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Land Transfer Act 2017

Dealings in estates and interests in land - Flat and office owning companies

123: Issue of share certificates

You could also call this:

"Getting a share certificate when you own a flat or office in a company"

Illustration for Land Transfer Act 2017

You own a flat or office in a company. The company must give you a share certificate. The certificate must meet the rules in section 95(1)(a), (b), and (c) of the Companies Act 1993. If the company does not do this, it can be fined up to $5,000.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6731297.

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Part 3Dealings in estates and interests in land
Flat and office owning companies

123Issue of share certificates

  1. A flat or office owning company must issue to every shareholder in the company a share certificate that complies with the requirements of section 95(1)(a), (b), and (c) of the Companies Act 1993.

  2. If a company fails to comply with subsection (1),—

  3. the company commits an offence and is liable on conviction to a fine not exceeding $5,000:
    1. every director of the company commits an offence and is liable on conviction to a fine not exceeding $5,000, unless the director shows that—
      1. the company took all reasonable steps to ensure that the requirements of that subsection were complied with; or
        1. he or she took all reasonable steps to ensure that the company complied with the requirements of that subsection; or
          1. in the circumstances, he or she could not reasonably have been expected to take steps to ensure that the company complied with the requirements of that subsection.

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