Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007

  • revoked
  • Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007: revoked, on 21 September 2007, pursuant to clause 10 of the Securities Act (Building Societies) Exemption Amendment Notice 2007.

Reprint
as at 21 September 2007

Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007

(SR 2007/69)

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


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 Amendment Notice 2007.

2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Principal notice amended
4 Name of principal notice changed
  • (1) As from the commencement of this notice, the principal notice is called the Securities Act (Canterbury Building Society) Exemption Notice 2004.

    (2) Clause 1 is consequentially amended by omitting Ashburton and substituting Canterbury.

5 Interpretation
  • The definitions of rights prospectus and Society in clause 4(1) are revoked and the following definitions substituted:

    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

    Society means the Canterbury Building Society.

6 Conditions of exemption
  • Clause 6(a)(i) is amended by inserting or preference shares of the Society after specified participatory securities.

Dated at Wellington this 19th day of March 2007.

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

J Diplock,

Chairperson.

[Seal]

Statement of reasons

This notice comes into force on the day after the date of its notification in the Gazette.

This notice amends the Securities Act (Ashburton Building Society) Exemption Notice 2004 to—

  • refer to the Canterbury Building Society; and

  • include in the exemption offers of participatory securities made to holders of preference shares issued by the Canterbury Building Society.

The Commission considers it appropriate to amend the principal notice because—

  • Ashburton Building Society has changed its name to Canterbury Building Society; and

  • under the Securities Act 1978, building society shares are participatory securities. However, some of those shares have the characteristics of equity securities. In the past, the Commission has recognised this and allowed building societies to provide prospectuses that contain the information usually required in a prospectus for equity securities; and

  • the principal notice applies this principle to allow the building society to use a short form prospectus for a rights offer of ordinary shares. The amendments extend the principal notice to allow a short form prospectus to be used when ordinary shares are offered to holders of preference shares. This remains consistent with the policy of the Securities Regulations 1983 in respect of the use of short form prospectuses by issuers of equity securities.


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

Date of notification in Gazette: 22 March 2007.


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 Amendment Notice 2007. It incorporates all the amendments to the Securities Act (Canterbury Building Society) Exemption Amendment Notice 2007 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)