New Zealand Legislation: Acts

75 Procedure for applying this Act to company to which Companies Special Investigations Act 1958 applies

• (1) The Governor-General may, by Order in Council,—

  • (a) Declare that any company which is subject to receivership under the Companies Special Investigations Act 1958 shall become subject to statutory management under this Act:

  • (b) Provide such transitional provisions as are necessary or desirable for giving effect to any such declaration.

  (2) Where any such Order in Council is made, the following provisions shall apply on and after the date of commencement of the order:

  • (a) The Companies Special Investigations Act 1958 shall cease to apply to the company; and

  • (b) Any person who holds office as a receiver and manager of the company under the Companies Special Investigations Act 1958 shall be deemed to have been appointed as statutory manager of the company under this Act; and

  • (c) Any such person shall have in respect of the company all the powers, rights, authorities, and privileges conferred by this Act on a statutory manager; and

  • (d) Any advisory committee appointed under section 26 of the Companies Special Investigations Act 1958 shall be deemed to have been appointed under this Act; and

  • (e) All the provisions of this Act shall apply in respect of the company, except for the following provisions:

    • (i) Section 38(1) (which enables an associated person of a corporation to be declared to be subject to statutory management):

    • (ii) Section 38(2) (which provides that every subsidiary of a corporation declared to be subject to statutory management shall also be subject to statutory management).