Plain language law

New Zealand law explained for everyone

Radiocommunications Act 1989

Guarantee of management rights to registered managers - Compensation

62: Compensation for loss occurring after search and before registration

You could also call this:

"Getting paid back if you lose money after searching and before registering something"

Illustration for Radiocommunications Act 1989

You can get compensation if you lose money after searching for information and before registering something. The law explains what happens when you buy something like management rights or a spectrum licence. You need to understand what a search copy is, which is a document that shows information about the thing you are buying. You can take action against the Crown if you get a search copy and then someone else registers something that affects your purchase. This can happen if the registration was done before a certain time limit, which is called the second operative period. The court can extend this time limit if necessary. The law uses some special terms like 'first operative period' and 'purchase money'. The first operative period is a time frame of 10 working days before the purchase is settled. Purchase money includes the amount of money the buyer pays to the seller.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM196988.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protectionHousing and property > Buying and selling homesBusiness > Industry rules
Previous

61: Compensation for mistake or misfeasance of Registrar, or

"Getting paid back if the Registrar makes a mistake"

Next

63: Notice of action to be served on Attorney-General and Registrar, or

"Telling the Government About a Lawsuit Against Them"

Part 7Guarantee of management rights to registered managers
Compensation

62Compensation for loss occurring after search and before registration

  1. In this section, unless the context otherwise requires,—

    first operative period, in relation to any transaction to which this section applies, means the period of 10 working days commencing with the ninth working day preceding the date on which the transaction is settled

      purchase money includes, in relation to any mortgage, the amount to be advanced by the mortgagee in consideration of the grant of the mortgage

        search copy, in relation to any record of management rights or any spectrum licence, means a search copy of that record or spectrum licence prepared and issued by the Registrar under and for the purposes of this section

          second operative period, in relation to any transaction to which this section applies, means the period of 40 working days commencing with the first working day after the date on which the transaction is settled

            transaction to which this section applies means any agreement or arrangement entered into in respect of any management rights or spectrum licence under this Act whereby one party (in this section referred to as the purchaser) is to acquire or has acquired from the other party (in this section referred to as the vendor) an interest in those management rights or that spectrum licence for valuable consideration.

            1. For the purposes of this section, except as the parties may expressly agree a transaction is settled when the purchaser pays, gives, or otherwise makes available to the vendor the purchase money or other consideration, either in full or to the extent necessary to entitle the purchaser, in terms of the agreement or arrangement relating to the transaction, to call upon the vendor to do everything required of the vendor under that agreement or arrangement to enable the purchaser to register the interest to which the transaction relates.

            2. Any purchaser under a transaction to which this section applies who obtains, at any time during the first operative period, a search copy in respect of the management rights or spectrum licence that is the subject of the transaction and who sustains any loss or damage through the registration or lodging under this Act of any instrument or other document relating to those management rights or that spectrum licence may bring an action against the Crown for the recovery of damages if—

            3. no entry or memorial in the register relating to that registration or lodging appears in the search copy; and
              1. the registration or lodging was effected at any time before the expiry of the second operative period or the sooner registration of all instruments and other documents necessary to give effect to the transaction.

                1. For the purposes of an action under this section, the court may, on application made to it in that behalf by the purchaser (whether before or after the expiry of the second operative period), extend the second operative period for such length of time as it thinks just where it is satisfied that the registration of all instruments and other documents giving effect to the transaction have not been registered within that period and that the delay in such registration is attributable otherwise than to the fault of the purchaser, or of the purchaser's solicitor or agents.

                Notes
                • Section 62(1) search copy: amended, on , by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).
                • Section 62(1) transaction to which this section applies: amended, on , by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).
                • Section 62(3): amended, on , by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).