New Zealand Legislation: Regulations

12 Assets

• (1) No advertisement shall—

  • (a) State the amount of assets or net assets, of any person or persons, other than the total assets, or net assets, of the issuing group or borrowing group or mortgagor under a contributory mortgage (as the case may be), or of a guarantor of the securities to which the advertisement relates; or

  • (b) State the amount of the total assets of an issuing group, borrowing group, or mortgagor under a contributory mortgage, or guarantor without also stating with equal prominence the amount of the total liabilities of the group, mortgagor, or guarantor; or

  • (c) State the amount of the net assets, or the amounts of the assets and liabilities, of an issuing group, borrowing group, guarantor, or mortgagor under a contributory mortgage unless the amounts shown appear in the most recent audited consolidated statement of financial position of the group, mortgagor, or guarantor (being a statement of financial position dated not earlier than 18 months before the date of distribution of the advertisement) and the advertisement states the date of the statement of financial position as being the date at which the amount, or amounts, have been calculated.

  (2) In this regulation, the term guarantor means, in relation to securities, a person (other than the issuer of the securities) who—

  • (a) Is unconditionally liable (whether or not jointly or severally with the issuer or any other person) to repay the securities; or

  • (b) Is liable to repay the securities subject only to the condition that the issuer or any other person has failed to do so.

  Subclause (1)(c) was amended, as from 1 October 1997, by regulation 10 Securities Amendment Regulations 1997 (SR 1997/151) by substituting the words “statement of financial position” for the words “balance sheet”.