First Schedule changes
Clause 14(1)(a)
44. It is proposed that clause 14(1)(a) of the First Schedule be deleted.
This clause relates to a Companies Act 1955 requirement and is obsolete.
Clause 14(1)(b)
45. It is proposed that clause 14(1)(b) be amended to also require information about the removal of directors and the process by which directors retire that is materially different from that specified in the Companies Act 1993.
This clause currently requires equivalent disclosure about appointment of directors. The proposed change will ensure that all relevant details about the term of appointment of a director are disclosed.
46. It is also proposed that this clause be amended to provide that the manner of a director's appointment, removal, or retirement need not be specified to the extent that the offer document states that it complies with the listing rules of a named stock exchange registered in New Zealand where the issuer is a company listed on that stock exchange.
This proposal removes the requirement to specify information about stock exchange listing rule requirements that will be common to most New Zealand listed companies and are publicly available.
Clause 14(2)
47. It is proposed that clause 14(2) of the First Schedule be revoked.
This clause relates to retirement ages of directors. It is to be revoked for consistency with the Human Rights Act 1993.
Clause 15(5)
48. It is proposed that clause 15(5) of the First Schedule be revoked.
This clause relates to the Companies Act 1955 and is obsolete.
Back to Top