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  • TAKEOVERS AMENDMENT ACT 2001
    		•
     

    Takeovers Amendment Act 2001

    Public Act 2001 No 30
    Date of assent   14 May 2001
    Commencement   see section 2

    1. Title
    2. Commencement
    3. Short Title and commencement
    4. Interpretation
    5. New sections 7A to 7C inserted
    6. Delegation of certain powers by Panel
    7. New section 15A inserted
    8. New section 17A inserted
    9. New Part 2A inserted
    Part 2A - Registrar’s powers of inspection

    1. Panel may grant exemptions
    2. Regulations
    3. New sections 47 to 49 substituted
    4. Schedule amended


    The Parliament of New Zealand enacts as follows:

    1. Title
    1. This Act is the Takeovers Amendment Act 2001.
    2. In this Act, the Takeovers Act 1993 is called "the principal Act".

    1. Commencement
    1. This Act (except section 12) comes into force on 1 June 2001.
    2. Section 12 comes into force on 1 July 2001.

    1. Short Title and commencement

      Section 1 of the principal Act is amended by repealing subsection (3), and substituting the following subsection:
      "(3) Section 17 and Part III come into force on 1 June 2001."

    2. Interpretation

      Section 2(1) of the principal Act is amended by inserting, in their appropriate alphabetical order, the following definitions:

      "Registrar means a person who for the time being holds the office of Registrar of Companies or Deputy Registrar of Companies in accordance with the Companies Act 1993

      "Securities Commission means the Securities Commission established by section 9 of the Securities Act 1978".

    3. New sections 7A to 7C inserted

    1. The principal Act is amended by inserting, after section 7, the following sections:
      "7A Chairperson may direct Panel to sit in divisions
      "(1) Subject to subsection (2), the Chairperson may direct that the powers of the Panel in relation to any matter or class of matter be exercised by separate divisions of the Panel.
     
      "(2) The Chairperson must not direct a separate division of the Panel to exercise—
    "(a) any power in connection with the performance of its functions under paragraph (a) or paragraph (b) of section 8(1):
    "(b) the power of the Panel to grant an exemption under section 45(1)(b).
     
      "(3) The Chairperson may revoke or amend a direction given under subsection (1).
     
      "(4) Every direction, amendment, or revocation, of a direction must be in writing signed by the Chairperson.
     
      "7B Membership and Chairperson of division
      "(1) Each division must consist of members assigned to it by the Chairperson.
     
      "(2) If the members appointed to a division do not include either the Chairperson or the Deputy Chairperson, the Chairperson must nominate 1 of those members as Chairperson of that division.
     
      "(3) If the Chairperson of a division is absent from a meeting of the division, the members present must appoint 1 of themselves as Chairperson of the division for the purposes of that meeting.
     
      "7C Powers of division
      "(1) For the purposes of determining any matter or class of matter specified in a direction under section 7A,—
    "(a) the Panel is deemed to consist of the division of the Panel specified in the direction; and
    "(b) the powers of any such division are not affected by any changes or vacancies in its membership.
     
      "(2) A division of the Panel may exercise powers of the Panel under this Act even though another division of the Panel is exercising powers of the Panel at the same time."
     
      (2) Section 10 of the principal Act is amended by repealing subsection (3), and substituting the following subsection:
     
      "(3) Every meeting of the Panel or of a division of the Panel held for the purposes of section 13 or section 32 must be chaired by—
    "(a) the Chairperson of either the Panel or the division of the Panel (as the case may be) if the person is a barrister or solicitor of at least 7 years’ practice; or
    "(b) a member of the Panel or the division of the Panel (as the case may be) who is a barrister or solicitor of at least 7 years’ practice if paragraph (a) is not applicable."

    1. Delegation of certain powers by Panel

      Section 14(2) of the principal Act is amended by omitting the words "of this Act", and substituting the words "or section 45(1)".

    2. New section 15A inserted

      The principal Act is amended by inserting, after section 15, the following section:

      "15A Sharing of information with Securities Commission
      "(1) The Takeovers Panel may communicate to the Securities Commission any information that the Takeovers Panel—
    "(a) holds in relation to the exercise of the Panel’s powers or the performance of its functions and duties; and
    "(b) considers may assist the Securities Commission in the exercise of the Commission’s powers or the performance of its functions and duties.
     
      "(2) The Takeovers Panel may use any information communicated to it by the Securities Commission under section 17A of the Securities Act 1978 in the Panel’s exercise of its powers or the performance of its functions and duties.
     
      "(3) This section applies despite anything to the contrary in any enactment, contract, deed, or document."

    1. New section 17A inserted

      The principal Act is amended by inserting, after section 17, the following section:

      "17A Panel deemed to be public authority
      "(1) The Panel is deemed to be a public authority for the purposes of the Inland Revenue Acts.
     
      "(2) In this section, Inland Revenue Acts has the same meaning as in section 3(1) of the Tax Administration Act 1994."