New Zealand Acts

COMMERCE ACT 1986 - SECT 47B

47B Orders against New Zealand bodies corporate following declaration under section 47A

1 The Commission may apply to the High Court for an order under this section in respect of a New Zealand body corporate—

a) at the same time as the Commission applies for a declaration under section 47A in relation to an overseas person who has a controlling interest in the body corporate; or

b) at any time while that application is pending or after the declaration has been made.

2 If the High Court makes a declaration under section 47A in relation to an overseas person, it may make an order under this section requiring any New Zealand body corporate in which the person has a controlling interest to—

a) cease carrying on business in New Zealand, in the market to which the declaration relates, no later than 6 months after the date of the declaration or any longer period specified by the court; or

b) dispose of shares or other assets specified by the court; or

c) take any other action (including disposing of shares or other assets) that the court considers, in all the circumstances, is consistent with the purpose of this Act.

3 Contravention of an order made under this section is a contravention of this section.

History: Section 47B: inserted, on 15 August 2017, by section 11 of the Commerce (Cartels and Other Matters) Amendment Act 2017 (2017 No 40).