Section HM 14 — Income Tax Act 2007: Minimum number of investors

HM 14 Minimum number of investors Requirement for entities other than listed companies (1) If the entity is not a listed PIE, each investor class must include 20 or more persons. Requirements for listed PIEs (2) For listed PIEs, if the entity is a company listed on a recognised exchange in New Zealand, it must have only 1 investor class of which each investor is a member. Each investor interest must be a share traded on the exchange. This subsection applies equally to an unlisted PIE that meets the requirements of section HM 18 . Exceptions (3) Sections HM 21(1) and HM 22 override subsection (1). Defined in this Act: company , investor , investor class , investor interest , listed company , listed PIE , New Zealand , recognised exchange , share Compare: 2007 No 97 s HL 6(1A), (1), (2), (4) Section HM 14: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HM 14(1): amended, on 2 November 2012, by section 92 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 14(2) heading: substituted, on 29 August 2011, by section 61(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 14(2): amended, on 29 August 2011, by section 61(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 14(3): amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 46(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).