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Land Transfer Act 2017

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

132: Registration of cancellation, etc, of licence

You could also call this:

"What happens when a company cancels a licence to use someone's land"

Illustration for Land Transfer Act 2017

If a company cancels a licence, they must tell the Registrar. You need to give the Registrar a notice saying the licence is cancelled. If someone has a mortgage on the licence, the company must also give the Registrar a certificate or a copy of the mortgagee's consent, as required by section 131. The cancellation is not official until it is recorded on the register. If the company does not follow these rules, they can be fined up to $5,000. The company's directors can also be fined, unless they can show they did everything they could to follow the rules.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6731306.

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131: Restrictions on cancellation, etc, of licence subject to registered mortgage, or

"Rules for cancelling a licence when there's a mortgage"

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"Giving up a licence on a piece of land"

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

132Registration of cancellation, etc, of licence

  1. If a company cancels, revokes, or rescinds a registered licence, the company must present to the Registrar—

  2. a notice executed by the company of the cancellation, revocation, or rescission; and
    1. if the licence is subject to a registered mortgage,—
      1. a certificate that meets any prescribed requirements, executed by the company, stating that the notice required by section 131(1) was given to the mortgagee and that the matters stated in the notice had not been remedied within the time specified; or
        1. a copy of the mortgagee’s consent under section 131(2).

        2. No cancellation, revocation, or rescission of a registered licence is effective until it has been recorded on the register.

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

        4. 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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