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Land Transfer Act 2017

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

129: Rights of mortgagee of registered licence

You could also call this:

"What rights do mortgagees have for registered licences?"

Illustration for Land Transfer Act 2017

You have rights if you are a mortgagee of a registered licence. You are entitled to keep the licensee's copy of the licence and share certificate. You also get to receive notices of company meetings and attend them as the licensee's proxy. You can vote at these meetings instead of the licensee if you are present. This is part of the Land Transfer Act 2017. You can compare this to s 121H for more information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6731303.

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Topics:
Housing and property > Buying and selling homesHousing and property > Land useMoney and consumer rights > Banking and loans
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128: Mortgage of licence, or

"Telling the company about a mortgage on your licence"

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130: Restriction on disposal of licence or shares if licence subject to mortgage, or

"Selling a licence with a mortgage: what you need to know"

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

129Rights of mortgagee of registered licence

  1. The mortgagee or, if there is more than 1 mortgagee, the first mortgagee of a registered licence is entitled to—

  2. have custody of the licensee’s copy of the licence and the share certificate for the shares to which the licence relates; and
    1. receive notice of any meeting of the company of which the licensee is entitled to receive notice; and
      1. attend meetings of the company as proxy of the licensee and, if present, to vote at those meetings instead of the licensee.

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