Takeovers Act 1993

Miscellaneous - Reimbursement of expenses incurred in connection with offer or takeover notice

48: Reimbursement of directors

You could also call this:

"Getting your expenses paid back as a company director"

You are a director of a target company. You can get your expenses paid back by the company. This is for expenses you had when working for the people who own parts of the company, related to an offer or takeover notice. The amount you get back is either what you and the company agree on, or what the Panel decides if you or the company ask them, as per section 50.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326766.

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

Topics:

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47: Interpretation for sections 48 to 53, or

"What special words mean in sections 48 to 53"

49: Reimbursement of target company, or

"Getting expenses paid back when a company is taken over"

Part 4Miscellaneous
Reimbursement of expenses incurred in connection with offer or takeover notice

48Reimbursement of directors

Despite anything in the constitution of a target company, each director of the target company is entitled to be reimbursed by the target company for any expenses properly incurred by the director on behalf, and in the interests, of holders of equity securities of the target company in relation to the offer or takeover notice.
The amount to be reimbursed to a director is the amount—
agreed between the director and the target company; or
determined by the Panel on an application made by the director or the target company (see section 50).

Notes

Section 48: replaced, on 31 March 2017, by section 132 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).