This note is not part of the regulations, but is intended to indicate their general effect.
These regulations amend the Companies Act 1993 Regulations 1994. Regulations 4 and 9 to 11 come into force on 1 September 2007. The rest of these regulations come into force on 18 June 2007.
New regulation 4A of the principal regulations (as inserted by regulation (4) prescribes Australia and certain classes of information and documents for the purposes of section 343A of the Companies Act 1993 (the Act). This means that an overseas company is not required to give information, notice of information, or a copy of a document under Part 18 of the Act (which relates to overseas companies) if—
•the company is incorporated in Australia; and
•the information or document is held by a Registrar in Australia; and
•the information or document is of a prescribed class (for example, the names and address of directors).
New regulation 10 of the principal regulations (as inserted by regulation (5) prescribes Australia for the purposes of section 151(2)(eb) of the Act. This means that a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an overseas company by an order made, or notice given, in Australia is disqualified from being a director of a New Zealand company.
New regulation 11 of the principal regulations (as inserted by regulation (5) prescribes requirements for the preparation of concise annual reports for the purposes of sections 209 to 209B of the Act. In addition to these requirements, section 209(5) of the Act requires every concise annual report to include either full financial statements or summary financial statements. under section 209(6)(c) of the Act, if summary financial statements are included, they must—
•give a true and fair view of the matters to which they relate; and
•comply with generally accepted accounting practice (which basically requires compliance with financial reporting standards relating to summary financial statements).