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Crown Minerals Act 1991

Permits, access to land, and other matters - Offences and miscellaneous - Miscellaneous provisions

92A: Effect of liquidation or loss of registration of company

You could also call this:

"What happens to a company's permit if it goes out of business or is removed from the companies register?"

Illustration for Crown Minerals Act 1991

If a company that has a permit is liquidated, its share of the permit goes to the liquidator. The liquidator can then deal with this share as if they owned it. You can think of the share of the permit as personal property that the liquidator now owns.

If a company that has a permit is removed from the New Zealand companies register under the Companies Act 1993, its share of the permit goes to the Crown. This means the Crown now owns the share of the permit, just like it owns other personal property.

The liquidator or the Crown can do what they like with the share of the permit, just like the company could before it was liquidated or removed from the register.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5237019.

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92: Permits are not real or personal property, or

"Permits are treated differently to other kinds of property, with their own special rules."

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Part 1BPermits, access to land, and other matters
Offences and miscellaneous: Miscellaneous provisions

92AEffect of liquidation or loss of registration of company

  1. On the liquidation of a permit participant, its participating interest vests in the liquidator as if it were personal property, and the liquidator may deal with the participating interest to the same extent as the permit participant would have been able to.

  2. On the removal of a permit participant from the New Zealand register under the Companies Act 1993, all participating interests held by the permit participant company vest in the Crown as if they were personal property.

Notes
  • Section 92A: inserted, on , by section 46 of the Crown Minerals Amendment Act 2013 (2013 No 14).