Takeovers Act 1993

Investigation and enforcement - Enforcement by court - General

35: Persons who may apply

You could also call this:

"Who can ask the court to help with a takeover decision"

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You can apply to the court if the Panel makes a decision under section 32(3)(b). The Panel and some other people can make an application to the court under section 33F, 33I, or 33K. These people include the licensed market operator, the code company, and some of its members or financial product holders. You might need the Panel's consent to make an application to the court. If you ask the Panel to make an application and they do not do it within 10 days, you can make the application yourself. The Panel can also make an application to the court under section 33M if they make a decision under section 32(3)(b). If someone asks the Panel to hold a meeting under section 32(1) and the Panel does not make a decision within 14 days, some people can make an application to the court. These people include the licensed market operator, the code company, and some of its members or financial product holders. They can make an application to the court under section 33F, 33I, or 33K.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326349.

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Part 3Investigation and enforcement
Enforcement by court: General

35Persons who may apply

  1. Where the Panel makes a determination under section 32(3)(b) (a determination that the Panel is not satisfied that a person has acted or is acting or intends to act in compliance with the takeovers code) the following persons may, subject to subsection (2), make an application to the court under section 33F, 33I, or 33K:

  2. the Panel:
    1. if the code company's financial products are, or were at any material time, quoted on a licensed market, the licensed market operator:
      1. the code company concerned:
        1. a member or financial product holder of the code company concerned:
          1. a person who was a member or financial product holder of the code company concerned at the time that the conduct to which the application relates occurred:
            1. a person who, at any time within the period of 6 months before the making of the application, has made an offer or offers to acquire financial products in the code company in accordance with the takeovers code:
              1. with the leave of the court, any other person.
                1. A person referred to in any of paragraphs (b) to (f) of subsection (1) is not entitled to make an application to the court unless—

                2. the Panel has consented to the making of the application; or
                  1. that person has requested the Panel in writing to make an application to the court itself and the Panel has not made such an application before the expiration of 10 days after receiving the request.
                    1. Where a request is made to the Panel to hold a meeting under section 32(1) and the Panel does not, within 14 days after receiving the request, make a determination under section 32(3), the following persons may make an application to the court under section 33F, 33I, or 33K

                    2. if the code company's financial products are, or were at any material time, quoted on a licensed market, the licensed market operator:
                      1. the code company concerned:
                        1. a member or financial product holder of the code company concerned:
                          1. a person who was a member or financial product holder of the code company concerned at the time that the conduct to which the application relates occurred:
                            1. a person who, at any time within the period of 6 months before the making of the application, has made an offer or offers to acquire financial products in the code company in accordance with the takeovers code:
                              1. with the leave of the court, any other person.
                                1. If the Panel makes a determination under section 32(3)(b) (a determination that the Panel is not satisfied that a person has acted or is acting or intends to act in compliance with the takeovers code), the Panel may make an application to the court under section 33M.

                                Notes
                                • Section 35(1): amended, on , by section 17(1) of the Takeovers Amendment Act 2006 (2006 No 48).
                                • Section 35(1)(b): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(1)(c): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(1)(d): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(1)(d): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(1)(e): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(1)(e): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(1)(f): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(1)(f): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(3): amended, on , by section 17(2) of the Takeovers Amendment Act 2006 (2006 No 48).
                                • Section 35(3)(a): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(3)(b): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(3)(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(3)(c): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(3)(d): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(3)(d): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(3)(e): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                • Section 35(3)(e): amended, on , by section 16(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                                • Section 35(4): replaced, on , by section 17(3) of the Takeovers Amendment Act 2006 (2006 No 48).