Section 167 — Property Law Act 2007: Duty to notify breaches of other Acts

167 Duty to notify breaches of other Acts (1) This section applies if— (a) the current mortgagor is a company or an overseas company; and (b) a mortgagee or other person who is required to prepare a report under section 162 or 163 considers that the company or overseas company, or any director of the company or overseas company, has committed an offence that is material to the possession of the mortgaged land or goods by the mortgagee against— (i) the Crimes Act 1961 ; or (ii) the Securities Act 1978 ; or (iii) the Companies Act 1993 ; or (iv) the Financial Reporting Act 1993 ; or (v) the Takeovers Act 1993 . (2) The mortgagee or other person who is required to prepare a report under section 162 or 163 must report the fact referred to in subsection (1)(b) to the Registrar. (3) A report made under subsection (2), and any communications between the mortgagee or other person and the Registrar relating to that report, are protected by absolute privilege. (4) If a mortgagee or other person fails to comply with this section, the mortgagee or person, and, if the mortgagee or person is a body corporate, every director of the body corporate, commits an offence and is liable on summary conviction to a fine not exceeding $10,000. Compare: 1952 No 51 s 104NN