20 Feb 2018
SANDERS v PROJECT MANAGEMENT AGREEMENT [2018] NZCA 18
- Citation
- [2018] NZCA 18
- Court
- Court of Appeal
Court held offers did not constitute participatory securities because each unit owner's entitlement was limited to revenue from their specific unit; the guest allocation clause did not create an enforceable right to share earnings from other units; hence offers fell within s 5(1)(b) exemption as separate titles; alternatively, even if securities were found, appellant proved absence of causative negligence; High Court orders ordering repayment set aside and judgment entered for appellant.
- Participatory securities
- Securities act 1978 s 5(1)(b) exemption
- Director liability s 37(6)
- Relief orders s 37ah
- Income pooling
- Unit leases and allocation clauses