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Corporations (NZ Closer Economic Relations) and Other Legislation Amendment Bill 2007

Schedule 2 Recognition of companies

   

Corporations Act 2001

1  After section 601CD

Insert:

601CDA   Limited disclosure if place of origin is a prescribed country

                   A foreign company is not required to lodge information or a copy of a document with ASIC under this Division if:

                     (a)  the company’s place of origin is a country prescribed by the regulations; and

                     (b)  the company has given the information or a copy of the document to an authority in that country whose functions under the law of the country include functions equivalent to any of those of ASIC under this Act.

2  Before section 601CT

Insert:

601CTA   Limited disclosure if place of origin is a prescribed country

                   A foreign company is not required to lodge information or a copy of a document with ASIC under this Division if:

                     (a)  the company’s place of origin is a country prescribed by regulations made for the purposes of section 601CDA; and

                     (b)  the company has given the information or a copy of the document to an authority in that country whose functions under the law of the country include functions equivalent to any of those of ASIC under this Act.

3  After subsection 1274(2A)

Insert:

          (2B)  For the purposes of subsections (2) and (5), information or a copy of a document that is not required to be lodged with ASIC because of section 601CDA or 601CTA is taken to be a document lodged with ASIC if an authority mentioned in the section has given the information or document to ASIC.