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Takeovers Act 1993

Miscellaneous - Exemptions and regulations

45: Panel may grant exemptions

You could also call this:

"The Panel can let you skip some takeover rules in special cases."

Illustration for Takeovers Act 1993

The Panel can choose to exempt you from following some rules in the takeovers code. They can do this for a person, a transaction, or an offer. The Panel can also exempt a group of people, transactions, or offers. The Panel can grant an exemption for something that has already happened, but only in certain cases. You can find more information about publication requirements in Part 3 of the Legislation Act 2019. When the Panel grants an exemption, they must publish their reasons for doing so. The Panel's reasons must include why they think the exemption is a good idea and how it fits with the goals of the takeovers code. The Panel must also publish the exemption itself and present it to the House of Representatives. There are some extra rules that apply to exemptions, which are explained in section 45A.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326754.

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Part 4Miscellaneous
Exemptions and regulations

45Panel may grant exemptions

  1. The Panel may, in its discretion and subject to such terms and conditions (if any) as it thinks fit, exempt from compliance with any provision of the takeovers code—

  2. any person, transaction, or offer:
    1. any class of persons, transactions, or offers associated with or involving a particular code company or entity:
      1. any class of persons, transactions, or offers that is not associated with or does not involve a particular code company or entity.

        1. An exemption may be granted in respect of past acts or omissions only under subsection (1)(a).

        2. Repealed

        3. Repealed

        4. An exemption under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

        5. The Panel’s reasons for granting an exemption under this section must be published, and presented to the House of Representatives, together with the exemption, and the reasons must include—

        6. why it is appropriate that the exemption is granted; and
          1. how the exemption is consistent with the objectives of the takeovers code.

            1. Subsections (4) to (6) are subject to section 45A.

            Notes
            • Section 45: replaced, on , by section 77(3) of the Legislation Act 2012 (2012 No 119).
            • Section 45(3): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 45(4): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 45(5): replaced, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 45(6): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 45(7): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).