Plain language law

New Zealand law explained for everyone

Overseas Investment Act 2005

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

107: Effect of termination of statutory management

You could also call this:

"What happens when statutory management ends"

Illustration for Overseas Investment Act 2005

When a decision is made under section 106, or a person under statutory management is put into liquidation, some things happen at a certain time. You stop being under statutory management at this time. The person in charge of statutory management also stops being in charge at this time. The certain time is either the date and time stated in the decision, or the date and time when a liquidator is appointed. This means the rules that applied to you under statutory management no longer apply, and the person who was managing you is no longer in that role.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS359011.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

106: Termination of statutory management, or

"When the government stops controlling someone or a company"

Next

108: Powers to obtain documents and information, or

"Getting documents and information when in charge of a company"

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

107Effect of termination of statutory management

  1. If an order is made under section 106, or a person under statutory management is put into liquidation as referred to in section 106(3), the following happens at the specified time:

  2. the person under statutory management ceases to be subject to statutory management:
    1. the appointment of the statutory manager terminates.

      1. In subsection (1), specified time means, as the case requires,—

      2. the date and time specified in the order; or
        1. the date and time of the liquidator’s appointment.

          Notes
          • Section 107: inserted, on , by section 52 of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).