New Zealand Gazette – 1990 – No. 170

Page 3624

✨ Trading Member Regulations

3624 NEW ZEALAND GAZETTE No. 170

within one month thereafter, or within such extended time as the Board in its discretion may allow, the change in control has been abrogated, or the control of the Trading Member has been otherwise changed, in a manner acceptable to the Board, the Board shall call an extraordinary general meeting of Trading Members under clause 10.6 for the purpose of considering whether to expel the Trading Member.

14.6 Without prejudice to its obligations under clause 14.1 in respect of changes required to be notified under that clause, a Trading Member shall advise the Exchange in writing of any change in its partners, directors or shareholders within twenty-one days of such occurring; provided that:

(a) in the case of a listed public company it shall be deemed sufficient compliance with this clause if the Member provides to the Exchange copies of all notifications in respect of changes in directors or in respect of changes in shareholdings in the Member given by it to the stock exchange on which the Member is listed or to its members;

(b) any company or other entity which is owned or controlled directly by the Crown or a Minister of the Crown shall not be required to advise the Exchange of changes in its directors.

14.7 Should any change of the nature described in clause 14.1 occur without the prior approval of the Board or Trading Members (where referred to them by the Board), the Board may in its discretion suspend the trading rights of that Trading Member either until an application for approval has been lodged under clause 14.1, or if such an application has been lodged, until it has been approved by the Board, or by Trading Members where referred to them by the Board.

Holding of Interests in Other Trading Members

14.8 (a) No Trading Member may have an interest in another Trading Member.

(b) No third party may have an interest in more than one Trading Member; provided that this restriction shall not apply in any case where the Trading Members concerned are both companies or other entities owned or controlled directly by the Crown or Ministers of the Crown and neither of the Trading Members directly or indirectly by any means whatever holds or beneficially owns twenty per cent or more of the nominal, issued or paid up capital or of the voting power of the other.

(c) For the purposes of sub-clauses (a) and (b), ‘an interest’ shall mean the power to control directly or indirectly the trading decisions of a Trading Member, and without limiting the generality of this provision a person shall be deemed to have an interest in a Trading Member where:

(i) the person has control (as defined in clause 1.2) of the Trading Member; or

(ii) the person has appointed or nominated a director of the Trading Member; or

(iii) the person or a director of the person is also a director of the Trading Member.

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VUW Te Waharoa — NZ Gazette 1990, No 170

NZLII — NZ Gazette 1990, No 170

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Changes in Control of Trading Members (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsTrading Members, Control Changes, Partnerships, Companies, Share Capital, Ownership, Directors, Extraordinary General Meeting

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