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Takeovers Act 1993

Investigation and enforcement - Enforcement by court - General

41: Court may excuse contravention

You could also call this:

"The court can forgive you if you accidentally break the takeovers rules."

Illustration for Takeovers Act 1993

If you break the takeovers code, the court can decide to excuse you. The court will think about whether you made a mistake or did not know something. They can also consider things that were outside your control. You might not be considered to have broken the code if the court excuses you. The court's decision will depend on what they think is fair. Their decision will be final. The court's order will have the effect that it says it will have.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326366.

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Part 3Investigation and enforcement
Enforcement by court: General

41Court may excuse contravention

  1. If the court is satisfied that a person has, by any act or omission, contravened the takeovers code, but that the contravention ought to be excused, the court may (by order) declare that the act or omission was not a contravention of the code.

  2. In considering whether the contravention should be excused, the court may have regard to—

  3. inadvertence or mistake on the part of the person concerned:
    1. whether the person was aware of a relevant factor or circumstance:
      1. circumstances beyond that person's control:
        1. any other matters that the court thinks fit.

          1. The order has effect according to its tenor.

          Notes
          • Section 41: replaced, on , by section 21 of the Takeovers Amendment Act 2006 (2006 No 48).