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Takeovers Act 1993

Investigation and enforcement - Enforcement by court - Various civil remedy orders

33J: Terms of various civil remedy orders

You could also call this:

"What a civil remedy order can do to help with financial products"

Illustration for Takeovers Act 1993

You can get a civil remedy order under section 33I. This order can do many things to help with financial products. It can stop people from using their rights to financial products. You can stop people from getting new financial products. It can also stop people from buying or selling financial products. The order can make people sell their financial products. It can make people give up their financial products and the company that issued them must cancel them. The order can also cancel agreements to buy or sell financial products. It can give financial products to a trustee to sell. The order can say an agreement to buy financial products is not valid. If a contract breaks the takeovers code, the order can change the contract. It can cancel the contract or make people pay back money. The order can stop people from saying things that break the takeovers code. It can make people tell information to follow the takeovers code. The order can make people publish statements to correct mistakes. It can make people follow the takeovers code even if the time to do so has passed. The order can do many things to help with financial products and the takeovers code. You can get help with financial products through a civil remedy order.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326323.

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33I: When court may make various civil remedy orders, or

"What happens if someone breaks the takeovers rules: the court's role"

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33K: When court may make compensatory orders, or

"When someone breaks the rules, you can ask the court for money to make up for your loss."

Part 3Investigation and enforcement
Enforcement by court: Various civil remedy orders

33JTerms of various civil remedy orders

  1. A civil remedy order under section 33I may—

  2. restrain the exercise of rights attaching to financial products or declare an exercise of those rights to be void and of no effect:
    1. restrain the issue or allotment of financial products or restrain any distribution due in relation to financial products:
      1. restrain the acquisition or disposal of financial products or of interests in or rights relating to them or restrain the registration of any transfer or transmission of financial products:
        1. direct the disposal of financial products or of interests in or rights relating to them (including the person or class of persons to which they must, or must not, be disposed of) and direct the payment of the proceeds of any disposal:
          1. require financial products to be forfeited and require the issuer to cancel the forfeited financial products:
            1. cancel an agreement for the acquisition or disposal of financial products or interests in or rights relating to them:
              1. vest financial products or interests in or rights relating to them in a trustee for sale on the terms and conditions the court thinks fit:
                1. declare an agreement for the acquisition of financial products or interests in or rights relating to them to be voidable at the option of the person from whom the financial products or interests or rights were acquired:
                  1. if a contract is entered into in contravention of the takeovers code, or a contract contains a provision which, if given effect to, would contravene the takeovers code,—
                    1. vary the contract, in such manner as the court thinks fit:
                      1. cancel the contract:
                        1. require any person who is a party to the contract to make restitution or pay compensation to any other person who is a party to the contract:
                        2. prohibit or restrict a person from making any statement or distributing any document that is or that may reasonably be expected to constitute a contravention of the takeovers code:
                          1. direct a person to disclose in accordance with the order information for the purpose of securing compliance with the takeovers code even though the time for doing so may have expired:
                            1. direct a person to publish, at the person's own expense, in the manner and at the times specified in the order corrective statements that are specified in, or are to be determined in accordance with, the order:
                              1. require a person to comply with any provision of the takeovers code even though the time for doing so may have expired.

                                Notes
                                • Section 33J: inserted, on , by section 16 of the Takeovers Amendment Act 2006 (2006 No 48).
                                • Section 33J(a): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(b): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(d): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(e): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(f): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(g): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 33J(h): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).