hinder the Registrar or a person authorised by the Registrar while exercising a power conferred by subsection (1).

(5)

Any person who—

(a)

fails to comply with a requirement under subsection (1)(caaa) or (c); or

(b)

acts in contravention of subsection (4)

commits an offence and is liable on conviction to the penalty set out in section 373(2).

(6)

In this section,—

company includes an overseas company

relevant document, in relation to a company, means a document that contains information relating to—

(a)

the company; or

(b)

money or other property that is, or has been, managed, supervised, controlled or held in trust by or for the company.

Compare: 1955 No 63 s 9A; 1983 No 53 s 3

Section 365(1)(a)(iaa): inserted, on 1 May 2015, by section 47(1) of the Companies Amendment Act 2014 (2014 No 46).

Section 365(1)(a)(i): amended, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 365(1)(a)(ii): amended, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 365(1)(a)(iii): amended, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 365(1)(caaa): inserted, on 1 May 2015, by section 47(2) of the Companies Amendment Act 2014 (2014 No 46).

Section 365(1A): inserted, on 1 May 2015, by section 47(3) of the Companies Amendment Act 2014 (2014 No 46).

Section 365(2): amended, on 1 April 1995 (applying with respect to the tax on income derived in 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164).

Section 365(5)(a): amended, on 1 May 2015, by section 47(4) of the Companies Amendment Act 2014 (2014 No 46).

Section 365(5)(b): amended, on 1 July 1994, by section 44 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).