New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) Subject to subclause (2), every charitable organisation and every person acting on its behalf are exempted from sections 33(2), 37, and 37A of the Act and regulation 17 of the Regulations in respect of any debt securities.
(2) The exemption in subclause (1) from section 33(2) of the Act does not apply in respect of an issuer that offers debt securities for allotment to school boards of trustees on the basis of an approval granted by the Ministers of Education and Finance under the Crown Entities Act 2004 that is conditional upon the charitable organisation complying with section 33(2) of the Act or otherwise having a trust deed and trustee under the Act.
Clause 5: substituted, on 13 April 2007, by clause 5 of the Securities Act (Charitable and Religious Purposes) Exemption Amendment Notice 2007 (SR 2007/94).
