New Zealand Legislation: Acts

35B Registrar of Companies may grant exemptions to directors of overseas companies

• (1) The Registrar of Companies may, by notice in the Gazette, exempt any directors of an overseas company that is not an issuer, or any directors of a class of those overseas companies, from compliance with any provision of sections 8 to 11, 13, 14, 19, 36, 36A, or 39.

  (2) The Registrar of Companies must not grant an exemption under this section unless he or she is satisfied that—

  • (a) compliance with the relevant provision would require the directors of the overseas company to comply with requirements that are unduly onerous or burdensome; and

  • (b) the extent of the exemption is not broader than what is reasonably necessary to address the matters that gave rise to the exemption.

  (3) The exemption may be granted on any terms and conditions that the Registrar of Companies thinks fit.

  (4) The Registrar of Companies may give notice of the exemption in any publications he or she thinks fit (in addition to notifying the exemption in the Gazette).

  (5) The Registrar of Companies may vary or revoke an exemption in the same way as an exemption may be granted under this section.

  (6) Each notice published in the Gazette under this section is a regulation for the purposes of the Regulations (Disallowance) Act 1989 but is not a regulation for the purposes of the Acts and Regulations Publication Act 1989.

  (7) The Registrar of Companies' reasons for granting an exemption (including why the exemption is appropriate) must be notified in the Gazette together with the exemption.

  Section 35B: inserted, on 18 June 2007, by section 18 of the Financial Reporting Amendment Act 2006 (2006 No 64).

  Section 35B(7): added, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).