New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) The requirements referred to in clauses 5 to 7 are that—
(a) the issuer of the new security and the issuer of the convertible security must be the same person; or
(b) the following circumstances must apply:
(i) the issuer of the convertible security was a wholly-owned subsidiary of the issuer of the new security at the time the convertible security was offered and allotted and is also a wholly-owned subsidiary of the issuer of the new security at the time of the offer and the allotment of the new security; and
(ii) equity securities or units (as the case may be) issued by the issuer of the new security were quoted on a specified securities market at the time of the offer and allotment of the convertible security, and also at the time of the offer and allotment of the new security; and
(iii) the convertible security was quoted on a specified securities market on allotment, and remains quoted on a specified securities market for the period that it is current; and
(iv) the new security is quoted on a specified securities market on allotment.
(2) In clauses 8 and 9, new security means the equity security or unit referred to in clause 5(1) or clause 6(1) or clause 7(1), as the case may be.
Clause 8(1)(b)(ii): substituted, on 21 December 2007, by clause 5 of the Securities Act (Rights, Options, and Convertible Securities) Exemption Amendment Notice (No 2) 2007 (SR 2007/405).
Clause 8(1)(b)(iii): substituted, on 21 December 2007, by clause 5 of the Securities Act (Rights, Options, and Convertible Securities) Exemption Amendment Notice (No 2) 2007 (SR 2007/405).
Clause 8(1)(b)(iv): substituted, on 21 December 2007, by clause 5 of the Securities Act (Rights, Options, and Convertible Securities) Exemption Amendment Notice (No 2) 2007 (SR 2007/405).
