Limited Partnerships Amendment Act 2014

Reprint as at 29 May 2015

Coat of Arms of New Zealand

Limited Partnerships Amendment Act 2014

Public Act
 
2014 No 47
Date of assent
 
2 July 2014
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

1Title
2Commencement
3Principal Act amended
4Interpretation
5Requirements for limited partnership
6Who may be partner
7New sections 19A and 19B inserted
19AQualifications of general partners: natural persons
19BDisqualified general partner still has duties or obligations under Act
8Qualifications of general partners: natural persons
9Application for registration
10Contents of registers
11Searches of register
12Records of limited partnership
13Annual return
14Use of name by overseas limited partnership
15Regulations
16New Schedule 2 added
17Schedule 2 amended
18Transitional provision relating to requirement for 1 or more general partners to live in New Zealand, etc
19Transitional provision relating to general and limited partners’ place of birth information
20Interpretation
21Rectification or correction of register
22Registrar may note inactivity on register
23New section 63A inserted
63ARegistrar must remove note of warning
24Registrar’s powers of inspection
25New sections 78A to 78H and headings inserted
78APurpose of sections 78B to 78H
78BControl interests in partnership interests (basic rule)
78CExtension of basic rule to powers or controls exercisable through trust, agreement, etc
78DExtension of basic rule to interests held by other persons under control or acting jointly
78ESituations not giving rise to control interests
78FRegistrar may require persons to disclose control interests and powers to get control interests
78GRegistrar may require disclosure about controllers or delegates of general partners
78HRegistrar may specify deadlines, form, and verification for information required under section 78F or 78G
26Disclosure of information and reports
27Inspector’s report admissible in liquidation proceedings
28Exercise of powers under section 78 not affected by appeal
29New section 98A inserted
98ADeregistration by Registrar
30New heading and sections 103A to 103G inserted
103APersons prohibited from managing limited partnerships
103BCourt may disqualify general partners
103CLiability for contravening section 103A or 103B
103DRegistrar or FMA may prohibit persons from managing limited partnerships
103EAdditional power for Registrar or FMA to prohibit persons from being involved in management of limited partnerships
103FAppeals from FMA’s exercise of power under section 103D or 103E
103GLiability for contravening section 103D or 103E
31Court may disqualify general partners
32Consequential amendments to principal Act
Reprint notes

The Parliament of New Zealand enacts as follows: