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Company (Minority Buy-Out Rights) Amendment Bill (Consistent) [2007] NZBORARp 33 (9 October 2007)

Last Updated: 2 January 2019

Company (Minority Buy-Out Rights) Amendment Bill

9 October 2007

Attorney-General

LEGAL ADVICE

CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990: COMPANY (MINORITY BUY-OUT RIGHTS) AMENDMENT BILL

1. We have considered whether the Companies (Minority Buy-out Rights) Amendment Bill (‘the Bill’) (PCO 8101/8) is consistent with the New Zealand Bill of Rights Act 1990 (‘the Bill of Rights Act’). We understand that this Bill is likely to be considered by the Cabinet Legislation Committee at its meeting on 18 October 2007.

2. This Bill amends the Companies Act 1993. The Companies Act 1993 provides a mechanism whereby a minority shareholder may require that the company purchase their shares if the company has passed certain resolutions despite the opposition of the minority shareholder. This Bill proposes to modify the existing procedures, rights and obligations governing a minority buy out situation.

3. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed by the Bill of Rights Act.

Stuart Beresford

Acting Policy Manager

Bill of Rights/Human Rights

Public Law Group

Melanie Webb Manager Ministerial Advice
Office of Legal Counsel

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the Company (Minority Buy-Out Rights) Amendment Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional

privilege in respect of this or any other matter. Whilst care has been taken to ensure that

this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.