The Companies Amendment Act 2014 (formerly part of the Companies and Limited Partnerships Amendment Bill) has been enacted, bringing in a number of changes for companies.
The changes address various government policies that have received media attention over the last few years, but have taken a while to make their way into legislation. Three of the most publicised changes are:
- two additional criminal offences for directors;
- new “resident director” requirements for all New Zealand companies; and
- amendments to parts of the Companies Act relating to schemes and amalgamations for companies subject to the Takeovers Code, to align them with the Takeovers Code.
The new criminal offences and the changes to reconstruction provisions in Parts 13 and 15 of the Companies Act are already in force.