28 Nov 2016
BANNOCK v MONACO MANAGEMENT LIMITED [2016] NZHC 2842
- Citation
- [2016] NZHC 2842
- Court
- High Court
Sales of Monaco Resort units subject to Cottage Leases were, in substance, offers of participatory securities; the s 5(1)(b) exemption did not apply because the units formed part of a contributory scheme; s 37 applied to allotments offered to the public and invalidates the allotment (the sale contract) not the registered lease itself; declaratory relief invalidating leases was refused as impractical and beyond the proper scope of s 37(4) given passage of time and registration/indefeasibility concerns; MVL (issuer) and Mr Sanders (director) are jointly and severally liable to repay subscriptio…