101Statutory manager may form body corporate to acquire business of branch of persons not incorporated in New Zealand

1. If a person declared to be subject to statutory management is a body corporate incorporated outside New Zealand or an unincorporated body that has its head office or principal place of business outside New Zealand, the statutory manager may—

2. form and register a body corporate under the Companies Act 1993 or any other Act:
3. subscribe for or acquire, as trustee for the person, all or any of the shares of the body corporate:
4. allot or issue all or any of the shares in the body corporate as fully or partly paid, as the case may be, up to the value of any property, rights, and assets vested in the body corporate under subsection (2) (after deducting the value of any liabilities so vested).

5. The Governor-General may, by Order in Council, on the recommendation of the Minister, declare that the whole or any part of any property, rights, assets, and liabilities of the person relating to its New Zealand business will vest in the body corporate referred to in subsection (1)(a) on a date specified in the order (and the property, rights, assets, and liabilities vest in the body corporate on the date specified).

6. Nothing in subsection (2) reduces, extinguishes, or affects any obligation or liability of a person.

7. If a body corporate is formed under subsection (1)(a),—

8. the body corporate is subject to statutory management under this subpart as if it had been declared to be so by an order under section 95; and
9. the body corporate has the same statutory manager as the person under statutory management; and
10. the provisions in this Act relating to statutory management apply (with any necessary modifications) as if the body corporate were a person under statutory management.