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Takeovers Act 1993

Investigation and enforcement - Enforcement by court - Compensatory orders

33L: Terms of compensatory orders

You could also call this:

"Getting compensation if someone does something wrong"

Illustration for Takeovers Act 1993

If section 33K applies, the court can make an order to help someone who has been affected. You might get money to make up for your loss or damage. The court can tell the person who did something wrong to pay you or give you back your money or property.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326329.

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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."

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"When a court can order you to pay a penalty for breaking takeover rules"

Part 3Investigation and enforcement
Enforcement by court: Compensatory orders

33LTerms of compensatory orders

  1. If section 33K applies, the court may make any order it thinks just to compensate an aggrieved person in whole or in part for the loss or damage, or to prevent or reduce that loss or damage, including an order (without limitation) to—

  2. direct the person in contravention to pay to the aggrieved person the amount of the loss or damage:
    1. direct the person in contravention to refund money or return property to the aggrieved person:
      1. if a contract has been entered into between the person in contravention and the aggrieved person,—
        1. vary the contract or any collateral arrangement as specified in the order and, if the court thinks fit, declare the contract or arrangement to have had effect as so varied on and after a date before the order was made, as specified in the order:
          1. cancel the contract and, if the court thinks fit, declare the cancellation to have had effect on and after a date before the order was made, as specified in the order:
            1. require the person in contravention to take any action the court thinks fit to reinstate the parties as near as may be possible to their former positions.

            Notes
            • Section 33L: inserted, on , by section 16 of the Takeovers Amendment Act 2006 (2006 No 48).