Tougher Company Law Passed

by Desk Editor on Tuesday, June 24, 2014 — 10:03 PM

A bill bringing in more rules around company registrations and the behaviour of directors has passed into law.

Commerce Minister Craig Foss said the Companies and Limited Partnerships Amendment Bill divided into two bills would protect New Zealand’s international reputation.

The new law would tighten up the rules around companies’ registration and ensure there was an agent for a company registered in this country, to cut down on the international use of shell companies.

There would also be new criminal offences for directors who did not behave appropriately, these clauses had been rewritten a number of times and Foss said he was confident they now had the right balance.

Clayton Cosgrove said Labour supported the bill as it improved the regulatory regime, while ensuring the ease of doing business in New Zealand was maintained.

Cosgrove said the legislation had languished for a long time and it had taken to long to pass since it was introduced by Simon Power in the previous Parliament.

The bill completed its third reading on a voice vote and debate on the Commerce (Cartels and Other Matters) Amendment Bill was interrupted when the House rose at 10pm.

Earlier the Victims’ Orders Against Violent Offenders Bill completed its third reading on a voice vote.

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