Corporations (Investigation and Management) Act 1989

Reprint as at 26 August 2020

Coat of Arms of New Zealand

Corporations (Investigation and Management) Act 1989

Public Act
 
1989 No 11
Date of assent
 
22 March 1989
Commencement
 
22 March 1989
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

Title
1Short Title
2Interpretation
2ATransitional, savings, and related provisions
3Act to bind the Crown
4Application of Act
5General objects of Act
6Meaning of operating fraudulently or recklessly
7No obligation on Registrar or FMA to supervise
8Consultation with Reserve Bank
Part 1
Supply of information by, and investigation of affairs of, corporations
Power to request information
9Registrar of Companies may require corporation or associated person to supply information
10Requirement that information be audited
11Disclosure of information to Registrar by statutory supervisor of retirement village
12Trustee or statutory supervisor to inform corporation of intention to disclose [Repealed]
13Disclosure of information to Registrar by auditors
14Registrar to inform corporation of intention to request information from auditor
15Protection of trustees, statutory supervisors, and auditors
16Terms of notices
Powers to obtain information and documents
17Powers to obtain information and documents
18Requirements on entering and searching premises
Investigations
19Investigation of affairs of corporation
20Offence to hinder investigation, etc
21Powers of person appointed to carry out investigation
22Requirements to be complied with by person carrying out investigation
Miscellaneous
23Confidentiality of information
24Procedure for obtaining warrants
25Effect of warrant
26Effect of proceedings
27Effect of final decision that exercise of powers under section 17 unlawful
28Effect of final decision that exercise of powers under sections 19 to 21 unlawful
29Saving for privileged communications
Part 2
Corporations at risk
30Registrar or FMA may declare corporation to be at risk
31Obligation to consult with Registrar or FMA
32Power of Registrar or FMA to give advice and assistance
33Power of Registrar or FMA to give directions to corporation declared to be at risk
34Period for which directions may apply
35Offence to contravene directions, etc
36Offence to disclose that corporation declared to be at risk, etc
37Miscellaneous provisions relating to notices
Part 3
Statutory management
38Statutory management of corporations and associated persons
39Grounds on which corporation can be declared to be subject to statutory management
40Grounds on which associated person can be declared to be subject to statutory management
Powers of statutory manager
41Considerations affecting exercise of powers by statutory manager
42Moratorium
43Prohibition against removal of assets
44Statutory manager may suspend payment of money owing
45Management of corporation to vest in statutory manager
46Powers of statutory manager
47Statutory manager empowered to carry on business of corporation
48Statutory manager empowered to pay creditors and compromise claims
49Termination of contract of agency or service
50Power of statutory manager to sell business undertaking of corporation
51Sale of property or assets subject to a security
52Liquidation of corporations
53Provisions applying where liabilities included in sale or other disposition of business undertaking of corporation
54Power to trace property improperly disposed of
55Application of certain provisions of Companies Act 1993
Miscellaneous
56Application of this Part to joint statutory managers, associated persons, and subsidiaries
57Termination of appointment of statutory manager
58Statutory manager may apply to court for directions
59Court may confer additional powers on statutory manager
59ASpecial considerations if insurer under Part 10 of Accident Compensation Act 2001 is subject to statutory management
60Advisory committees
61Prior winding up, liquidation, or receivership to cease
62Termination of statutory management
Part 4
General
63Indemnity
64Corporation not entitled to be consulted about exercise of powers
65Expenses of statutory management
66Advances to statutory managers and members of advisory committees
67Duty to deliver books and property to statutory manager
68Offence to destroy, alter, or conceal records
69Duty to report offences
70Penalties for offences
71Application of other Acts
71AApplication of reporting requirements in other Acts
72Proof of transactions
73Repeal of Companies Special Investigations Act 1958 [Repealed]
74Savings
75Procedure for applying this Act to company to which Companies Special Investigations Act 1958 applies
76Act subject to application of Cape Town Convention and Aircraft Protocol
Schedule 1
Transitional, savings, and related provisions
Reprint notes

An Act to enable the Registrar of Companies and the Financial Markets Authority to determine whether corporations are at risk, to enable action to be taken in relation to such corporations in appropriate cases, and to repeal the Companies Special Investigations Act 1958

Title: amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).