Monday, 10 June 2013

New Zealand: Government tables amendments to the Companies and Limited Partnerships Amendment Bill

Last week a supplementary order paper was tabled in Parliament containing amendments to the Companies and Limited Partnerships Amendment Bill: see here (pdf). Four main proposals are contained within the amendments, one of which is new: granting the Registrar of Companies to identify the controllers of companies. Other amendments concern Clause 4 of the Bill, which has been redrafted and now provides that a director will commit a criminal offence where he exercises powers or performs duties as a director (or omits to exercise powers or perform duties) in bad faith towards the company and believing the conduct is not in the best interests of the company and knowing, or being reckless whether, the conduct will cause [i] serious loss to the company, or [ii] benefit or advantage to a person who is not the company (including, for example, the director).

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