New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) After the completion of the development and the communal facilities are owned, leased, licensed, maintained, administered, or operated as described under clause 6(b)(ii), a condition in clause 6(o) or (p) ceases to apply if—
(a) an amendment to the rules is approved by a special resolution passed by the members or shareholders of the specified entity (excluding the developer); and
(b) the amendment results in the rules no longer complying with the condition; and
(c) subscribers for specified securities have, before subscription, received from the developer a statement that describes the procedure for amending the rules.
(2) In this clause, special resolution means a resolution approved by a majority of 75% or, if a higher majority is required by the rules, that higher majority, of the votes of those members or shareholders entitled to vote and voting on the question.
