New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) In section 4, a person is a recipient of money from a conduit issuer if—
(a) the person is related to another person (the conduit issuer); and
(b) the conduit issuer raises an amount of money by the issue of securities offered to the public within the meaning of the Securities Act 1978 and that offer is made under that Act after the commencement of this section; and
(c) that money is raised as part of a scheme or arrangement under which 75% or more of that money is provided, directly or indirectly and whether by 1 transaction or a series of transactions, for the use of—
(i) the person; or
(ii) the person and 1 or more third persons that are related to the person; and
(d) the money that is provided to the person under paragraph (c) is 10% or more of the money that is raised under paragraph (b); and
(e) all or part of the money that is provided under paragraph (c) has not yet been repaid or returned to the conduit issuer.
(2) In subsection (1),—
(a) a person is related to another person if—
(i) they are acting jointly or in concert; or
(ii) either person acts, or is accustomed to act, in accordance with the wishes of the other person; or
(iii) they are related companies within the meaning of section 2(3) of the Companies Act 1993; or
(iv) either person is able, directly or indirectly, to exert a substantial degree of influence over the activities of the other; or
(v) they are both, directly or indirectly, under the control of the same person; but
(b) a director of a company or other body corporate is not related to that company or body corporate merely because he or she is a director of that company or body corporate.
Sections 4A to 4D were inserted, as from 18 June 2007, by section 6 Financial Reporting Amendment Act 2006 (2006 No 64). See section 23(3) and (4) of that Act regarding the accounting periods to which amendments apply. See clause 2(1) Financial Reporting Amendment Act 2006 Commencement Order 2007 (SR 2007/110).