• “(e) In relation to a unit trust (within the meaning of section 2 of the Unit Trusts Act 1960), the manager of the unit trust and, where the manager is a company, every director of that company:”.

• “(1) In this Act, issuer means—

  • “(a) Every person who has, whether before or after the commencement of this Act, allotted securities pursuant to—

    • “(i) An offer for which, or for which but for an exemption granted by the Securities Commission pursuant to section 5 of the Securities Act 1978, an investment statement or a registered prospectus, or both, is or was required under that Act (other than an offer of a unit in a unit trust); or

    • “(ii) An offer required to be contained in a prospectus required to be registered under the Companies Act 1955,—

    whether or not the securities allotted are securities of the same type as the securities offered:

  • “(b) Every manager of a unit trust (within the meaning of section 2 of the Unit Trusts Act 1960) in which securities have been allotted, whether before or after the commencement of this Act, pursuant to an offer of securities to the public within the meaning of the Securities Act 1978:

  • “(c) Every person who is a party to a listing agreement with a stock exchange in New Zealand and who has issued securities which are quoted on such an exchange.”

“9A

• “(1) For the purposes of this Act, a requirement on the directors of an issuer of securities in relation to a scheme within the meaning of section 2 of the Securities Act 1978 (other than a scheme to which subsection (2) of this section applies) to prepare and register financial statements shall be construed as including a requirement to prepare and register (in addition to financial statements in respect of the issuer itself),—

  • “(a) If the liabilities of the issuer and the scheme are not limited to a particular group of assets (in this section referred to as a separate fund), financial statements in respect of the scheme; or

  • “(b) If the liabilities of the issuer or the scheme are limited to a separate fund, financial statements in respect of both the scheme and that fund.

  “(2) For the purposes of this Act, a requirement on the trustees of a superannuation scheme that is registered under the Superannuation Schemes Act 1989 to prepare and register financial statements shall be construed as a requirement to prepare and register,—

  • “(a) If the liabilities of the trustee and the scheme are not limited to a separate fund, financial statements in respect of the scheme; or

  • “(b) If the liabilities of the trustee or the scheme are limited to a separate fund, financial statements in respect of both the scheme and that fund.

  “(3) Where the liability of an issuer that is a life insurance company to satisfy its obligations under any securities (as distinct from calculating the returns on the securities) is limited to a separate fund (whether the fund or the limitation is created by statute or by contract or otherwise), then, for the purposes of this Act, a requirement on the directors of the issuer to prepare and register financial statements shall be construed as including a requirement to prepare and register (in addition to financial statements in respect of the issuer itself), financial statements in respect of each such fund.”

• “(3) This section shall not apply in respect of a superannuation scheme that is registered under the Superannuation Schemes Act 1989 if the annual accounts of that scheme are not required to be audited under section 13 of that Act.”

• “(1A) Any financial statements to which subsection (1) of this section applies and that are required for the purposes of this Act may also contain or be accompanied by financial statements and any auditor's report on those statements, that are required for the purposes of a prospectus under the Securities Act 1978.”