New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Exemption notices

Legal area

Court

16 Jul 2010

BRAEMAR LODGE 2004 LTD (IN RECEIVERSHIP) V PRUDENCE KAYE OWERS AND ORS CA50/2010

Citation

openlaw-1593a1d5_767d_4b87_b1eb_ae291ea3e414.pdf
Court

Court of Appeal

Allotment of the participatory securities occurred when the vendor satisfied the viability condition and communicated that (28 March 2006), which was before any obligation to pay the subscription price; therefore s 3(2)(a)(iia) did not apply, the Exemption Notice conditions were not met and under s 37(4) the allotments were invalid, rendering the sale agreements unenforceable.
21 Apr 2010

VERANO PROPERTIES LIMITED V ANA AND IVICA SEVERS HC AK CIV-2009-404-8487

Citation

openlaw-c8253780_abe1_43b0_b1b4_c0dc9d8f3f75.pdf
Court

High Court

Reg 4(a) of the 1999 Notice requires prospective purchasers to be supplied with the rules of a society that is actually incorporated under the Incorporated Societies Act 1908 before they subscribe (which occurs on execution of the sale agreement); therefore the rules supplied must be those of an existing incorporated society and not of a society merely proposed to be incorporated.