Takeovers Act 1993

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment

Version as at 5 May 2022

Coat of Arms of New Zealand

Takeovers Act 1993

Public Act
1993 No 107
Date of assent
28 September 1993
see section 1

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

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


Title [Repealed]
1Short Title and commencement
2AMeaning of code company
2ABExtended meaning of code company for purpose of completing code-regulated transactions
2BTransitional, savings, and related provisions
3Act to bind the Crown
4Object of this Act
5Establishment of Takeovers Panel
6Membership of Panel
7Associate members [Repealed]
7APanel may act by divisions
7BMembership and chairperson of division
7CPowers of division
8Functions of Panel
9Powers of Panel to take evidence [Repealed]
10Provisions relating to certain proceedings before Panel [Repealed]
11Protection from liability for Panel and members, officers, and employees
12Meetings [Repealed]
13Power to prohibit disclosure of information, documents, and evidence [Repealed]
15Powers [Repealed]
15ASharing of information and documents with FMA
15BSharing of information and documents with Commerce Commission
15CSharing of information and documents with licensed market operators
16Annual reports [Repealed]
17Annual fee in respect of funding of Panel
17APanel deemed to be public authority [Repealed]
18Further provisions applying to Panel
19Power to make takeovers code
20Objectives of takeovers code
21Matters to be considered by Minister in making recommendations concerning takeovers code
22Specific provisions applying to takeovers code
23Takeovers code not to apply in certain cases
23ATakeovers code does not apply where court order under section 236 of Companies Act 1993
24Co-ordination with Australia
25Minister to consult Panel
26Panel to consult with Minister [Repealed]
27Action taken by Takeover Panel Advisory Committee [Repealed]
28Approval of takeovers code [Repealed]
29Order in Council deemed to be regulation [Repealed]
30Minister may request formulation of further takeovers code [Repealed]
31Revocation of takeovers code [Repealed]
31APower to inspect documents
31BPower to request or approve Registrar or authorised person to inspect documents
31BALimits on exercise of power to inspect documents
31BBRequirements for persons authorised to inspect documents
31CDisclosure of information from inspection
31DPowers not limited
31ENon-disclosure of information from inspection
31EANo privilege against self-incrimination
31EBProtections from liability for persons exercising powers of inspection
31GRights of appeal
31HTime for appeal
31ISituation while appeal pending
31JDetermination of appeal
31KRequirements where appeal allowed
31LWho may receive evidence
31MAdmissibility of evidence
31MAHow evidence may be given
31NPower to summon witnesses
31OWitnesses’ expenses
31PPower of Panel to act on requests of overseas regulators
31QPanel’s consideration of requests
31RConditions that may be imposed on providing information to overseas regulators
31SUndertakings to be obtained before providing certain information to overseas regulators
31TPanel may accept undertakings
31UEnforcement of undertakings
31VRight to be heard and represented at proceedings before Panel
31WPanel to hear proceedings in private
31XPower to make confidentiality orders
32Panel’s powers in respect of compliance with takeovers code
33Temporary restraining orders
33AAPermanent compliance orders
33AWitnesses and counsel to have privileges of witnesses and counsel in court
33BNo privilege against self-incrimination
33CRestrictions on use of self-incriminating statements obtained by summons
33DLimitation on disclosure of information obtained in Panel’s operations
33EOverview of enforcement powers and civil remedies
33FWhat court may injunct
33GWhen court may grant injunctions and interim injunctions
33HUndertaking as to damages not required by Panel
33IWhen court may make various civil remedy orders
33JTerms of various civil remedy orders
33KWhen court may make compensatory orders
33LTerms of compensatory orders
33MWhen court may make pecuniary penalty orders and declarations of contravention
33NPurpose and effect of declarations of contravention
33OWhat declarations of contravention must state
33PMaximum amount of pecuniary penalty
33QConsiderations for court in determining pecuniary penalty
33RCourt must order that recovery from pecuniary penalty be applied to Panel’s actual costs
34Court may make orders [Repealed]
35Persons who may apply
36Orders [Repealed]
37Interim orders [Repealed]
38Court may have regard to determinations and recommendations by Panel
39Orders directing disposal of securities [Repealed]
40Revocation, variation, and suspension of orders [Repealed]
41Court may excuse contravention
42Court may require person to give evidence or produce documents relating to interests in financial products
43More than 1 civil remedy order may be made for same conduct
43AOnly 1 pecuniary penalty order may be made for same conduct
43BStandard of proof for civil remedies
43CTime limit for applying for civil remedies
44General offences
44AConviction of offence under section 44 excluded in certain cases
44BFalse or misleading statement or information
44CCriminal liability for false or misleading statement or information
44DException for disclosure by investment advisers or brokers [Repealed]
44EFair Trading Act 1986 excluded
44FWhen court may make management banning orders
44GTerms of management banning orders
44HOffence of contravening management banning order
44IOnly 1 management banning order may be made for same conduct
44JPersons automatically banned from management
44KGeneral provisions for bans and banning orders
44LWhen court may prohibit payment or transfer of money, financial products, or other property
44MWhat orders may be made
44NInterim orders
44ORelationship with other law
44PATime limit for commencing proceedings for offence under section 44H, 44J, or 44P
44QJurisdiction of courts in New Zealand
44RCourt may order payment of Panel’s costs
44SOrders to secure compliance
44TGiving notice of applications for court orders
44UGeneral provisions as to court’s orders
44VPersons entitled to appear before court
44WKnowledge of matters presumed if employee or agent knows matters
44XNo pecuniary penalty and fine for same conduct
45Panel may grant exemptions
45AVariation and revocation of exemptions
47Interpretation for sections 48 to 53
48Reimbursement of directors
49Reimbursement of target company
50Determinations by Panel of amount to be reimbursed
51Appeals against Panel’s determination
52Enforcement of agreement of amount to be reimbursed
53Enforcement of Panel’s order for payment of amount to be reimbursed
Title [Repealed]

Title: repealed, on 1 December 2002, by section 3 of the Takeovers Amendment Act 2002 (2002 No 45).