Crown Entities Act 2004

Establishment and governance of Crown entities - Crown entity subsidiaries - Formation and shareholding of Crown entity subsidiaries

101: Corporation sole may not acquire interests in bodies corporate

You could also call this:

"A corporation sole cannot own parts of other companies without approval."

If you are a corporation sole, you must not acquire or form a Crown entity subsidiary. You are also not allowed to form or hold shares in any company, or be part of a partnership, without first getting written approval from your responsible Minister. This also applies to settling a trust or being a trustee of a trust, where you need approval before doing so.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330346.


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100: Acquisition of shares or interests in companies, trusts, and partnerships, etc, or

"Crown entities must follow rules when buying shares or interests in companies, trusts, or partnerships."


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102: Interface with Companies Act 1993 and other Acts, or

"How Crown entities work with company and information laws"

Part 2Establishment and governance of Crown entities
Crown entity subsidiaries: Formation and shareholding of Crown entity subsidiaries

101Corporation sole may not acquire interests in bodies corporate

  1. A corporation sole must not acquire or form a Crown entity subsidiary.

  2. A corporation sole must not, without the prior written approval of its responsible Minister, otherwise—

  3. form or hold any shares or interests in any body corporate or in a partnership, joint venture, or other association of persons; or
    1. settle, or be or appoint a trustee of, a trust.