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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Relationship between resolution and other legislation and processes

335: Application of certain provisions of Companies Act 1993

You could also call this:

"How the Companies Act 1993 applies to deposit takers in trouble"

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When a licensed deposit taker is in resolution, some parts of the Companies Act 1993 apply to it. You can think of the licensed deposit taker as a company in liquidation under that Act. The resolution manager is like the liquidator of the company. Some sections of the Companies Act 1993 do not apply to a licensed deposit taker in resolution. These include sections 120, 207P to 209C, and 214. You should also know that some other sections do not apply to certain transactions. When you read section 275(4) of the Companies Act 1993, you need to replace a reference with section 347(1) of this Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS535170.

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334: Court may give directions, or

"The court can give instructions to help a troubled deposit taker."

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336: Application of other Acts, or

"Some laws don't apply to deposit takers in trouble"

Part 7Crisis management and resolution
Conduct of resolution: Relationship between resolution and other legislation and processes

335Application of certain provisions of Companies Act 1993

  1. Sections 275, 291A to 301, 310G, and 310I of the Companies Act 1993 apply to a licensed deposit taker (A) in resolution in all respects, and with all necessary modifications, as if—

  2. A were a company in liquidation under that Act; and
    1. the resolution manager were A’s liquidator; and
      1. the time at which A entered resolution were the time at which the liquidation commenced.

        1. Despite subsection (1), the following do not apply in relation to A:

        2. sections 120, 207P to 209C, and 214 of the Companies Act 1993:
          1. sections 129 and 291A to 296D of the Companies Act 1993, to the extent that those sections would otherwise apply to a transaction or disposition under an agreement entered into after the licensed deposit taker enters into resolution.

            1. The reference in section 275(4) of the Companies Act 1993 to clause 1(1)(a) of Schedule 7 of the Companies Act 1993 must be read as a reference to section 347(1) of this Act.

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