Companies Amendment Act 1978
Companies Amendment Act 1978
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Companies Amendment Act 1978
Companies Amendment Act 1978
Public Act |
1978 No 45 |
|
Date of assent |
12 October 1978 |
|
Contents
An Act to amend the Companies Act 1955
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
1 Short Title
This Act may be cited as the Companies Amendment Act 1978, and shall be read together with and deemed part of the Companies Act 1955 (hereinafter referred to as the principal Act).
2 Vesting shares or debentures of deceased holder without requiring probate or letters of administration
(1)
Section 86(1) of the principal Act (as amended by section 17 of the Companies Amendment Act 1964 and section 7 of the Decimal Currency Act 1964) is hereby further amended by omitting the expression “$1,000”
in both places where it occurs, and substituting in each case the expression “$2,000”
.
(2)
Section 17 of the Companies Amendment Act 1964 is hereby consequentially repealed.
3 Substitution of Official Assignee by Court
The principal Act is hereby amended by inserting, after section 229 (as substituted by section 2(1) of the Companies Amendment Act 1967), the following section:
“230
Where after the appointment of an Official Assignee pursuant to section 229 of this Act the Court considers that the winding up of the company could be more conveniently carried out by another Official Assignee, the Court may, on the application of the Assignee first appointed, appoint that other Assignee to act in the winding up in place of the Assignee first appointed, and the Assignee so appointed under this section shall be deemed to be the Assignee in that winding up for all the purposes of this Act from the date of his appointment as such.”
4 Preferential payments
(1)
Section 308(2) of the principal Act (as amended by section 7 of the Decimal Currency Act 1964) is hereby further amended by omitting the expression “$400”
, and substituting the words “$1,500 or such greater amount as is from time to time prescribed by the Governor-General by Order in Council”
.
(2)
Subsection (1) of this section shall not apply—
(a)
In the case of a winding up, if the relevant date (as defined in section 308(7)(c) of the principal Act) occurred before the commencement of this Act; or
(b)
In the case of any matter to which section 101 of the principal Act applies, if the date referred to in subsection (3) of that section occurred before the commencement of this Act.
(3)
Where a greater amount is prescribed by Order in Council for the purposes of section 308(2) of the principal Act (as amended by subsection (1) of this section), the greater amount shall not apply—
(a)
In the case of a winding up, if the relevant date (as defined in section 308(7)(c) of the principal Act) occurred before the commencement of the order; or
(b)
In the case of any matter to which section 101 of the principal Act applies, if the date referred to in subsection (3) of that section occurred before the commencement of the order.
5 Companies prohibited from promoting loan fund schemes
The principal Act is hereby amended by inserting, after section 456, the following heading and section:
Companies Prohibited from Promoting Loan Fund Schemes
“456a Companies prohibited from promoting loan fund schemes
“(1)
In this section the term ‘loan fund scheme’ means a scheme that, in substance and irrespective of its form, involves the contribution or subscription of money, directly or indirectly, by persons to a fund and confers on each of those contributors or subscribers or on each of a substantial proportion of them an entitlement to receive out of the fund at some date, whether ascertainable or not, a loan the amount of which is determined by reference to the amount of money that each contributor or subscriber has contributed or subscribed or agreed to contribute or subscribe to the fund.
“(2)
No company or overseas company shall—
“(a)
Promote a loan fund scheme; or
“(b)
Invite (whether by advertisement or any other means of communication) any person or persons to contribute or subscribe to, or participate in, a loan fund scheme—
that involves the allotment and issue of shares or other securities or the granting of options to acquire shares or other securities.
“(3)
Where a company contravenes subsection (2) of this section the company, and every officer thereof, commits an offence, and is liable on summary conviction to a fine not exceeding $1,000:
“Provided that no officer of a company shall be convicted under this subsection in respect of any such contravention if, in the opinion of the Court dealing with the case, the contravention did not take place with his knowledge and consent.
“(4)
The Governor-General may by Order in Council exempt any company or overseas company, or class of companies or overseas companies, from compliance with subsection (2) of this section; and every such exemption shall have effect according to its tenor.”
6 Definition of “take-over scheme”
(1)
Section 2(1) of the Companies Amendment Act 1963 is hereby amended by omitting from the definition of the term “take-over scheme”
the word “half”
, and substituting the words “one fifth of”
.
(2)
Section 5(2) of the Companies Amendment Act 1963 is hereby amended by omitting the words “The offeree company”
, and substituting the words “After receipt of the notice and statement given to it by or on behalf of the offeror, the offeree company”
.
This Act is administered in the Department of Justice.
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Versions
Companies Amendment Act 1978
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