Securities Act 1978

2D Meaning of security

• (1) In this Act, unless the context otherwise requires, the term security means any interest or right to participate in any capital, assets, earnings, royalties, or other property of any person; and includes—

  • (a) an equity security; and

  • (b) a debt security; and

  • (c) a unit in a unit trust; and

  • (d) an interest in a superannuation scheme; and

  • (e) a life insurance policy; and

  • (f) any interest or right that is declared by regulations to be a security for the purposes of this Act; and

  • (g) any renewal or variation of the terms or conditions of any such interest or right;—

  but does not include any such interest or right (other than a security referred to in paragraph (f)) that is declared by regulations not to be a security for the purposes of this Act.

  (2) Where the terms of a security require or allow the subscriber to pay separate amounts of money at different times, each such payment shall, for the purposes of this Act, be treated as payment for the same security as each other payment.

  Section 2D: inserted, on 1 October 1997, by section 4 of the Securities Amendment Act 1996 (1996 No 100).