Section 332 — Companies Act 1993: Meaning of carrying on business

332 Meaning of carrying on business For the purposes of this Part of this Act,— (a) A reference to an overseas company carrying on business in New Zealand includes a reference to the overseas company— (i) Establishing or using a share transfer office or a share registration office in New Zealand; or (ii) Administering, managing, or dealing with property in New Zealand as an agent, or personal representative, or trustee, and whether through its employees or an agent or in any other manner: (b) An overseas company does not carry on business in New Zealand merely because in New Zealand it— (i) Is or becomes a party to a legal proceeding or settles a legal proceeding or a claim or dispute; or (ii) Holds meetings of its directors or shareholders or carries on other activities concerning its internal affairs; or (iii) Maintains a bank account; or (iv) Effects a sale of property through an independent contractor; or (v) Solicits or procures an order that becomes a binding contract only if the order is accepted outside New Zealand; or (vi) Creates evidence of a debt or creates a charge on property; or (vii) Secures or collects any of its debts or enforces its rights in relation to securities relating to those debts; or (viii) Conducts an isolated transaction that is completed within a period of 31 days, not being one of a number of similar transactions repeated from time to time; or (ix) Invests its funds or holds property. Compare: Corporations Act 1989 (Aust) s 21(2), (3)