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Companies Act 1993

Registrar of Companies - Registrar's powers to identify controllers of company

365C: Extension of basic rule to powers or controls exercisable through trust, agreement, etc

You could also call this:

“Power over a company can come from trusts or agreements, even if not directly involved”

You have power or control over a company if you can exercise it through a trust or an agreement. This includes situations where you might be able to use that power in the future, or if the trust or agreement is broken. It doesn’t matter if the trust or agreement can be legally enforced or if you’re part of it. This rule helps the Registrar figure out who’s really in charge of a company.

This rule is connected to section 365B, which talks about the basic ways people can have power or control over a company. The Registrar uses these rules to identify who controls a company.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6462551.

Topics:
Business > Industry rules
Business > Fair trading
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365B: Control interests in shares (basic rule), or

“Understanding when you have control over a company's shares”

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365D: Extension of basic rule to interests held by other persons under control or acting jointly, or

“Extending share control rules to include indirect influence and joint actions”

Part 20 Registrar of Companies
Registrar's powers to identify controllers of company

365CExtension of basic rule to powers or controls exercisable through trust, agreement, etc

  1. A person has a power or control referred to in section 365B if the power or control is, or may at any time be, exercised under, by virtue of, by means of, or as a result of a revocation or breach of, a trust or an agreement (or any combination of them).

  2. Subsection (1) applies regardless of whether or not the trust or agreement is legally enforceable or whether or not the person is a party to it.

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Notes
  • Section 365C: inserted, on , by section 48 of the Companies Amendment Act 2014 (2014 No 46).