New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Every issuer of securities offered to the public (other than securities that have been redeemed) shall ensure that there are kept at all times accounting records that—
(a) Correctly record and explain the transactions,—
(i) In the case of an issuer of equity securities, debt securities, or life insurance policies, of the issuer; and
(ii) In the case of an issuer of participatory securities, units in a unit trust, or interests in a superannuation scheme, of the scheme; and
(b) Will at any time enable the financial position of the issuer or scheme, as the case may be, to be determined with reasonable accuracy; and
(c) Will enable the issuer to ensure that the financial statements of the issuer or scheme, as the case may be, comply with the Financial Reporting Act 1993 and any applicable regulations made under this Act; and
(d) Will enable the financial statements of the issuer or scheme, as the case may be, to be readily and properly audited.
(2) The accounting records referred to in subsection (1) of this section must be kept in a manner that will enable the financial statements of the issuer or scheme, as the case may be, to be readily and properly audited.
(3) Without limiting subsection (1) of this section, accounting records kept under that subsection shall contain, in respect of the issuer or scheme concerned,—
(a) Entries of money received and spent each day and the matters to which those entries relate:
(b) A record of the assets and liabilities of the issuer or scheme:
(c) If the business of the issuer or scheme involves dealing in goods,—
(i) A record of goods bought or sold, except goods sold for cash in the ordinary course of carrying on a retail business, that identifies the goods and buyers and sellers and relevant invoices; and
(ii) A record of stock held at the end of the financial year together with records of any stocktakings during the year:
(d) If the business of the issuer or scheme involves providing services, a record of services provided and relevant invoices.
Section 53 was substituted, as from 1 September 1983, by section 25 Securities Amendment Act 1982 (1982 No 147).
Subsection (2A) of the previous section 53 was substituted, and subsection (2AB) was inserted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).
Subsection (2B) of the previous section 53 was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the expression “(2A)”
for the expression “(2AB)”
.
Subsection (8) of the previous section 53 was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by inserting the words “or the Companies Act 1993”
.
Sections 51 to 53 were substituted, as from 1 October 1997, by section 24 Securities Amendment Act 1996 (1996 No 100). See section 2 of that Act for transitional provisions relating to its application.