New Zealand Legislation: Acts

33 Restrictions on offer of securities to the public

• (1) No security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

  • (a) The offer is made in, or accompanied by, an authorised advertisement that is an investment statement that complies with this Act and regulations; or

  • (b) The offer is made in an authorised advertisement that is not an investment statement; or

  • (c) The offer is made in, or accompanied by, a registered prospectus that complies with this Act and regulations.

  (2) No debt security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

  • (a) The issuer of the security has appointed a person as a trustee in respect of the security and both the issuer and that person have signed a trust deed relating to the security; and

  • (b) A copy of the trust deed has been registered by the Registrar pursuant to section 46 of this Act; and

  • (c) Where the provisions of the trust deed have been amended, a copy of the instrument amending the deed has been registered by the Registrar pursuant to section 47 of this Act.

  (3) No participatory security shall be offered to the public for subscription, by or on behalf of an issuer, unless—

  • (a) The issuer of the security has appointed a person as a statutory supervisor in respect of the security and both the issuer and that person have signed a deed of participation relating to the security; and

  • (b) A copy of the deed of participation has been registered by the Registrar pursuant to section 46 of this Act; and

  • (c) Where the provisions of the deed of participation have been amended, a copy of the instrument amending the deed has been registered by the Registrar pursuant to section 47 of this Act.

  Subsection (1) was substituted, as from 1 September 1983, by section 13 Securities Amendment Act 1982 (1982 No 147).

  Subsection (1) was further substituted, as from 1 October 1997, by section 11(1) Securities Amendment Act 1996 (1996 No 100). See section 2 of that Act for transitional provisions relating to its application.