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Takeovers Act 1993

Investigation and enforcement - Other court orders - Management bans

44F: When court may make management banning orders

You could also call this:

"When the court can stop someone from managing a company"

Illustration for Takeovers Act 1993

The court can make a management banning order against you if you have been convicted of an offence against certain sections of the Takeovers Act. You can also get a management banning order if you have persistently broken the rules of the Takeovers Act, the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Financial Markets Supervisors Act 2011 while being a director. The court can also make an order if you have been prohibited from doing certain activities in another country that are similar to activities in New Zealand.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326702.

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44G: Terms of management banning orders, or

"What is a management banning order and how it stops people from managing companies"

Part 3Investigation and enforcement
Other court orders: Management bans

44FWhen court may make management banning orders

  1. The court may, on application by any person referred to in section 35(1)(a) to (g), make a management banning order against a person (A) if—

  2. A has been convicted of an offence against either section 44 or section 44C or a pecuniary penalty order has been made against A under this Act for a contravention of the takeovers code; or
    1. A has, while a director of an incorporated or unincorporated body,—
      1. persistently contravened this Act, the Companies Act 1993, the Financial Markets Conduct Act 2013, the Financial Markets Supervisors Act 2011, or the takeovers code; or
        1. if the incorporated or unincorporated body has so contravened, persistently failed to take all reasonable steps to obtain compliance with those Acts or the code; or
        2. A has been prohibited in an overseas jurisdiction from carrying on activities that the court is satisfied are substantially similar to any of the activities referred to in section 44G in connection with a contravention of any law relating to takeovers.

          Notes
          • Section 44F: inserted, on , by section 24 of the Takeovers Amendment Act 2006 (2006 No 48).
          • Section 44F(b)(i): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).