CD 31 Flat-owning companies
Occupation rights


If a flat-owning company makes residential property available to a person, that is not a dividend.

Meaning of flat-owning company


In this section, flat-owning company means a company—


whose constitution provides that every registered shareholder is entitled to the use of a specific residential property in New Zealand owned by the company; and


whose only significant assets are residential properties available for use by specific shareholders and funds reserved for meeting the company’s costs.

Defined in this Act: company, dividend, flat-owning company, New Zealand, shareholder

Compare: 2004 No 35 s CD 22