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Companies Act 1993

Offences and penalties

385A: Appeals from FMA's exercise of power under section 385 or section 385AA

You could also call this:

“Appealing FMA decisions about banning company directors or managers”

If you’re unhappy with a decision made by the Financial Markets Authority (FMA) under section 385 or section 385AA, you can appeal to the court. You need to do this within 15 working days after the FMA publishes a notice about their decision in the Gazette. If you need more time, you can ask the court for an extension.

When the court hears your appeal, they can either agree with what the FMA did or give new instructions about what should happen. The court can make any decision they think is right for your situation.

If you want to appeal against something the Registrar has done under section 385, you need to look at section 370. This section explains how to appeal the Registrar’s decisions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3725383.

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385AA: Additional power for Registrar or FMA to prohibit persons from managing companies, or

“Registrar or FMA can ban people from managing companies if their previous company was removed”

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386: Liability for contravening section 385 or section 385AA, or

“Consequences for ignoring company director ban notices”

Part 21 Offences and penalties

385AAppeals from FMA's exercise of power under section 385 or section 385AA

  1. A person who is aggrieved by the FMA's exercise of a power under section 385 or section 385AA may appeal to the court within 15 working days after the date that the notice is published in the Gazette under section 385(3), or within any further time as the court may allow.

  2. On hearing the appeal, the court may approve the FMA's exercise of the power or may give any directions or make any determination in the matter that the court thinks fit.

  3. Section 370 provides for appeals from the Registrar's acts or decisions under section 385.

Notes
  • Section 385A: inserted, on , by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).
  • Section 385A heading: amended, on , by section 56(1) of the Companies Amendment Act 2014 (2014 No 46).
  • Section 385A(1): amended, on , by section 56(2) of the Companies Amendment Act 2014 (2014 No 46).