Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002

  • revoked
  • Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002: revoked (after expiring on 1 October 2007), on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).

Reprint
as at 6 November 2008

Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002

(SR 2002/325)

  • Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002: revoked (after expiring on 1 October 2007), on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).

  • Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002: expired, on 1 October 2007, 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 (HCM Global Asset Fund Limited) Exemption Notice 2002.

2 Commencement
  • This notice comes into force on 1 October 2002.

3 Expiry
  • This notice expires on the close of 30 September 2007.

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

    Act means the Securities Act 1978

    Global Asset means HCM Global Asset Fund Limited

    Regulations means the Securities Regulations 1983

    specified securities means redeemable preference shares in Global Asset.

    (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.

5 Exemption from clause 1(4) of First Schedule of Regulations for specified securities
  • Global Asset and every person acting on its behalf are exempted from clause 1(4) of the First Schedule of the Regulations in respect of any offer of specified securities.

6 Conditions of exemption
  • (1) The exemption in clause 5 is subject to the condition that the registered prospectus relating to the offer of the specified securities—

    • (a) describes the procedure for fixing the subscription price for the specified securities; and

    • (b) states when the subscription price for the specified securities will be fixed; and

    • (c) states how an investor may ascertain the subscription price for the specified securities; and

    • (d) describes how subscriptions for the specified securities must be paid by subscribers; and

    • (e) states how any overpayments of the subscription price will be treated and describes the procedure for the refunding of overpayments; and

    • (f) describes how subscriptions for the specified securities will be held by the issuer pending allotment of the specified securities.

    (2) The exemption in clause 5 is subject to the further condition that, if the registered prospectus or an investment statement or an advertisement relating to the offer of the specified securities refers to this notice or to the exemption granted by this notice, that prospectus, investment statement, or advertisement also states that—

    • (a) it is not the function of the Securities Commission to approve investments or the terms of offers of specified securities; and

    • (b) the Commission has not expressed a view about investment in the specified securities or the terms of the offer of the specified securities.

Dated at Wellington this 27th day of September 2002.

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

LAJ. Kavanagh,

Member.

[LS]


Explanatory note

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

This notice, which comes into force on 1 October 2002 and expires on 30 September 2007, replaces the Securities Act (HCM Global Asset Fund Limited and Another) Exemption Notice 1997. The provisions of that notice have been carried forward in relation to HCM Global Asset Fund Limited only. The conditions in clause 6(1)(c) and (e) are new.

They require that the prospectus relating to the offer of the securities—

  • states how an investor may ascertain the subscription price; and

  • states how any overpayments of the subscription price will be treated, and describes the procedure for the refunding of overpayments.

In addition to these changes, certain drafting changes have been made to reflect current drafting practice.


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

Date of notification in Gazette: 30 September 2002.


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 (HCM Global Asset Fund Limited) Exemption Notice 2002. It incorporates all the amendments to the notice as at 6 November 2008. 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)
  • Regulations Revocation Order 2008 (SR 2008/367): clause 3

    Securities Act (HCM Global Asset Fund Limited) Exemption Notice 2002 (SR 2002/325): clause 3