Takeovers Code (Trustees of Family Trusts) Exemption Amendment Notice 2015

2015/15

Coat of Arms of New Zealand

Takeovers Code (Trustees of Family Trusts) Exemption Amendment Notice 2015

Pursuant to section 45A(3) of the Takeovers Act 1993, the Takeovers Panel gives the following notice.

Notice

1 Title

  • This notice is the Takeovers Code (Trustees of Family Trusts) Exemption Amendment Notice 2015.

2 Commencement

  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Principal notice
4 Clause 5 amended (Conditions of exemption)

  • (1) In clause 5(d), after “voting control in the code company”, insert “; and”.

    (2) After clause 5(d), insert:

    • “(e) the person appointed as a new trustee of the family trust did not hold or control voting rights in the code company immediately before their appointment as a trustee.”

Dated at Auckland this 27th day of January 2015.

D O Jones,
Chairperson.

Explanatory note

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Takeovers Code (Trustees of Family Trusts) Exemption Notice 2012 (the principal notice). The principal notice contains a class exemption granted by the Takeovers Panel from rule 6(1) of the Takeovers Code for persons who are or who become trustees of a private family trust. The exemption is available for persons who increase their voting control in a code company as a result of changes to the trust’s trustees.

The amendment inserts a new condition to the effect that the exemption in clause 4(1) of the principal notice does not apply to a person on appointment as a trustee if the person already holds or controls voting rights in the code company before their appointment as a trustee.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 5 February 2015.

This notice is administered by the Takeovers Panel.