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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:

"Rules from the Companies Act 1993 that apply 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 it like the deposit taker is a company that is being liquidated. The resolution manager is like the liquidator of the company.

Some specific sections of the Companies Act 1993, such as sections 275, 291A to 301, 310G, and 310I, apply to the deposit taker. However, some other sections, like sections 120, 207P to 209C, and 214, do not apply.

When reading section 275(4) of the Companies Act 1993, you should replace the reference to clause 1(1)(a) of Schedule 7 with a reference to 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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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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