Takeovers Code (Charitable Trusts) Exemption Notice 2019

5 Conditions of exemption

The exemption in clause 4 is subject to the conditions that—

(a)

the appointment of a trustee or reduction in the number of trustees—

(i)

is, or is part of, a bona fide reorganisation of the trust; or

(ii)

is the result of an event beyond the control of the trustees of the trust; and

(b)

the appointment or reduction does not have the increase in voting control as a collateral purpose; and

(c)

in the case of an appointment, the person appointed did not hold or control voting rights in the code company immediately before the appointment.

Dated at Auckland this 13th day of August 2019.

R A Coupe,
Chairperson.