There was a special rule called ‘Safe harbour for directors relating to effects of COVID-19’ that was part of the Companies Act 1993. This rule was about the duties of directors. However, this rule no longer exists. It was removed from the law on 31 May 2022. This means that directors can’t use this rule anymore when making decisions about their 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=LMS348187.
138A: Offence for serious breach of director's duty to act in good faith and in best interests of company, or
“Directors can be penalised for knowingly acting against the company's interests”
139: Meaning of interested, or
“What it means to be 'interested' in a company transaction as a director”
