Hon Craig Foss
Government Bill
344—3B
As reported from the committee of the whole House
Bill note
Key
1 Title
2 Commencement
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44 Principal Act amended
Part 1One or more general partners to live in New Zealand and other measures
45 Interpretation
46 Requirements for limited partnership
47 Who may be partner
48 New sections 19A and 19B inserted
19A Qualifications of general partners: natural persons
19B Qualifications of general partners: partnerships
19B Disqualified general partner still has duties or obligations under Act
48A Qualifications of general partners: natural persons
49A Application for registration
49B Contents of registers
49C Searches of register
49CA Records of limited partnership
49D Annual return
51A Use of name by overseas limited partnership
52 Regulations
New Schedule 2 added
52AA New Schedule 2 added
52AB Schedule 2 amended
Transitional provision relating to requirement for 1 or more general partners to live in New Zealand, etc
52A Transitional provision relating to requirement for 1 or more general partners to live in New Zealand, etc
Transitional provision relating to general and limited partners' place of birth information
52B Transitional provision relating to general and limited partners' place of birth information
52C Interpretation
Part 2Enhanced powers of Registrar
53 Rectification or correction of register
54 Registrar may note inactivity on register
55 New section 63A inserted
63A Registrar must remove note of warning
63B Immunity of Registrar
56 Registrar's powers of inspection
56A New sections 78A to 78H and headings inserted
Registrar's powers to identify controllers of limited partnership
78A Purpose of sections 78B to 78H
78B Control interests in partnership interests (basic rule)
78C Extension of basic rule to powers or controls exercisable through trust, agreement, etc
78D Extension of basic rule to interests held by other persons under control or acting jointly
78E Situations not giving rise to control interests
78F Registrar may require persons to disclose control interests and powers to get control interests
78G Registrar may require disclosure about controllers or delegates of general partners
78H Registrar may specify deadlines, form, and verification for information required under section 78F or 78G
Other matters relating to Registrar's powers
56B Disclosure of information and reports
56C Inspector's report admissible in liquidation proceedings
56D Exercise of powers under section 78 not affected by appeal
57 New section 98A inserted
98A Deregistration by Registrar
58 New heading and sections 103A to 103G inserted
Prohibited and disqualified persons
103A Persons prohibited from managing limited partnerships
103B Court may disqualify general partners
103C Liability for contravening section 103A or 103B
103D Registrar or FMA may prohibit persons from managing limited partnerships
103E Additional power for Registrar or FMA to prohibit persons from being involved in management of limited partnerships
103F Appeals from FMA's exercise of power under section 103D or 103E
103G Liability for contravening section 103D or 103E
58A Court may disqualify general partners
59 Consequential amendment to Summary Proceedings Act 1957
Consequential amendments to principal Act
60 Consequential amendments to principal Act
Schedule 2ANew Schedule 2 added
Schedule 2BSchedule 2 of principal Act (as inserted by Schedule 2A and section 52AA of this Act) amended
Schedule 3Consequential amendments to Limited Partnerships Act 2008
Legislative history
The Parliament of New Zealand enacts as follows: