This Act is administered in the Ministry of Economic Development.
3 Other orders
4 Provisions as to proceedings already barred and pending proceedings
The Parliament of New Zealand enacts as follows:
(1) This Act is the Fair Trading Amendment Act 2001.
(2) In this Act, the Fair Trading Act 1986 is called “the principal Act”.
“the principal Act”
This Act comes into force on the day after the day on which it receives the Royal assent.
Section 43 of the principal Act is amended by repealing subsection (5), and substituting the following subsection:
“(5) An application under subsection (1) may be made at any time within 3 years after the date on which the loss or damage, or the likelihood of loss or damage, was discovered or ought reasonably to have been discovered.”
Nothing in this Act—
(a) enables any proceedings to be brought which were barred before the commencement of this Act; or
(b) affects any proceedings commenced before the commencement of this Act.