Regulatory Systems (Economic Development) Amendment Act 2019

1: Title
This Act is the Regulatory Systems (Economic Development) Amendment Act 2019.
2: Commencement
This Act comes into force immediately after the expiry of the 2-month period that starts on the date of Royal assent.
1: Amendments to Building Societies Act 1965
3: Amendments to Building Societies Act 1965
This Part amends the Building Societies Act 1965 2020-01-13 Building Societies Act 1965
4: Section 124 amended (Compulsory cancellation or suspension of registration)
1: In section 124(1) , with the approval of the Minister,
2: In section 124(1)﻿(c) that the society has wilfully, and that the society has,
3: In section 124(3) , with the approval of the Minister,
2: Amendments to Companies Act 1993
5: Amendments to Companies Act 1993
This Part amends the Companies Act 1993 2020-01-13 Companies Act 1993
6: Section 151 amended (Qualifications of directors)
After section 151(2)﻿(b)
baa: a person who is prohibited from being a director of a company under section 299(1)﻿(b) of the Insolvency Act 2006:
bab: a person who is prohibited from directly or indirectly being concerned, or taking part, in the management of a company under section 299(1)﻿(c) of the Insolvency Act 2006:
7: Section 367 repealed (Application of Official Information Act 1982 and Privacy Act 1993)
Repeal section 367
8: Section 368 repealed (Appeals from decisions under section 367)
Repeal section 368
9: Section 382 amended (Persons prohibited from managing companies)
1: In section 382(1)﻿(a) 3 months) , including an offence under section 138A
2: In section 382(1)﻿(b) 1961,— 1961; or
3: After section 382(1)﻿(b)
ba: a person has been convicted of an offence under section 143A(1)﻿(d) or 143B(1) of the Tax Administration Act 1994; or
bb: a person has been convicted of an offence under section 148 of the Tax Administration Act 1994 of aiding, abetting, inciting, or conspiring with another person to commit an offence against section 143B(1) of that Act,—
10: Section 383 amended (Court may disqualify directors)
1: In section 383(1)﻿(a) 3 months) , including an offence under section 138A
2: After section 383(1)﻿(b)
ba: a person has been convicted of an offence under section 143A(1)﻿(d) or 143B(1) of the Tax Administration Act 1994; or
bb: a person has been convicted of an offence under section 148 of the Tax Administration Act 1994 of aiding, abetting, inciting, or conspiring with another person to commit an offence against section 143B(1) of that Act; or
11: Section 391 amended (Service of documents on shareholders and creditors)
1: In section 391(3)﻿(f) corporate. corporate; or
2: After section 391(3)﻿(f)
g: sent by email to an electronic address used by the body corporate.
12: Schedule 1 amended
1: In Schedule 1, after clause 6(5)
5A: However, if a time is specified in the constitution of a company under subclause (5) but the notice of the meeting provides that a proxy may be produced by a later time (being a time before the start of the meeting), a proxy produced by that later time is still effective.
2: In Schedule 1, clause 6(6) subclause (5), the constitution subclauses (5) and (5A), the constitution or the notice
3: In Schedule 1, replace clause 7(4A)
4A: Despite subclause (4),—
a: the constitution of a company, or the notice of the meeting, may specify a time (being a time less than 48 hours before the start of the meeting) by which postal votes that are cast using electronic means must reach the person who is authorised to receive and count postal votes at the meeting; and
b: such postal votes must reach that person by the specified time (or, if different times are specified in the constitution and the notice, the later of those times).
3: Amendments to Continental Shelf Act 1964
13: Amendments to Continental Shelf Act 1964
This Part amends the Continental Shelf Act 1964 2020-01-13 Continental Shelf Act 1964
14: Section 5 amended (Mining for minerals on continental shelf)
In section 5(2) and (4) Energy and Resources
15: Section 5A amended (Payments and contributions with respect to exploitation of continental shelf beyond 200 nautical miles)
1: In section 5A(1)﻿(b) or prospecting
2: In section 5A(1)﻿(c) or prospecting for, or the mining of, for or the mining of
3: In section 5A(2) Energy and Resources
4: In section 5A(3) Transport Energy and Resources
5: In section 5A(4) relevant Minister Minister
16: Section 9 amended (Act in force in Cook Islands)
In section 9(2)﻿(b) Energy and Resources
4: Amendments to Credit Contracts and Consumer Finance Act 2003
17: Amendments to Credit Contracts and Consumer Finance Act 2003
This Part amends the Credit Contracts and Consumer Finance Act 2003 2020-01-13 Credit Contracts and Consumer Finance Act 2003
18: Section 4 amended (Overview)
In section 4(ca) credit contracts consumer credit contracts
19: Section 5 amended (Interpretation)
In section 5 costs of borrowing or a credit contract to which Part 3A applies
20: Section 9B amended (Interpretation)
1: In section 9B(1) agreement or a credit contract to which Part 3A applies
2: In section 9B(1) lender or a credit contract to which Part 3A applies
3: In section 9B(1) relevant guarantee relevant guarantee
21: Section 9C amended (Lender responsibility principles)
Replace section 9C(2)﻿(a)
a: exercise the care, diligence, and skill of a responsible lender—
i: in any advertisement for providing credit or finance under an agreement or for providing credit-related insurance under a relevant insurance contract; and
ii: before entering into an agreement to provide credit or finance or a relevant insurance contract and before taking a relevant guarantee; and
iii: in all subsequent dealings with a borrower in relation to an agreement or a relevant insurance contract or a guarantor in relation to a relevant guarantee; and
22: Section 9K amended (Publication of costs of borrowing)
1: In section 9K(1) credit contract consumer credit contract
2: Repeal section 9K(2)
3: In section 9K(3)﻿(a) credit contract referred to in subsection (1) consumer credit contract offered by that creditor
23: Part 3A heading amended
In the Part 3A credit contract consumer credit contract
24: Section 83A amended (Outline of Part)
In section 83A sets out , in relation to a consumer credit contract,
25: Section 83B amended (References to credit contracts include security agreements)
1: In the heading to section 83B credit contracts consumer credit contracts
2: In section 83B(1)﻿(b) credit contracts consumer credit contracts
3: In section 83B credit contract consumer credit contract
26: Section 83C amended (Application of Part)
In section 83C credit contract consumer credit contract
27: Section 83L amended (Use of disabling device)
In section 83L credit contract consumer credit contract
28: Section 83M amended (Connection or use of disabling device in connection with certain goods prohibited)
In section 83M credit contract consumer credit contract
29: Section 83ZN amended (Credit contract may not provide for security interest over certain consumer goods)
1: In the heading to section 83ZN Credit contract Consumer credit contract
2: In section 83ZN credit contract consumer credit contract
30: Section 83ZO amended (Contravening provision of no effect)
In section 83ZO credit contract consumer credit contract
31: Section 99B amended (Enforcement prohibited if creditor unregistered)
1: In section 99B(1)﻿(a) credit contract consumer credit contract
2: In section 99B(4) credit contract consumer credit contract
32: Section 102A amended (Infringement offences)
After section 102A(4)
4A: Every creditor who is subject to section 9K commits an offence if the creditor breaches section 9K(4).
4B: Every creditor who is subject to section 9K commits an offence if both of the following apply:
a: a paragraph in regulations prescribed under this Act requires particular information to be contained in the information made publicly available:
b: the creditor breaches section 9K(6)﻿(a) by failing to make any information publicly available for the purposes of that paragraph.
33: Section 103 amended (Other offences)
1: In section 103(1) creditor, lender,
2: In section 103(1) provisions of sections 9J, 9K,
34: Schedule 1AA amended
1: In Schedule 1AA, clause 1 Regulatory Systems Act 2019
2: In Schedule 1AA, clause 3(1) subclauses (2) and (3) and in clause 4
3: In Schedule 1AA, clause 3(4) In this clause and in clause 4
4: In Schedule 1AA, after clause 3 Schedule 2
35: Consequential amendment to other enactment
Amend the enactment specified in Part 1 2020-01-13 Credit Contracts and Consumer Finance Regulations 2004
5: Amendments to Fair Trading Act 1986
36: Amendments to Fair Trading Act 1986
This Part amends the Fair Trading Act 1986 2020-01-13 Fair Trading Act 1986
37: Section 30 amended (Compliance with product safety standards)
1: In section 30(1) that person complies with that product safety standard that product safety standard is complied with in respect of those goods
2: In section 30(2) that person complies with one of those product safety standards one of those product safety standards is complied with in respect of those goods
6: Amendment to Financial Reporting Act 2013
38: Amendment to Financial Reporting Act 2013
This Part amends the Financial Reporting Act 2013 2020-01-13 Financial Reporting Act 2013
39: Section 20 amended (Auditing and assurance standards)
Replace section 20(2)
2: Auditing and assurance standards may (without limitation) include—
a: professional and ethical standards that govern the professional conduct of audit or assurance practitioners:
b: standards for related services.
3: In this section,— audit or assurance practitioner related services
a: agreed-upon procedures; or
b: other non-assurance work that may ordinarily be carried out by an audit or assurance practitioner.
7: Amendments to Geographical Indications (Wine and Spirits) Registration Act 2006
40: Amendments to Geographical Indications (Wine and Spirits) Registration Act 2006
This Part amends the Geographical Indications (Wine and Spirits) Registration Act 2006 2020-01-13 Geographical Indications (Wine and Spirits) Registration Act 2006
41: Section 7 amended (What is registered geographical indication?)
After section 7(3)
4: However, this section is subject to section 47D
42: Section 42 amended (Register)
1: In section 42(3)﻿(d) indication). indication); and
2: After section 42(3)﻿(d)
e: if the geographical indication’s status is registered-past expiry date (as defined in section 47D
43: Section 45 amended (Removal from register)
In section 45(4) on its expiry when required to do so under section 47C(2)
44: Section 45A amended (Notice of proposed removal)
In section 45A(1) register under section 45(1)
45: Section 47A replaced (Renewal of registration)
Replace section 47A
47A: Renewal of registration
1: On application by an interested person, the Registrar must renew the registration of a registered geographical indication.
2: An application for renewal must be made to the Registrar—
a: not more than 12 months before, and not more than 6 months after, the date on which the registration expires (the expiry date
b: in the prescribed manner.
3: The renewed registration is effective for a period of 10 years commencing on the expiry date.
46: Section 47B amended (Notice of pending expiration of registration of geographical indication)
1: In section 47B(1) If no interested person has made an application under section 47A within a prescribed period before the registration of a geographical indication expires, If no application to renew the registration of a geographical indication has been made,
2: Before section 47B(2)﻿(a)
aaa: be given at least the prescribed period before the registration’s expiry date; and
3: In section 47B(2)﻿(b)﻿(ii) fees (including the amount of any renewal fee)
4: Replace section 47B(2)﻿(b)﻿(iii)
iii: that,—
A: if the registration is not renewed before its expiry date, the register will be changed to record that the geographical indication’s status is registered-past expiry date; and
B: if the registration has still not been renewed 6 months after the expiry date, the geographical indication will be removed from the register.
47: Sections 47C and 47D and cross-heading replaced
Replace sections 47C 47D
47C: Procedure if registration not renewed
1: If the registration of a geographical indication is not renewed before its expiry date, the Registrar must record on the register that its status is registered-past expiry date (until the registration is renewed or it is removed from the register).
2: The Registrar must remove the geographical indication from the register if—
a: notice has been given under section 47B; and
b: 6 months have elapsed since the registration’s expiry date; and
c: the registration has not been renewed.
47D: Effect of registered-past expiry date status
1: A geographical indication has the status of registered-past expiry date
a: the geographical indication’s registration expiry date (referred to in section 47A
b: the geographical indication has not yet been removed from the register.
2: While the geographical indication’s status is registered-past expiry date, the geographical indication—
a: is not a registered geographical indication for the purposes of sections 21 to 24; but
b: is a registered geographical indication for all other purposes.
3: If the geographical indication’s registration is renewed before it is removed from the register under section 47C(2)
a: the renewed registration takes effect from the expiry date ( see section 47A(3)
b: the geographical indication is taken to have remained a registered geographical indication for all purposes from that date as if its status had not changed.
48: Consequential amendments to other enactment
Amend the enactment specified in Part 2 2020-01-13 Geographical Indications (Wine and Spirits) Registration Regulations 2017
8: Amendments to Insolvency Act 2006
49: Amendments to Insolvency Act 2006
This Part amends the Insolvency Act 2006 2020-01-13 Insolvency Act 2006
50: Section 3 amended (Interpretation)
1: In section 3 current summary instalment order
2: In section 3 current debt repayment order excluded debt
a: any amount payable under a maintenance order under the Family Proceedings Act 1980; and
b: any amount payable under the Child Support Act 1991; and
c: any student loan balance
51: Section 6 amended (Corporations and other entities not subject to Act)
In section 6(1)﻿(c) summary instalment debt repayment
52: Section 8 amended (Alternatives to bankruptcy)
In section 8(1)﻿(b) summary instalment debt repayment
53: Section 41 amended (Order that disposition or proposal not act of bankruptcy)
In section 41(1)﻿(c) summary instalment debt repayment
54: Section 67 amended (Bankrupt must file statement of affairs with Assignee)
In section 67
2: The Assignee may reject a statement of affairs that in the Assignee’s opinion is incorrect or incomplete.
55: Section 149 amended (Prohibition of bankrupt entering business)
1: In section 149(1)﻿(b) employed by , or work without reward for,
2: In section 149(1)﻿(c) employed by , or work without reward for,
56: Sections 158 and 159 replaced
Replace sections 158 159
158: Bankrupt may retain certain assets
1: The bankrupt may retain as the bankrupt’s own property the following assets:
a: the bankrupt’s necessary tools of trade:
b: necessary household furniture and effects, including clothing, for the bankrupt and the bankrupt’s relatives and dependants:
c: a motor vehicle (up to a maximum value of $6,500).
2: For the purposes of subsection (1)﻿(c), the value of a motor vehicle is the value that the Assignee in the Assignee’s discretion places on it.
3: The fact that the value of the motor vehicle is less than the maximum value specified in subsection (1)﻿(c) does not give the bankrupt rights in relation to other assets in the bankrupt’s estate.
4: The Governor-General may, by Order in Council, amend subsection (1)﻿(c) by increasing the maximum value to take account of any rise in the all groups index number of the New Zealand Consumers Price Index.
57: Section 160 amended (Retention of assets does not affect rights under charge or hire purchase agreement)
In section 160 or 159
58: Section 161 repealed (Retention provisions do not confer rights to other assets)
Repeal section 161
59: Section 162 amended (Relative or dependant may exercise bankrupt’s right to retain assets)
In section 162 or 159
60: Section 164 amended (Assignee may allow bankrupt to retain money)
In section 164(1) $1,200 $1,300
61: Section 165 amended (Assignee may summon bankrupt and others to be examined)
1: Replace the heading to section 165 Assignee may require bankrupt and others to be examined or provide information or assistance
2: Replace section 165(1)﻿(b)
b: require that person to do any 1 or more of the following:
i: produce and surrender to the Assignee or District Court Judge before whom that person appears any document in that person’s possession or control that relates to the bankrupt’s property, conduct, or dealings:
ii: provide the Assignee with any information that the Assignee requests about the bankrupt’s property, conduct, or dealings:
iii: assist the Assignee, to the best of the person’s ability, to carry out the Assignee’s functions and duties under this Act in respect of the bankrupt.
62: Section 171 amended (Assignee may obtain documents)
In section 171 section 165(1)﻿(b) section 165(1)﻿(b)﻿(i)
63: Section 178 amended (Record of examination)
1: Replace section 178(2)﻿(a)
a: signed by the bankrupt; and
2: After section 178(2)
3: The court may, if the bankrupt requests, require that the record of the examination be read over to the bankrupt before the bankrupt signs it.
64: Section 193 amended (Extension of 2 years and 6 months periods)
1: In the heading to section 193 2 years 5 years, 2 years,
2: In section 193 2 years 6 months 5 years 2 years 6 months
65: Section 282 replaced (Definition of undistributed money)
Replace section 282
282: Definition of undistributed money
In sections 283 to 289, undistributed money
a: any money that—
i: was received by the Assignee by the realisation of the property of the bankrupt; and
ii: remains after the Assignee deducts the costs of obtaining the Assignee’s release under sections 408 to 410, if applicable; and
iii: is required to be paid to any person under sections 274 to 281, but is not able to be distributed for any reason:
b: any money that is required to be distributed under section 358(1)
66: Section 286 replaced (Application of undistributed money held in bankruptcy surplus account)
Replace section 286
286: Application of undistributed money held in bankruptcy surplus account
Undistributed money held in the bankruptcy surplus account may be used as follows:
a: for distribution to any person who remains to be paid,—
i: in the case of a bankruptcy, as set out in section 282(a)﻿(iii)
ii: in the case of a debt repayment order, as set out in section 358(1)
b: for the purposes of this Act, to the extent and in the manner allowed by this Act; and
c: subject to section 287, to replace, to the extent of the deficiency, any money misappropriated by an Assignee or any person employed under the provisions of this Act (other than subpart 2 of Part 5); and
d: subject to section 288, to meet the costs of court proceedings, obtaining legal advice, or employing an accountant or other experts in circumstances where the creditors of a bankrupt are unable to pay those costs, or it would be unfair or inequitable that they should do so.
67: New section 290A inserted (Automatic discharge of bankrupts who die before filing statement of affairs)
After section 290
290A: Automatic discharge of bankrupts who die before filing statement of affairs
If a bankrupt dies before filing a statement of affairs, the bankrupt is automatically discharged from bankruptcy 3 years after the bankrupt’s death.
68: Part 5 heading amended
In the Part 5 summary instalment debt repayment
69: Subpart 3 heading in Part 5 replaced
In Part 5, replace the subpart 3
3: Debt repayment orders
70: Section 340 replaced (Summary instalment order)
Replace section 340
340: Debt repayment order
A debt repayment order is an order by the Assignee that the debtor pay their debts—
a: in instalments or otherwise; and
b: in full or to the extent that the Assignee considers practicable in the circumstances of the case.
71: Section 341 amended (Who may apply for order)
In section 341 summary instalment debt repayment
72: Section 342 amended (Form of application)
In section 342(1) summary instalment debt repayment
73: Section 343 replaced (Assignee may make summary instalment order)
Replace section 343
343: Assignee may make debt repayment order
1: The Assignee may make a debt repayment order if the Assignee is satisfied that—
a: the debtor’s total unsecured debts (apart from any excluded debt) that would be provable in the debtor’s bankruptcy are not more than $50,000; and
b: the debtor is unable immediately to pay those debts; and
c: the order relates only to those debts.
2: Before making the order, the Assignee must allow the debtor or a creditor to make representations, if the debtor or creditor wants to do so.
3: A debt repayment order is not invalid if the total amount of the debts proved is more than the amount specified in subsection (1)﻿(a), but in that case—
a: the supervisor appointed under section 345 may refer the matter to the Assignee; and
b: the Assignee may, if the Assignee thinks appropriate, cancel the order.
4: The amount in subsection (1)﻿(a) may be varied by the Governor-General by Order in Council to take account of increases in the all groups index number of the New Zealand Consumers Price Index.
74: Section 345 amended (Appointment of supervisor)
In section 345(1) summary instalment debt repayment
75: Section 346 amended (Role of supervisor)
In section 346(1) term’s of the summary instalment terms of the debt repayment
76: Section 349 amended (Period of instalments)
In section 349 summary instalment debt repayment
77: Section 350 amended (Variation or cancellation of order by Assignee on application from debtor, creditor, or supervisor)
In section 350 summary instalment debt repayment
78: Section 350A replaced (Cancellation of order by Assignee without application)
Replace section 350A
350A: Cancellation of order by Assignee without application
The Assignee may (without an application from any person) cancel a debt repayment order if satisfied that the debtor—
a: is in default under the order; or
b: is able immediately to pay the debtor’s unsecured debts (apart from any excluded debt); or
c: cannot be located.
79: Section 351 amended (Effect of order)
In section 351 summary instalment debt repayment
80: Section 352 amended (Proceedings against debtor)
1: In section 352(1) debt (other than an excluded debt)
2: In section 352 summary instalment debt repayment
81: Section 353 amended (Supervisor must give notice of summary instalment order to creditors)
1: In the heading to section 353 summary instalment debt repayment
2: In section 353 summary instalment debt repayment
82: Section 354 amended (Public register of debtors subject to current summary instalment order)
1: In the heading to section 354 summary instalment debt repayment
2: In section 354(1) summary instalment debt repayment
83: Section 355 amended (Meaning of current summary instalment order)
1: In the heading to section 355 summary instalment debt repayment
2: In section 355 summary instalment debt repayment
84: Section 356 amended (Creditor’s claim)
In section 356(1) summary instalment debt repayment
85: Section 357 amended (Payment of debtor’s earnings to supervisor)
In section 357(1) summary instalment debt repayment
86: Section 358 replaced (Distribution of money paid by debtor)
Replace section 358
358: Distribution of money paid by debtor
1: The supervisor must distribute the money paid by the debtor under the debt repayment order in the following order:
a: first, payment of the costs of administration (including the supervisor’s remuneration) in accordance with the prescribed scale:
b: secondly, the Assignee’s costs and fees:
c: thirdly, payment of the debts in accordance with the order:
d: fourthly, payment of any surplus to the debtor.
2: For the treatment of money that is not able to be distributed, see sections 282
358A: Discharge of debtor after distribution made
The debtor is discharged from the unsecured debts to which the debt repayment order relates if the supervisor pays in full, from the money received under the order, the amounts in section 358(1)﻿(a) to (d)
358B: Effect of discharge
1: On discharge under section 358A
2: However, subsection (1) does not apply to—
a: any debt or liability incurred by fraud or fraudulent breach of trust to which the debtor was a party:
b: any debt or liability for which the debtor has obtained forbearance through fraud to which the debtor was a party.
3: The debts and liabilities referred to in subsection (2) become again enforceable on discharge under section 358A
358C: Discharge does not release partners and others
A discharge under section 358A
a: a business partner of the discharged debtor; or
b: a co-trustee with the discharged debtor; or
c: jointly bound or had made any contract with the discharged debtor; or
d: a guarantor or in the nature of a guarantor of the discharged debtor.
87: Section 359 amended (Default by debtor)
In section 359(1) summary instalment debt repayment
88: Section 360 amended (Offence of obtaining credit)
In section 360 summary instalment debt repayment
89: Section 363 amended (Criteria for entry to no asset procedure)
1: Replace section 363(1)﻿(d)
d: the debtor has total debts (apart from any excluded debt) that are not less than $1,000 and not more than $50,000; and
2: In section 363(1)﻿(e) debts ; and
3: After section 363(1)﻿(e)
f: the outcome for any creditor would not be materially better if the debtor were adjudicated bankrupt.
4: Replace section 363(2)
2: In this section, realisable assets
a: excludes the assets that a bankrupt is allowed to retain under section 158
b: includes any assets (for example, gifted assets) that might be recoverable by the Assignee if the debtor were adjudicated bankrupt on the date of application for entry to the no asset procedure and if the irregular transaction provisions in subpart 7 of Part 3 applied.
90: Section 374 replaced (Assignee may apply for preservation order)
Replace section 374
374: Assignee may apply for preservation order
1: This section applies if—
a: the Assignee intends to terminate, or has terminated, a debtor’s participation in the no asset procedure on the ground that the debtor concealed assets or misled the Assignee; or
b: the Assignee or a creditor intends, under section 377C
2: The court may, on the application of the Assignee, make an order for the preservation of the debtor’s assets pending an application for the debtor’s adjudication.
3: The order—
a: may be on the terms and conditions that the court thinks fit; and
b: is effective, unless the court states otherwise, from the time that the order is made.
91: New sections 377C to 377E inserted
After section 377B
377C: Court may reverse cancellation of debtor’s debts
1: The court may, on the application of the Assignee or a creditor, reverse the cancellation under section 377A of a debtor’s debts.
2: The cancellation of debts may be reversed at any time before 2 years after the date of the cancellation.
377D: Grounds for reversing cancellation of debts
1: The court may reverse a cancellation under section 377A of a debtor’s debts if—
a: the debtor has been given notice of the application for cancellation (including the grounds relied on by the applicant); and
b: the court is satisfied that facts have been established that—
i: were not known to the Assignee before the debtor was discharged from the no asset procedure; and
ii: had the Assignee known of them, would have justified the Assignee in terminating the debtor’s participation in the no asset procedure under section 373(1)﻿(a).
2: The court must not reverse the cancellation of debts if the applicant is a creditor and the facts relied on by the applicant were known to the applicant at the time the debtor was discharged.
377E: Effect of reversal of cancellation of debts
1: If the court reverses a cancellation under section 377A of a debtor’s debts, the debts that were cancelled under section 377A(1) become again enforceable, and the debtor is liable to pay any penalties and interest that may have accrued during the debtor’s participation in the procedure or after the debtor was discharged.
2: However, the reversal does not prejudice or affect the validity of any contract, sale, disposition, or payment made or anything done by the debtor before the cancellation was reversed.
92: Section 441 amended (Regulations)
In section 441(1)﻿(r) summary instalment debt repayment
93: Section 448 amended (Purposes of public registers)
In section 448 summary instalment debt repayment
94: Section 449 amended (General information that must be held in public registers)
1: In section 449 summary instalment debt repayment
2: After section 449(1)﻿(a)
ab: any other name (including any alias or trading name) used by P and known to the Assignee:
3: After section 449(1)﻿(g)
ga: if a debt repayment order is made in respect of P, the date of the debt repayment order:
4: In section 449(1)﻿(n) business postal address electronic address
95: Section 453 amended (Search criteria)
In section 453 summary instalment debt repayment
96: Section 454 amended (Search purposes)
In section 454 summary instalment debt repayment
97: Consequential amendments to other enactments
Amend the enactments specified in Part 3 2020-01-13 Protection of Personal and Property Rights Act 1988 High Court Rules 2016 Insolvency (Personal Insolvency) Regulations 2007
98: Schedule 1AA amended
In Schedule 1AA, after Part 1 Schedule 3
9: Amendments to Limited Partnerships Act 2008
99: Amendments to Limited Partnerships Act 2008
This Part amends the Limited Partnerships Act 2008 2020-01-13 Limited Partnerships Act 2008
100: Section 8 amended (Requirements for limited partnership)
1: Replace section 8(4)﻿(a)﻿(ii)
ii: lives in an enforcement country and is a director of a body corporate that is incorporated in that enforcement country under a law that is equivalent to the Companies Act 1993:
2: Replace section 8(4)﻿(b)﻿(ii)
ii: live in an enforcement country and are directors of a body corporate that is incorporated in that enforcement country under a law that is equivalent to the Companies Act 1993:
3: Replace section 8(4)﻿(c)﻿(ii)
ii: live in an enforcement country and are directors of a body corporate that is incorporated in that enforcement country under a law that is equivalent to the Companies Act 1993:
4: Replace section 8(4)﻿(e)﻿(ii)
ii: live in an enforcement country and are directors of a body corporate that is incorporated in that enforcement country under a law that is equivalent to the Companies Act 1993.
101: Section 19A amended (Qualifications of general partners: natural persons)
After section 19A(2)﻿(d)
da: a person who is prohibited from being a director of a company under section 299(1)﻿(b) of the Insolvency Act 2006:
db: a person who is prohibited from directly or indirectly being concerned, or taking part, in the management of a company under section 299(1)﻿(c) of the Insolvency Act 2006:
102: Section 52 amended (Application for registration)
1: Repeal section 52(1)﻿(d)﻿(iii)
2: After section 52(2)
3: If the requirement under section 8(4) is to be met by virtue of paragraph (a)﻿(ii), (b)﻿(ii), (c)﻿(ii), or (e)﻿(ii) of that section, the application must—
a: confirm that at least 1 of the natural persons referred to in that paragraph is a director of a body corporate that is incorporated in that enforcement country under a law that is equivalent to the Companies Act 1993; and
b: include the prescribed information in relation to that directorship.
103: Section 101 amended (Restoration to register of limited partnerships)
In section 101 (except section 328(3)﻿(a))
104: Consequential amendment to other enactment
Amend the enactment specified in Part 4 2020-01-13 Limited Partnerships Regulations 2008
10: Amendments to Personal Property Securities Act 1999
105: Amendments to Personal Property Securities Act 1999
This Part amends the Personal Property Securities Act 1999 2020-01-13 Personal Property Securities Act 1999
106: Section 139 amended (Personal property securities register)
Replace section 139(1)
1: The Registrar must keep a register of personal property security interests known as the personal property securities register.
107: Section 140 amended (Contents of register)
Replace section 140(b)
b: if the debtor is an organisation that is incorporated,—
i: if it is incorporated in New Zealand, the unique number assigned to it on its incorporation; or
ii: if it is registered under Part 18 of the Companies Act 1993 or Part 3 of the Limited Partnerships Act 2008, the unique number assigned to it on its registration under that Act; or
iii: in any other case, the unique number (if any) assigned to it on its incorporation in its place of incorporation:
108: Section 142 amended (Data required to register financing statement)
Replace section 142(1)﻿(c)
c: if the debtor is an organisation that is incorporated, its unique incorporation or registration number referred to in section 140(b)
109: Section 172 amended (Search criteria)
Replace section 172(b) to (d)
b: the name and address of the debtor:
c: if the debtor is an individual, the name and date of birth of the debtor:
d: if the debtor is an organisation that is incorporated, its unique incorporation or registration number referred to in section 140(b)
110: Consequential amendment to other enactment
Amend the enactment specified in Part 5 2020-01-13 Personal Property Securities Regulations 2001
11: Amendments to Plant Variety Rights Act 1987
111: Amendments to Plant Variety Rights Act 1987
This Part amends the Plant Variety Rights Act 1987 2020-01-13 Plant Variety Rights Act 1987
112: Section 5 amended (Applications)
In section 5(1)﻿(c) within New Zealand or Australia
113: Section 35 amended (Service of notices, etc)
In section 35(1)﻿(b) and (c) in New Zealand or Australia
114: Consequential amendment to other enactment
Amend the enactment specified in Part 6 2020-01-13 Plant Variety Rights Regulations 1988
12: Amendments to Takeovers Act 1993
115: Amendments to Takeovers Act 1993
This Part amends the Takeovers Act 1993 2020-01-13 Takeovers Act 1993
116: Section 2 amended (Interpretation)
1: In section 2(1) accounting period section 5(1) of the Financial Reporting Act 2013 subsidiary sections 5 to 8 of the Companies Act 1993
2: In section 2(1) code company code company
a: has the meaning given to it in section 2A
b: includes, for the purpose set out in section 2AB
117: Section 2A amended (Meaning of code company)
1: In section 2A(1) a company that— a company—
2: In section 2A(1)﻿(a) is that is
3: In section 2A(1)﻿(b) was that was
4: Replace section 2A(1)﻿(c)
c: that—
i: has 50 or more shareholders and 50 or more share parcels; and
ii: is at least medium-sized.
5: Repeal section 2A(2)
6: After section 2A(3)
4: In this section, a company is at least medium-sized
a: the company has completed 1 or more accounting periods and either or both of the following are true:
i: on the last day of the company’s most recently completed accounting period, the total assets of the company and its subsidiaries (if any) are at least $30 million:
ii: in the most recently completed accounting period, the total revenue of the company and its subsidiaries (if any) is at least $15 million; or
b: the company has not completed its first accounting period and on the last day of the most recently completed month the total assets of the company and its subsidiaries (if any) are at least $30 million.
118: New section 2AB inserted (Extended meaning of code company for purpose of completing code-regulated transactions)
After section 2A
2AB: Extended meaning of code company for purpose of completing code-regulated transactions
1: This section applies if a company ceases to be a code company within the meaning of section 2A(1) as the result of, or during, a transaction or an event regulated under the takeovers code.
2: The company continues to be treated as a code company for the purpose of completing the transaction or event, until the transaction or event is complete and all requirements of the code in relation to the transaction or event have been complied with.
3: For the purposes of subsection (2), if, as a result of the transaction or event, a person becomes a dominant owner in the company, completing the transaction or event
4: Subsection (2) does not prevent the company from again becoming a code company under section 2A(1).
5: In this section,—
a: dominant owner
b: words or expressions used in the definition of dominant owner have the same meanings as they have in the takeovers code:
c: a reference to rules in Part 7 of the code includes any other rules that, with or without modification, replace or correspond to those rules.
119: Schedule 1AA amended
In Schedule 1AA, after clause 1 Schedule 4
120: Consequential revocation of Takeovers Code (Small Code Companies) Exemption Notice 2016
The Takeovers Code (Small Code Companies) Exemption Notice 2016 2020-01-13 Takeovers Code (Small Code Companies) Exemption Notice 2016
121: Consequential amendments to other enactment
Amend the enactment specified in Part 7 2020-01-13 Takeovers Regulations 2000 Takeovers Code Approval Order 2000 was the original name. Title changed on 29 October 2018
13: Amendments to Trade Marks Act 2002
122: Amendments to Trade Marks Act 2002
This Part amends the Trade Marks Act 2002 2020-01-13 Trade Marks Act 2002
123: Section 5 amended (Interpretation)
In section 5(1) registered trade mark means , subject to section 60
124: New section 7A inserted (Transitional, savings, and related provisions)
After section 7
7A: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1AA
125: New section 13A inserted (Trade mark not registrable if related certification trade mark owned)
After section 13
13A: Trade mark not registrable if related certification trade mark owned
If a person owns a certification trade mark in respect of goods or services, a trade mark in respect of goods or services of the kind certified must not be registered in the name of that person.
126: Section 14 amended (Additional provisions that relate to registrability of certification trade marks)
In section 14(b) carries on a trade in owns a trade mark in respect of, or otherwise carries on trade in,
127: Section 53 replaced (Reissuing certificate of registration)
Replace section 53
53: Replacement of certificate of registration
The Commissioner must issue a new certificate of registration to replace an existing certificate if—
a: an application for a new certificate of registration has been made in the prescribed manner; and
b: the prescribed fee, if any, has been paid.
128: Sections 59, 60, and 60A replaced
Replace sections 59 60 60A
59: Procedure for renewal of registration
1: On application by the owner of a registered trade mark, the Commissioner must renew the registration of the trade mark from the date on which the registration expires (the expiry date
2: An application for renewal must be made to the Commissioner—
a: not more than 12 months before, and not more than 6 months after, the expiry date; and
b: in the prescribed manner.
3: If the owner has not applied for renewal, the Commissioner must send to the owner a notice setting out—
a: the date on which the registration of the trade mark will expire; and
b: the conditions (as to the payment of fees or otherwise) on which the registration will be renewed (the renewal conditions
c: that,—
i: if the registration is not renewed before the expiry date, the register will be changed to record that the trade mark’s status is registered-past expiry date; and
ii: if the registration has still not been renewed 6 months after the expiry date, the trade mark will be removed from the register.
4: The notice must be sent in the prescribed manner before the expiry date.
5: If the registration of a trade mark is not renewed before its expiry date, the Commissioner must record on the register that its status is registered-past expiry date (until the registration is renewed or it is removed from the register).
6: The Commissioner must remove the trade mark from the register if—
a: notice has been sent under subsection (3); and
b: 6 months have elapsed since the expiry date; and
c: the renewal conditions have not been met.
60: Effect of registered-past expiry date status
1: A trade mark has the status of registered-past expiry date
a: the trade mark’s registration expiry date (referred to in section 59
b: the trade mark has not yet been removed from the register.
2: While the trade mark’s status is registered-past expiry date, the trade mark—
a: is not a registered trade mark for the purposes of subparts 1 to 3 of Part 4
b: is a registered trade mark for all other purposes.
3: If the trade mark’s registration is renewed before it is removed from the register under section 59(6)
a: the renewed registration takes effect from the expiry date ( see section 59(1)
b: the trade mark is taken to have remained a registered trade mark for all purposes from that date as if its status had not changed.
129: Section 65 amended (Application for revocation of registration of trade mark)
In section 65(1) mark on any of the grounds set out in section 66
130: Section 66 amended (Grounds for revoking registration of trade mark)
1: In section 66(1) registration of a trade mark may be revoked on any of the following grounds grounds for revoking the registration of a trade mark are as follows
2: In section 66(2) despite subsection (1), a trade mark may not be revoked there are not grounds for revoking the registration of a trade mark
3: Replace section 66(3)
3: Subsection (1)﻿(a) does not apply if the owner commences or resumes genuine use of the trade mark in the course of trade in New Zealand after the expiry of the 3-year period and before the application for revocation is made.
131: Section 68 amended (Revocation of registration of trade mark)
Replace section 68(1)
1: If the Commissioner or the court is satisfied that grounds for revocation of the registration of the trade mark exist, the Commissioner or the court must,—
a: if the grounds exist in respect of all of the goods or services in respect of which the trade mark is registered, revoke the registration of the trade mark; or
b: if the grounds exist in respect of only some of the goods or services in respect of which the trade mark is registered, revoke the registration of the trade mark in so far as it relates to those goods or services.
132: Section 167 replaced (Security for costs)
Replace section 167
167: Commissioner or court may require security for costs
1: The Commissioner or the court, as the case may be, may require a party to legal proceedings under this Act to give security for the costs of the proceedings if satisfied that—
a: the party does not reside, and does not carry on business, in New Zealand; or
b: there is reason to believe that the party will be unable to pay the costs of the other party if unsuccessful in the proceedings.
2: If the party does not give the security required, the Commissioner or the court may treat the proceedings as abandoned by the party and determine the matter accordingly.
133: Section 182 amended (Contents of register)
After section 182(b)
ba: if the trade mark’s status is registered-past expiry date (as defined in section 60
134: Section 191 repealed (Declarations, etc, on behalf of certain persons)
Repeal section 191
135: New Schedule 1AA inserted
Insert the Schedule 1AA set out in Schedule 5 Trade Marks Act 2002
136: Consequential amendments to other enactment
Amend the enactment specified in Part 8 2020-01-13 Trade Marks Regulations 2003
14: Amendments to Weights and Measures Act 1987
137: Amendments to Weights and Measures Act 1987
This Part amends the Weights and Measures Act 1987 2020-01-13 Weights and Measures Act 1987
138: Section 28 amended (Powers of Inspectors)
Replace section 28(1)﻿(h)﻿(i)
i: any goods sold, or currently kept, displayed, offered, or exposed for sale; or
139: Section 32 amended (Offences)
1: In section 32(i) uses, sells, or offers or exposes for sale uses, sells, leases, or offers or exposes for sale or lease
2: In section 32(j) or sells , sells, or leases
3: Replace section 32(k)
k: without lawful excuse—
i: increases or diminishes any stamped weight or measure; or
ii: uses, sells, leases, or offers or exposes for sale or lease any stamped weight or measure that has been increased or diminished; or