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Takeovers Act 1993

Takeovers code

22: Specific provisions applying to takeovers code

You could also call this:

"Rules for Takeovers in New Zealand"

Illustration for Takeovers Act 1993

When a takeover happens, you need to follow some rules. These rules are outlined in the Takeovers Act 1993, specifically in sections like section 19 and section 23. The rules can define what kinds of transactions the code applies to. You have to make offers to acquire financial products in a code company in a certain way. This includes what the offer should look like, how long it is open, and who can accept it. The code company and its financial product holders must get certain information and documents. The rules also say what the code company and its directors must do during a takeover. They have to follow certain duties and obligations. The Registrar of Companies must register certain documents related to the takeover. The rules can be changed, and you can find more information about these changes in the Takeovers Amendment Act 2002 and the Financial Markets (Repeals and Amendments) Act 2013. You can also look at the Takeovers Amendment Act 2010 for more details. These changes help make the rules clearer and fairer for everyone involved.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM325862.

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Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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Part 2Takeovers code

22Specific provisions applying to takeovers code

  1. Without limiting section 19, but subject to section 23, regulations under that section may—

  2. define the transactions or classes of transactions in relation to which the code applies and for that purpose define terms and expressions used in the code in such manner as it thinks fit:
    1. prescribe the requirements in relation to offers and the making of offers to acquire financial products in a code company in a takeover including requirements as to the form and content of those offers, variations of those offers, the time during which those offers are to remain open for acceptance, the persons to whom those offers are to be made, and the manner of acceptance:
      1. prescribe the information, statements, certificates, and documents or other matters that must be supplied to a code company and the financial product holders of the code company in a takeover:
        1. prescribe requirements for the registration by the Registrar of Companies of documents in connection with a takeover:
          1. prescribe the duties and obligations of a code company and the directors of the code company and other persons in a takeover.

            Notes
            • Section 22: amended, on , by section 19 of the Takeovers Amendment Act 2002 (2002 No 45).
            • Section 22(b): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
            • Section 22(b): amended, on , by section 11 of the Takeovers Amendment Act 2010 (2010 No 88).
            • Section 22(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
            • Section 22(c): amended, on , by section 11 of the Takeovers Amendment Act 2010 (2010 No 88).
            • Section 22(e): amended, on , by section 11 of the Takeovers Amendment Act 2010 (2010 No 88).