New Zealand Legislation: Acts

12 Meaning of associate

• (1) For the purposes of this Act, person A is an associate of person B (and vice versa) if—

  • (a) person A is a body corporate, and person B is—

    • (i) a director of that body corporate; or

    • (ii) a related body corporate of that body corporate (within the meaning of section 5B(2) of the Securities Markets Act 1988); or

    • (iii) a director of a related body corporate of that body corporate (within that same meaning); or

  • (b) person A is a spouse, civil union partner, de facto partner, child, or parent of person B; or

  • (c) [Repealed]

  • (d) person A is a partner, to whom the Partnership Act 1908 applies, of person B; or

  • (da) person A is a limited partnership or an overseas limited partnership and person B is a general partner or a limited partner who takes part in the management of the limited partnership (within the meaning of the Limited Partnerships Act 2008); or

  • (e) person A is a nominee or trustee for person B in relation to interests in a business; or

  • (f) person A is a director of a company, or holds more than 10% of the control rights in the company, and person A and person B are parties to an agreement relating to—

    • (i) the control of that company; or

    • (ii) more than 20% of the control rights in that company; or

  • (g) person A and person B are acting, or propose to act, or are likely to act, jointly or in concert in relation to a business; or

  • (h) person A is a person who, in making a decision or exercising a power materially affecting a business, is accustomed, or under an obligation, or proposes, or is likely, to act in accordance with the directions, instructions, or wishes of person B.

  (2) References in subsection (1)(e) to (h) to a company or business relate to a company or business in respect of which a connection with an electricity business is relevant.

  Section 12(1)(a)(ii): amended, on 29 February 2008, by section 14 of the Securities Markets Amendment Act 2006 (2006 No 47).

  Section 12(1)(a)(ii): amended, on 1 December 2002, by section 30 of the Securities Markets Amendment Act 2002 (2002 No 44).

  Section 12(1)(b): amended, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).

  Section 12(1)(c): repealed, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).

  Section 12(1)(da): inserted, on 14 October 2008, by section 9 of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).