Section HM 18 — Income Tax Act 2007: Requirements for listed PIEs: unlisted companies

HM 18 Requirements for listed PIEs: unlisted companies Choosing to become listed PIE (1) A company that is not listed on a recognised exchange in New Zealand may choose under section HM 71 to become a listed PIE if it— (a) has 100 shareholders or more; and (b) has resolved to become a company listed on a recognised exchange in New Zealand if it were to obtain the required consents; and (c) has applied to the Securities Commission or the FMA for an exemption to disclose in a prospectus its intention to become a listed company; and (d) satisfies the Commissioner that the company would apply to become a listed company if it were to obtain the required consents. Two-year period (2) If the company is not listed within 2 years of the election, it loses PIE status from the last day of that period. Extension of period for listing (3) Despite subsection (2), a company does not lose PIE status at the end of the 2-year period if— (a) the company has met the requirements of subsection (1)(b) and (c) before 2 July 2009; and (b) a period of 4 years from the date on which the election takes effect has not expired. Further extension granted by Commissioner (4) Despite subsections (2) and (3), the Commissioner may grant a further extension of time if it is reasonable in the circumstances. Defined in this Act: Commissioner , company , listed company , listed PIE , New Zealand , PIE , recognised exchange , shareholder Compare: 2007 No 97 s HL 12 Section HM 18: 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 18(1)(c): amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5). Section HM 18(3) heading: added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 48(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section HM 18(3): added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 48(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section HM 18(4) heading: added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 48(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section HM 18(4): added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 48(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).