Securities Act (Canterbury Building Society) Exemption Notice 2004

  • revoked
  • Securities Act (Canterbury Building Society) Exemption Notice 2004: revoked, on 21 September 2007, by clause 10 of the Securities Act (Building Societies) Exemption Amendment Notice 2007 (SR 2007/279).

Reprint
as at 21 September 2007

Securities Act (Canterbury Building Society) Exemption Notice 2004

(SR 2004/244)

  • Securities Act (Canterbury Building Society) Exemption Notice 2004: revoked, on 21 September 2007, by clause 10 of the Securities Act (Building Societies) Exemption Amendment Notice 2007 (SR 2007/279).

  • The title of this Notice was amended, as from 23 March 2007, by clause 4(2) Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 (SR 2007/69) by substituting Canterbury for Ashburton.


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 by the Securities Commission.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

1 Title
  • This notice is the Securities Act (Canterbury Building Society) Exemption Notice 2004.

    The title of this Notice was amended, as from 23 March 2007, by clause 4(2) Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 (SR 2007/69) by substituting Canterbury for Ashburton.

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 31 October 2009.

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

    Act means the Securities Act 1978

    Regulations means the Securities Regulations 1983

    rights prospectus means a registered prospectus issued by the Society that relates only to an offer of specified participatory securities made by the Society to persons who already hold specified participatory securities or preference shares of the Society, whether or not the offer is renounceable in favour of any other person

    rights prospectus: this definition was substituted, as from 23 March 2007, by clause 5 Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 (SR 2007/69).

    Society means the Canterbury Building Society

    Society: this definition was substituted, as from 23 March 2007, by clause 5 Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 (SR 2007/69).

    specified participatory securities means shares issued or to be issued by the Society under section 11 of the Building Societies Act 1965 that—

    • (a) carry the right to payment of a dividend from the annual surplus or accumulated reserves of the Society; and

    • (b) are irredeemable or redeemable only at the option of the Society; and

    • (c) entitle the holders to participate in the assets of the Society on liquidation after the payment of all other liabilities of the Society.

    (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 regulation 3(3) of Regulations
  • The Society and every person acting on its behalf are exempted from regulation 3(3) of the Regulations in respect of a rights prospectus.

6 Conditions of exemption
  • The exemption in clause 5 is subject to the following conditions:

    • (a) a copy of the most recent annual financial statements of the Society laid before the Society at its annual general meeting in accordance with section 91(2) of the Building Societies Act 1965, and a copy of all reports required by that Act to be annexed or attached to those financial statements,—

      • (i) have previously been given or sent to the persons who were, at the time those financial statements were given or sent, holders of specified participatory securities or preference shares of the Society; or

      • (ii) are attached to every rights prospectus given or sent to any person under the Act; and

    • (b) all of the following matters are stated or contained in every rights prospectus:

      • (i) the matters specified in clauses 1, 9, 19(1), and 21 of Schedule 1 of the Regulations as if the specified participatory securities were equity securities:

      • (ii) the date of the statement of financial position included in the financial statements referred to in paragraph (a):

      • (iii) the place or places where copies of the financial statements and reports referred to in paragraph (a) can be obtained free of charge by any person to whom an offer of specified participatory securities is made:

      • (iv) a statement by the directors of the Society as to whether, after due inquiry by them in relation to the period between the date referred to in subparagraph (ii) and the specified date, there have, in their opinion, arisen any circumstances that materially adversely affect—

        • (A) the trading or profitability of the Society; or

        • (B) the value of its assets; or

        • (C) the ability of the Society to pay its liabilities due within the next 12 months.

    Paragraph (a)(i) was amended, as from 23 March 2007, by clause 6 Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 (SR 2007/69) by inserting or preference shares of the Society after specified participatory securities.

Dated at Wellington this 17th day of August 2004.

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

FRS Clouston,

Member.

[LS]

Statement of reasons

This notice comes into force on the day after the date of its notification in the Gazette and expires on 31 October 2009.

The notice exempts, subject to conditions, the Ashburton Building Society from regulation 3(3) of the Securities Regulations 1983 in respect of a registered prospectus that relates only to an offer of building society shares by the Ashburton Building Society to members who already hold shares in the Society.

The Securities Commission considers that it is appropriate to grant the exemption in clause 5 because—

  • building society shares are participatory securities in terms of the Securities Act 1978. However, some of those shares have the characteristics of equity securities. The Commission has previously recognised this in the Securities Act (Building Societies) Exemption Notice 2002, which allows a prospectus in respect of building society shares to contain the information usually required in a prospectus for equity securities:

  • it is consistent with the policy of the Securities Act (Building Societies) Exemption Notice 2002, but extends the effect of that exemption to treat a rights issue by the Ashburton Building Society as though it were an issue of equity securities.


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

Date of notification in Gazette: 19 August 2004.


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 (Canterbury Building Society) Exemption Notice 2004. It incorporates all the amendments to the Securities Act (Canterbury Building Society) Exemption Notice 2004 as at 21 September 2007. 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 (Building Societies) Exemption Amendment Notice 2007 (SR 2007/279): clause 10