Securities Act (Minimum Subscription) Exemption Notice 2000

  • expired
  • Securities Act (Minimum Subscription) Exemption Notice 2000: expired, on 1 July 2009, by clause 3.

Reprint
as at 1 July 2009

Securities Act (Minimum Subscription) Exemption Notice 2000

(SR 2000/190)

  • Securities Act (Minimum Subscription) Exemption Notice 2000: expired, on 1 July 2009, by clause 3.


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This notice is administered in the Securities Commission.


PURSUANT to the Securities Act 1978, the Securities Commission gives the following notice.

1 Title
  • This notice is the Securities Act (Minimum Subscription) Exemption Notice 2000.

2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Expiry
  • This notice expires on the close of 30 June 2009.

    Clause 3 was amended, as from 30 June 2004, by clause 3 Securities Act (Minimum Subscription) Exemption Amendment Notice 2004 (SR 2004/195) by substituting the expression 30 June 2009 for the expression 30 June 2004.

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    Regulations means the Securities Regulations 1983

    specified participatory securities means participatory securities the terms of which require that the price for the securities is payable by instalments over a period specified in the registered prospectus and the investment statement relating to the securities with the first instalment payable on subscription for the securities

    specified units means units in a unit trust the terms of which require that the price for the units is payable by instalments over a period specified in the registered prospectus and the investment statement relating to the units with the first instalment payable on subscription for the units

    trust deed,—

    • (a) in the case of specified participatory securities, means the deed of participation required in respect of those securities by section 33(3) of the Act:

    • (b) in the case of specified units, has the same meaning as in section 2(1) of the Unit Trusts Act 1960.

    (2) Any term or expression defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

5 Exemption from section 37(2) of Act for certain participatory securities and units
  • (1) Every issuer and every person acting on its behalf are exempted, in respect of specified participatory securities and specified units, from compliance with section 37(2) of the Act in so far as the minimum amount referred to in that subsection must be paid to, and received by, the issuer within 4 months after the date of the registered prospectus.

    (2) The exemption is subject to the condition that subscribers for the specified participatory securities or specified units have, within 4 months after the date of the registered prospectus, become legally bound to pay the minimum amount referred to in section 37(2) of the Act to the issuer under the trust deed relating to those specified participatory securities or specified units.

6 Exemption from section 37A(2) of Act for certain participatory securities
  • [Revoked]

    Clause 6 was revoked, as from 30 June 2004, by clause 4 Securities Act (Minimum Subscription) Exemption Amendment Notice 2004 (SR 2004/195).

7 Revocation
  • The Securities Act (Minimum Subscription) Exemption Notice (No 2) 1999 (SR 1999/365) is revoked.

Dated at Wellington this 19th day of September 2000.

The Common Seal of the Securities Commission was affixed in the presence of:

[Seal]

EH Abernethy,
Chairman.


Explanatory note

This note is not part of the notice, but is intended to indicate its general effect.

This notice comes into force on the day after the date of its notification in the Gazette and expires on 30 June 2004.

The notice replaces the Securities Act (Minimum Subscription) Exemption Notice (No 2) 1999.

The notice applies to participatory securities and units in unit trusts the terms of which require the price to be paid by instalments over a period specified in the registered prospectus with the first instalment payable on subscription.

Clause 5 of the notice continues the exemption in the Securities Act (Minimum Subscription) Exemption Notice (No 2) 1999. The clause exempts issuers of participatory securities and units from the prohibition against allotment in section 37(2) of the Securities Act 1978 if the minimum amount referred to in that subsection is not paid to the issuer within 4 months after the date of the registered prospectus.

The exemption is subject to the condition that subscribers have, within 4 months after the date of the registered prospectus, become legally bound to pay that amount to the issuer under the participation deed or the trust deed relating to the securities.

Clause 6 is new. The clause exempts issuers of participatory securities from section 37A(2) of the Act. Section 37A(2) prohibits allotments of participatory securities unless the amount payable on application for the security is at least 10% of the nominal amount of the security.

The exemption is subject to the conditions that—

  • (a) subscribers for the participatory securities become legally bound, at the time of subscription, to meet the full subscription price of the participatory securities in the manner and at the time specified in the investment statement relating to the participatory securities; and

  • (b) the only condition of subscribers becoming legally bound to meet the subscription price is that the participatory securities are allotted; and

  • (c) no participatory securities are allotted unless—

    • (i) the manager holds subscriptions for all the participatory securities offered; and

    • (ii) all the participatory securities are allotted at the same time.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 21 September 2000.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Securities Act (Minimum Subscription) Exemption Notice 2000. It incorporates all the amendments to the notice as at 1 July 2009. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007. Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

2 About this eprint
  • This eprint has not been officialised. For more information about officialisation, please see Making online legislation official under Status of legislation on this site in the About section of this website.

3 List of amendments incorporated in this eprint (most recent first)
  • Securities Act (Minimum Subscription) Exemption Notice 2000 (SR 2000/190): clause 3