New Zealand Guardian Trust Company Amendment Act 2008
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New Zealand Guardian Trust Company Amendment Act 2008
| Private Act | 2008 No 1 |
| Date of assent | 21 February 2008 |
| Commencement | see section 2 |
Contents
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Preamble
(1) The New Zealand Guardian Trust Company Act 1982 vested in The New Zealand Guardian Trust Company Limited (NZGT)—
(a) the trust department undertaking of The New Zealand Insurance Company Limited; and
(b) the undertaking of The South British Guardian Trust Company Limited:
(2) NZGT carries on a trust and agency business as an executor, as a trustee, in other fiduciary capacities, and as a trustee company:
(3) The New Zealand Guardian Trust Company Act 1982 authorises NZGT to transact business with Promina Group Limited (as its parent company) and with that parent company’s subsidiaries and associated companies:
(4) NZGT’s parent company changed from Promina Group Limited to Suncorp-Metway Limited on 20 March 2007:
(5) NZGT wishes to—
(a) be able to transact business with its current and future parent companies and with those parent companies’ subsidiaries and associated companies; and
(b) ensure the principal Act reflects NZGT’s current ownership structure; and
(c) validate business transacted with Suncorp-Metway Limited, or subsidiaries or associated companies of Suncorp-Metway Limited, on or between 20 March 2007 and the commencement of this Act:
(6) The objects of this Act cannot be achieved without legislation:
The Parliament of New Zealand therefore enacts as follows:
1 Title
This Act is the New Zealand Guardian Trust Company Amendment Act 2008.
2 Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3 Principal Act amended
This Act amends the New Zealand Guardian Trust Company Act 1982.
4 Short Title and commencement
-
(1) Section 1(3) is amended by omitting
“the Schedule to this Act shall”
and substituting“Schedule 1”
.(2) Section 1(4) is amended by omitting
“the Schedule to this Act”
and substituting“Schedule 1”
.
5 Interpretation
-
(1) The definition of appointed day in section 2 is amended by omitting
“the Schedule to this Act”
and substituting“Schedule 1”
.(2) Section 2 is amended by inserting the following definition after the definition of Guardian:
“holding company has the same meaning as in section 5 of the Companies Act 1993 and, for the avoidance of doubt, includes a body corporate that is incorporated outside New Zealand”.
(3) The definition of parent company in section 2 is repealed.
(4) Section 2 is amended by adding the following subsection as subsection (2):
-
“(2) The Governor-General may, by Order in Council made on the recommendation of the Minister of Justice given after consultation with the Minister of Commerce, amend Schedule 2 to—
“(a) add the name of a body corporate that is a holding company of the new company:
“(b) amend a reference to a body corporate named in Schedule 2 in order to reflect a change in that body corporate’s name, provided that that body corporate continues to be a holding company of the new company:
“(c) omit the name of a body corporate that ceases to be a holding company of the new company.”
-
6 Repeals
Section 13 is amended by omitting
“the Schedule to this Act”
and substituting“Schedule 1”
.
7 Company not to wind up without sanction of Court
Section 18 is amended by adding the following subsection as subsection (2):
“(2) In this section, parent company means a holding company of the new company.”
8 Company authorised to transact business with parent company or subsidiaries or associated companies
Section 21 is amended by adding the following subsection:
“(3) In this section, parent company means a holding company of the new company specified in Schedule 2.”
9 New Schedule 2 added
The schedule set out in the Schedule of this Act is added as Schedule 2.
10 Validation of certain previous transactions
Section 21 of the principal Act is deemed to have applied on and after 20 March 2007 until the commencement of this Act as if parent company was defined in that section to mean Suncorp-Metway Limited.
Schedule |
Schedule 2
Authorised parent companies of new companyss 2(2), 21(3)
Suncorp-Metway Limited
Legislative history | |
|---|---|
| 9 October 2007 | Introduction (Bill 157–1) |
| 17 October 2007 | First reading and referral to Finance and Expenditure Committee |
| 12 December 2007 | Reported from Finance and Expenditure Committee |
| 20 February 2008 | Second reading, third reading |
| 21 February 2008 | Royal assent |
Versions
New Zealand Guardian Trust Company Amendment Act 2008
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