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Public Works Act 1981

General provisions

226: Shares in building-unit companies

You could also call this:

“Rules for companies that own buildings where people can buy shares to live in parts of the building”

This law is about companies that own buildings where people can own shares to live in part of the building. These are called building-unit companies.

A building-unit company is set up under the Companies Act 1993. When you own certain shares in this company, you get to live in a specific part of the building that the company owns.

The Minister of Lands can buy shares in these building-unit companies for the government. They can keep these shares, sell them, or do other things with them.

The Minister of Lands can also use all the rights and powers that come with owning these shares on behalf of the government.

This law says that the government has always been allowed to do these things with building-unit company shares.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM48344.

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Part 21 General provisions

226Shares in building-unit companies

  1. In this section, building-unit company means a company registered under the Companies Act 1993 the constitution of which provides that the registered holder of specified shares in the company is entitled, by virtue of being the holder of those shares, to occupy a specified portion of a building owned by the company.

  2. On behalf of the Crown the Minister of Lands may purchase and shall be deemed always to have had the power to purchase any shares in the capital of any building-unit company, and may hold, sell, or otherwise dispose of the shares.

  3. The Minister of Lands may from time to time exercise on behalf of the Crown all its rights, powers, and privileges as the holder of any such shares.

Compare
  • 1928 No 21 s 331A
  • 1973 No 44 s 21
Notes
  • Section 226(1): substituted, on , by section 2 of the Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).
  • Section 226(1): amended, on , by section 14 of the Companies Amendment Act 2013 (2013 No 111).
  • Section 226(2): amended, on , by section 72 of the Public Works Amendment Act 1988 (1988 No 43).
  • Section 226(3): amended, on , by section 72 of the Public Works Amendment Act 1988 (1988 No 43).