9. New Part 2A inserted

   The principal Act is amended by inserting, after section 31, the following Part:

	"31A	Power of Registrar to inspect documents
	"(1)	The Registrar, or any person authorised by the Registrar, may, for the purposes of Part III,— "(a) require any person to produce for inspection any document kept by that person: "(b) inspect and make records of a document referred to in paragraph (a): "(c) for the purpose of making records of any such document, take possession of the document and remove it from the premises where it is kept, for such period of time as is reasonable in the circumstances.
	"(2)	The Registrar must not authorise a person to carry out an inspection under subsection (1) unless the Registrar is satisfied that the person is suitably qualified or trained, or the person is a member of a class of persons who are suitably qualified or trained, to carry out an inspection.
	"(3)	A person authorised by the Registrar to carry out an inspection under subsection (1) must, if requested at the time of carrying out the inspection, produce evidence of that person’s authority to carry out the inspection. Compare: 1978 No 103 s 67(1)
	"31B	Panel to request or approve inspection
	"(1)	The Registrar, or any person authorised by the Registrar, must not do any of the things listed in section 31A(1)(a) to (c) without the request or approval of the Panel.
	"(2)	A request or approval of the Panel under subsection (1)— "(a) must be made for the purposes of Part III; and "(b) may relate to a particular case or limited class or classes of cases specified by the Panel.
	"(3)	In determining whether to make a request or approval under subsection (1), the Panel must consider, along with any other relevant matters, any matters relating to the necessity or expediency of carrying out an inspection, for example, whether it is practicable to obtain the information from other sources or by other means in the time available.
	"(4)	The fact that the Registrar, or any person authorised by the Registrar for the purposes of section 31A, requires the production of a document, or makes or attempts to make an inspection, is sufficient evidence that subsection (1) has been complied with, unless there is evidence to the contrary. Compare: 1978 No 103 s 67(2), (4)
	"31C	Disclosure of information from inspection
	"(1)	On the direction of the Registrar, a person who has made an inspection under section 31A must give all records and disclose all information acquired in the course of the inspection to— "(a) any person specified by the Registrar for the purposes of— "(i) Part III: "(ii) exercising powers conferred by this Act: "(iii) detecting and prosecuting offences against any other Act; but those records and information are not admissible in any criminal proceedings against the person from whom the records or information were acquired or any person to whom they relate: "(b) a liquidator for the purposes of the liquidation of a company: "(c) the Official Assignee for the purposes of a bankruptcy.
	"(2)	The Minister or the Panel may, by written notice, require the Registrar to give a direction under subsection (1); and the Registrar must comply with that requirement.
	"(3)	This section is subject to section 13. Compare: 1978 No 103 s 67(5), (6)
	"31D	Powers not limited
		Sections 31A, 31B, and 31C do not limit any power that the Registrar or any other person has under the Companies Act 1993 or any other enactment. Compare: 1978 No 103 s 67(7)
	"31E	Non-disclosure of information from inspection
		A person must not communicate to any other person any information acquired in the course of an inspection under section 31A except— "(a) in accordance with section 31C; or "(b) for the purposes of this Act; or "(c) in accordance with the Official Information Act 1982 or the Privacy Act 1993; or "(d) in the course of any criminal proceedings. Compare: 1978 No 103 s 67A(1)

	"31F	Offences
	"(1)	Every person commits an offence who— "(a) refuses or fails to produce any document for inspection when required to do so under section 31A: "(b) resists, obstructs, deceives, or attempts to deceive the Registrar, or any person authorised by the Registrar, in carrying out an inspection under section 31A: "(c) is not authorised by the Registrar to make an inspection under section 31A and who communicates to any other person information acquired in the course of an inspection under that section: "(d) contravenes section 31E (which relates to communicating information acquired in the course of an inspection).
	"(2)	Every person who commits an offence against subsection (1) is liable on summary conviction to a fine not exceeding $1,000. Compare: 1978 No 103 ss 60(1)(a)–(c), 67A(2)

	"31G	Rights of appeal A person who is aggrieved by an act or decision of the Registrar, or of any person authorised by the Registrar, under any of sections 31A to 31C may appeal against the act or decision to the Court. Compare: 1978 No 103 ss 68(1), 69A(1)
	"31H	Time for appeal An appeal under section 31G must be made— "(a) within 21 days of the date on which the person was notified of the act, decision, or refusal; or "(b) within any longer time allowed by the Court. Compare: 1978 No 103 ss 68(1), 69A(1)
	"31I	Situation while appeal pending While any appeal made under section 31G is pending,— "(a) the Registrar, or any person authorised by the Registrar, may continue to exercise his or her powers under any of sections 31A to 31C as if no appeal had been made; and "(b) no person is excused from fulfilling his or her obligations under any of those sections by reason of the appeal; and "(c) information that is obtained as a result of an inspection to which the appeal relates is not admissible as evidence in any criminal proceedings against the person to whom the information relates. Compare: 1978 No 103 s 68(3)
	"31J	Determination of appeal The Court must determine the appeal by either dismissing the appeal or giving such directions or making such determination in the matter as it thinks fit. Compare: 1978 No 103 ss 68(2), 69A(2)
	"31K	Requirements where appeal allowed To the extent that an appeal in respect of an act or decision of the Registrar, or any person authorised by the Registrar, under any of sections 31A to 31C is allowed or granted— "(a) the Registrar must ensure that, as soon as practicable after the decision on the appeal is given, all records made by the Registrar, or by a person authorised by the Registrar, under section 31A(1)(c) in respect of the act or decision are destroyed; and "(b) no information acquired under paragraph (a) or paragraph (b) of section 31A(1) in respect of the act or decision is admissible in evidence in any proceedings. Compare: 1978 No 103 s 68(3)".

10. Panel may grant exemptions

1. Section 45 of the principal Act is amended by repealing subsection (1), and substituting the following subsection:

11. Regulations

1. Section 46(a) of the principal Act is repealed.
2. Section 46 of the principal Act is amended by repealing paragraph (c), and substituting the following paragraphs:

   "(c)	prescribing the fees and charges payable, or the rate at which fees and charges are to be calculated, for the purposes of this Act:
   "(ca)	without limiting paragraph (c), prescribing fees and charges that the Panel may require to be paid to it— "(i) in connection with the exercise by the Panel of any power or function conferred on it by this Act: "(ii) on an application to the Panel to exercise any power or function conferred on it by this Act:
   "(cb)	authorising the Panel to require payment of any costs incurred by the Panel:".

12. New sections 47 to 49 substituted

1. The principal Act is amended by repealing Part IV, and substituting the following sections:

2. Section 3(2)(c) and (d) of the Securities Act 1978 is repealed.

13. Schedule amended

1. Clause 4 of the Schedule of the principal Act is amended by repealing subclause (2), and substituting the following subclauses:

2. Clause 6(3) of the Schedule of the principal Act is amended by inserting, after the word "Panel," in the first place where it appears, the words "or, of a division of the Panel, as the case may be,".

2001 No 30   Takeovers Amendment Act 2001

Legislative history
9 May 2001	Divided from Takeovers Code (Implementation and Enforcement) Bill (Bill 83–3B)
10 May 2001	Third reading
14 May 2001	Royal assent

This Act is administered in the Ministry of Economic Development.