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Overseas Investment Act 2005

National security and public order risks management regime - Risk management actions - Statutory management

102: Body corporate formed and registered also subject to statutory management

You could also call this:

"A company set up under certain rules is treated like a person who needs help managing their affairs."

Illustration for Overseas Investment Act 2005

If you form and register a body corporate under section 50(2)(a) of the Corporations (Investigation and Management) Act 1989, it is subject to statutory management. You are treated as if the body corporate was declared to be under statutory management by an order under section 95. The body corporate will have the same statutory manager as the person under statutory management.

The rules about statutory management in this Act apply to the body corporate, with some changes if needed, as if it were a person under statutory management. You can think of the body corporate as a person under statutory management when following these rules. The body corporate is treated the same as a person under statutory management.

The body corporate has the same statutory manager and follows the same rules as a person under statutory management. This means you follow the same process and rules for the body corporate as you would for a person under statutory management. The rules apply to the body corporate with any necessary modifications.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS358882.

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

"The government can create a new company to take over a foreign business in New Zealand."

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"A government manager can sell assets belonging to someone from overseas if they're not being used correctly."

Part 3National security and public order risks management regime
Risk management actions: Statutory management

102Body corporate formed and registered also subject to statutory management

  1. If a body corporate is formed and registered under section 50(2)(a) of the Corporations (Investigation and Management) Act 1989, as applied by section 105(i),—

  2. 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
    1. the body corporate has the same statutory manager as the person under statutory management; and
      1. 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.

        Notes
        • Section 102: inserted, on , by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).