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Acts
Takeovers Act 1993
Investigation and enforcement
Enforcement by court
Pecuniary penalty orders and declarations of contravention
33R: Court must order that recovery from pecuniary penalty be applied to Panel's actual costs

1Short Title and commencement 2Interpretation 2AMeaning of code company 2ABExtended meaning of code company for purpose of completing code-regulated transactions 2BTransitional, savings, and related provisions 3Act to bind the Crown 4Object of this Act

Part 1:
Takeovers Panel

5Establishment of Takeovers Panel 6Membership of Panel 7Associate members 7APanel may act by divisions 7BMembership and chairperson of division 7CPowers of division 8Functions of Panel 9Powers of Panel to take evidence 10Provisions relating to certain proceedings before Panel 11Protection from liability for Panel and members, officers, and employees 12Meetings 13Power to prohibit disclosure of information, documents, and evidence 14Delegation 15Powers 15ASharing of information and documents with FMA 15BSharing of information and documents with Commerce Commission 15CSharing of information and documents with licensed market operators 16Annual reports 17Annual fee in respect of funding of Panel 17APanel deemed to be public authority 18Further provisions applying to Panel

Part 2:
Takeovers code

19Power to make takeovers code 20Objectives of takeovers code 21Matters to be considered by Minister in making recommendations concerning takeovers code 22Specific provisions applying to takeovers code 23Takeovers code not to apply in certain cases 23ATakeovers code does not apply where court order under section 236 of Companies Act 1993 24Co-ordination with Australia 25Minister to consult Panel 26Panel to consult with Minister 27Action taken by Takeover Panel Advisory Committee 28Approval of takeovers code 29Order in Council deemed to be regulation 30Minister may request formulation of further takeovers code 31Revocation of takeovers code

Part 3:
Investigation and enforcement

Investigation and enforcement by Panel

Enforcement by court

Overview of enforcement powers and civil remedies

33EOverview of enforcement powers and civil remedies

Injunctions

33FWhat court may injunct 33GWhen court may grant injunctions and interim injunctions 33HUndertaking as to damages not required by Panel

Various civil remedy orders

33IWhen court may make various civil remedy orders 33JTerms of various civil remedy orders

Compensatory orders

33KWhen court may make compensatory orders 33LTerms of compensatory orders

Pecuniary penalty orders and declarations of contravention

33MWhen court may make pecuniary penalty orders and declarations of contravention 33NPurpose and effect of declarations of contravention 33OWhat declarations of contravention must state 33PMaximum amount of pecuniary penalty 33QConsiderations for court in determining pecuniary penalty 33RCourt must order that recovery from pecuniary penalty be applied to Panel's actual costs

General

34Court may make orders 35Persons who may apply 36Orders 37Interim orders 38Court may have regard to determinations and recommendations by Panel 39Orders directing disposal of securities 40Revocation, variation, and suspension of orders 41Court may excuse contravention 42Court may require person to give evidence or produce documents relating to interests in financial products 43More than 1 civil remedy order may be made for same conduct 43AOnly 1 pecuniary penalty order may be made for same conduct 43BStandard of proof for civil remedies 43CTime limit for applying for civil remedies

Offences

General offences

44General offences 44AConviction of offence under section 44 excluded in certain cases

False or misleading statement or information

44BFalse or misleading statement or information 44CCriminal liability for false or misleading statement or information 44DException for disclosure by investment advisers or brokers 44EFair Trading Act 1986 excluded

Other court orders

Management bans

44FWhen court may make management banning orders 44GTerms of management banning orders 44HOffence of contravening management banning order 44IOnly 1 management banning order may be made for same conduct 44JPersons automatically banned from management 44KGeneral provisions for bans and banning orders

Orders to preserve assets to satisfy claims

44LWhen court may prohibit payment or transfer of money, financial products, or other property 44MWhat orders may be made 44NInterim orders 44ORelationship with other law 44POffence

General

44PATime limit for commencing proceedings for offence under section 44H, 44J, or 44P 44QJurisdiction of courts in New Zealand 44RCourt may order payment of Panel's costs 44SOrders to secure compliance 44TGiving notice of applications for court orders 44UGeneral provisions as to court's orders 44VPersons entitled to appear before court 44WKnowledge of matters presumed if employee or agent knows matters 44XNo pecuniary penalty and fine for same conduct

Part 4:
Miscellaneous

Exemptions and regulations

45Panel may grant exemptions 45AVariation and revocation of exemptions 46Regulations

Reimbursement of expenses incurred in connection with offer or takeover notice

47Interpretation for sections 48 to 53 48Reimbursement of directors 49Reimbursement of target company 50Determinations by Panel of amount to be reimbursed 51Appeals against Panel’s determination 52Enforcement of agreement of amount to be reimbursed 53Enforcement of Panel’s order for payment of amount to be reimbursed

Schedule 1AA:
Transitional, savings, and related provisions

Schedule 1:
Provisions applying to Takeovers Panel

Summary of changes

Takeovers Act 1993

Investigation and enforcement - Enforcement by court - Pecuniary penalty orders and declarations of contravention

33R: Court must order that recovery from pecuniary penalty be applied to Panel's actual costs

You could also call this:

"Court uses penalty money to pay Takeovers Panel's costs"

If a court orders someone to pay a pecuniary penalty, and the Takeovers Panel was involved in the case, the court must also order that the penalty money be used to pay the Panel's costs first. You need to know that the Panel's costs are the expenses they had when bringing the case to court. The court will make sure the penalty money is applied to these costs.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326343.

This page was last updated on 12 December 2025 — View changes

Topics:

Money and consumer rights > Consumer protectionBusiness > Industry rules

33Q: Considerations for court in determining pecuniary penalty, or

"What the court thinks about when deciding a penalty for wrongdoing"

34: Court may make orders, or

"The Court can make decisions and give orders."

Part 3Investigation and enforcement
Enforcement by court: Pecuniary penalty orders and declarations of contravention

33RCourt must order that recovery from pecuniary penalty be applied to Panel's actual costs

If the court orders that a person pay a pecuniary penalty, and the proceedings were brought (in whole or in part) by the Panel, the court must also order that the penalty must be applied first to pay the Panel's actual costs in bringing the proceedings.

Notes

Section 33R: inserted, on 25 October 2006, by section 16 of the Takeovers Amendment Act 2006 (2006 No 48).