New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The Panel may, in its discretion and on such terms and conditions (if any) as it thinks fit,—
(a) exempt any person from compliance with any provision of the takeovers code; and
(b) exempt, from compliance with any provision of the takeovers code,—
(i) any class of persons:
(ii) any class of transactions:
(iii) any class of offers.
(2) An exemption under subsection (1)(a) may be granted in respect of past or proposed acts or omissions.
(2A) An exemption under subsection (1)(b) may be granted in respect of proposed acts or omissions.
(3) An exemption shall have effect according to its tenor.
(4) An exemption, and the Panel's reasons for granting it, shall be notified in the Gazette as soon as practicable after being granted.
(4A) The Panel's reasons for granting an exemption under subsection (1) must include—
(a) why it is appropriate that the exemption is granted; and
(b) how the exemption is consistent with the objectives of the takeovers code.
(5) The Panel may defer notifying an exemption in the Gazette if the Panel is satisfied that it is proper to do so on the ground of commercial confidentiality.
(6) The Panel may defer notifying, or omit to notify, the reasons for granting an exemption in the Gazette if the Panel is satisfied that it is proper to do so on the ground of commercial confidentiality.
(7) The Panel may vary any exemption granted under this section, and the provisions of this section shall apply, with necessary modifications, in all respects to the variation.
(8) The Panel may revoke any exemption granted under this section, and shall notify the revocation in the Gazette as soon as practicable.
Subsection (1) was substituted, as from 1 June 2001, by section 10(1) Takeovers Amendment Act 2001 (2001 No 30).
Subsection (1)(a) and (b) was amended, as from 1 December 2002, by section 37 Takeovers Amendment Act 2002 (2002 No 45) by substituting the words “takeovers code”
for the words “Takeovers Code”
.
Subsection (2) was amended, as from 1 June 2001, by section 10(2) Takeovers Amendment Act 2001 (2001 No 30) by inserting after the words “An exemption”
the words “under subsection (1)(a)”
.
Subsections (2A) and (4A) were inserted, as from 1 June 2001, by section 10(3) and 10(4) Takeovers Amendment Act 2001 (2001 No 30).
Subsection (4A) was amended, as from 1 December 2002, by section 37 Takeovers Amendment Act 2002 (2002 No 45) by substituting the words “takeovers code”
for the words “Takeovers Code”
.