New Zealand Legislation: Acts

382 Persons prohibited from managing companies

• (1) Where—

  • (a) A person has been convicted on indictment of any offence in connection with the promotion, formation, or management of a company; or

  • (b) A person has been convicted of an offence under any of sections 377 to 380 of this Act or of any crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961; or

  • (c) [Repealed]

  that person shall not, during the period of 5 years after the conviction or the judgment, be a director or promoter of, or in any way, whether directly or indirectly, be concerned or take part in the management of, a company, unless that person first obtains the leave of the Court which may be given on such terms and conditions as the Court thinks fit.

  (2) A person intending to apply for the leave of the Court under this section shall give to the Registrar not less than 10 days' notice of that person's intention to apply.

  (3) The Registrar, and such other persons as the Court thinks fit, may attend and be heard at the hearing of any application under this section.

  (4) A person who acts in contravention of this section, or of any order made under this section, commits an offence and is liable on conviction to the penalty set out in section 373(4) of this Act.

  (5) In this section, the term company includes an overseas company that carries on business in New Zealand.

  Section 382(1)(c): repealed, on 29 February 2008 by section 25 of the Securities Amendment Act 2006 (2006 No 46).

  Subsection (1)(c) was amended, as from 1 December 2002, by section 30 Securities Markets Amendment Act 2002 (2002 No 44) by substituting the word “Markets” for the word “Amendment”.