Securities Act (New Zealand Permanent Trustees Limited) Exemption Notice 2002

  • expired
  • Securities Act (New Zealand Permanent Trustees Limited) Exemption Notice 2002: expired, on 1 July 2007, by clause 3.

Securities Act (New Zealand Permanent Trustees Limited) Exemption Notice 2002

(SR 2002/195)

  • Securities Act (New Zealand Permanent Trustees Limited) Exemption Notice 2002: expired, on 1 July 2007, by clause 3.


Note

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 (New Zealand Permanent Trustees Limited) Exemption Notice 2002.

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 2007.

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

    Act means the Securities Act 1978

    fund means a group investment fund established under Part 2 of the Trustee Companies Act 1967 and named in the first column of Schedule 1 of this notice

    manager means the manager named opposite the fund in the third column of Schedule 1

    Regulations means the Securities Regulations 1983

    specified participatory security means a participatory security that is an interest in a fund

    trust deed means the trust deed entered into by a trustee and a manager for the establishment of the fund

    trustee means the trustee named opposite the fund in the second column of Schedule 1.

    (2) Any term or expression that is 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.

4A Application of notice
  • This notice applies only to specified participatory securities—

    • (a) offered to the public in a registered prospectus that was registered on or before 30 June 2003; and

    • (b) until the date on which section 37A(1)(c) of the Act prohibits the allotment of those securities.

    Clause 4A was inserted, as from 2 May 2003, by clause 19 Securities Act (Externally Managed Group Investment Funds) Exemption Notice 2003 (SR 2003/86).

5 Exemption from sections 33(3) and 37(3) of Act
  • (1) Every trustee and manager and every person acting on behalf of the trustee or manager are exempted from sections 33(3) and 37(3) of the Act in respect of specified participatory securities.

    (2) The exemption is subject to the following conditions:

    • (a) that the trust deed specifies the matters set out in Schedule 2:

    • (b) that the registered prospectus for the specified participatory securities contains—

      • (i) a description of the principal terms and conditions of the trust deed; and

      • (ii) a statement that the trust deed may be inspected at a specified place by any person on request and free of charge; and

      • (iii) a statement that a copy of the trust deed is available to prospective and current investors on request and free of charge:

    • (c) that the registered prospectus for the specified participatory securities contains a statement by the trustee—

      • (i) that the offer of the securities complies with the trust deed; and

      • (ii) as to whether the trustee guarantees the repayment of the securities; and

      • (iii) as to whether the trustee is under an obligation to ascertain whether any breach of the terms of the trust deed or of any offer of the specified participatory securities has occurred:

    • (d) that any interim statement of financial position, statement of financial performance, and statement of cash flows of the fund contained, or referred to, in the registered prospectus for the specified participatory securities under clauses 21(2), 31(2), and 33(b), respectively, of Schedule 3 of the Regulations are audited:

    • (e) that any financial statements of the fund that accompany a certificate under section 37A(1A) of the Act are audited:

    • (f) that the accounting records of the fund are audited at least once a year by a qualified auditor.

6 Exemption from section 52(1) and (3) of Act
  • (1) Every trustee and manager and every person acting on behalf of the trustee or manager are exempted from section 52(1) and (3) of the Act in the case of the register of specified participatory securities kept under section 51(1)(c) of the Act.

    (2) The exemption from section 52(1) of the Act is subject to the condition that the register is, except when duly closed (subject to any reasonable restrictions imposed by the manager, so that not less than 2 hours in each day is allowed for inspection), open to inspection by a holder of securities registered in the register, or the representative of the holder,—

    • (a) for the part of the register that relates to the securities of that holder; and

    • (b) free of charge.

    (3) The exemption from section 52(3) of the Act is subject to the condition that, on payment by a holder of specified participatory securities of the prescribed fee, the manager provides to that holder a copy of the part of the register that relates to the securities of that holder.

7 Exemption from section 54 of Act
  • (1) Every trustee and manager and every person acting on behalf of the trustee or manager are exempted from section 54 of the Act in respect of specified participatory securities.

    (2) The exemption granted by subclause (1) is subject to the condition that the trustee or the manager sends, or causes to be sent, to the security holder, at any time on request and in any case at least once every 6 months, a written statement that properly evidences the nature and ownership of all specified participatory securities held by the security holder in that fund.


Schedule 1
Group investment funds

cl 4

FundTrusteeManager
Fund No 91 known as the AXA Cash Management FundNew Zealand Permanent Trustees LimitedNational Mutual Assets Management (New Zealand) Limited
Fund No 90 known as the AXA Mortgage Backed FundNew Zealand Permanent Trustees LimitedNational Mutual Assets Management (New Zealand) Limited
Fund No 96 known as the Dorchester Call AccountNew Zealand Permanent Trustees LimitedDorchester Funds Management Limited
  • Schedule 1 was amended, as from 27 September 2002, by clause 3 Securities Act (New Zealand Permanent Trustees Limited) Exemption Amendment Notice 2002 (SR 2002/312) by adding the item relating to Fund No 96.

Schedule 2
Matters to be specified in trust deed

cl 5(2)(a)

1 Investment of fund
  • The investment or classes of investment in which the assets of the fund may be invested.

2 Capital of fund
  • (1) Whether any limits as to number or amount apply to all specified participatory securities or to any class of specified participatory securities that have been or may be issued for the fund and, if so, the nature of those limits.

    (2) The liability, if any, of the holders of the specified participatory securities to contribute to the fund before its winding up.

    (3) If there is, or is to be, a minimum amount of specified participatory securities that must be allotted before the commencement of the fund, a statement of that minimum amount.

3 Redemption and transfer of specified participatory securities
  • The terms that relate to the redemption, transfer, and transmission of the specified participatory securities.

4 Winding up of fund
  • (1) The circumstances in which the fund must or may be wound up, and the procedure for winding up.

    (2) The rights and liabilities of holders of specified participatory securities on, and in the course of, the winding up of the fund.

5 Meetings
  • The frequency of, the procedure for convening and holding, the business to be conducted at, and the voting rights at, meetings of holders of specified participatory securities.

6 Trustee
  • (1) The terms that relate to the appointment, remuneration, and, if any, removal from office of the trustee.

    (2) The powers of the trustee, including any borrowing powers and any powers to delegate the management of the fund.

    (3) The duties and liabilities of the trustee, including the duty to hold the assets of the fund according to the terms of the issue of the specified participatory securities.

7 Manager
  • (1) The terms that relate to the appointment, remuneration, and, if any, removal from office of the manager.

    (2) The powers of the manager, including any borrowing powers and any other powers in connection with the fund.

    (3) The duties and liabilities of the manager.

8 Profits involved
  • The terms that relate to the use or distribution of any profits of the fund.

Dated at Wellington this 25th day of June 2002.

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

[LS]J Diplock,
 Chairperson.

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 2007.

This notice applies to participatory securities in the form of interests in 2 group investment funds for which New Zealand Permanent Trustees Limited is the trustee.

The effect of this notice is that both the trustee and the manager in respect of each of the funds are exempted, subject to conditions, from compliance with—

  • sections 33(3) and 37(3) of the Securities Act 1978, which relate to the requirement that an issuer of participatory securities appoint a statutory supervisor and enter into a deed of participation with that person; and

  • section 52(1) and (3) of that Act, which relates to rights of inspection of registers of securities and to copies of registers and deeds; and

  • section 54 of that Act, which requires issuers to issue certificates evidencing securities.


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

Date of notification in Gazette: 27 June 2002.