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YC 19: Legislative conversion of foreign company of proprietors
or “Converting a foreign company to a limited liability company”
You could also call this:

“How the law handles the ending of trusts set up for governments”

This law talks about what happens when a special kind of trust ends. This trust is only for the benefit of the New Zealand government or a government from another country. When the trust ends, two things need to happen:

First, the trust must be closed down. Second, all the parts of a company that the trust owned must be given to the government that the trust was set up to benefit.

When this happens, the law says that the government getting the company parts is treated as if they got them on the same day the trust first got them. This means the government is seen as owning those parts of the company for the same amount of time the trust did.

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Next up: YC 20: Credit account continuity provisions: excluded fixed rate securities

or “Rules for certain securities in credit account continuity”
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Part Y Definitions and related matters
Measurement of company ownership

YC 19BTreatment when certain trusts terminated

  1. This section applies when—

  2. a trust established for the sole benefit of the New Zealand government or an overseas government is terminated; and
    1. all the ownership interests held by the trustees of the trust in a company are transferred to the government beneficiary.

      1. The government beneficiary is treated as acquiring the ownership interests transferred by the trustees on the date the trustees acquired the ownership interests.

      2. Repealed
      Notes
      • Section YC 19B: inserted (with effect on 1 January 2011), on , by section 158 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
      • Section YC 19B(3) heading: repealed (with effect on 1 April 2015), on , pursuant to section 284 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section YC 19B(3): repealed (with effect on 1 April 2015), on , by section 284 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).