Terms and queries about legal matters
Under New Zealand law, issuers, managers and promoters of registered Managed Investment Schemes (MIS Schemes) must hold a license to do so. Forest Enterprises Limited is licensed under the Financial Markets Conduct Act 2013 to manage Managed Investment Schemes (excluding managed funds) which are primarily invested in forestry assets. We have met (and are required to continue to [...]
Of the 61 forestry investments managed by Forest Enterprises, 49 are Managed Investment Schemes (MIS), registered under the Financial Markets Conduct Act 2013 and regulated by the Financial Markets Authority. Forest Enterprises Limited is licensed under the Financial Markets Conduct Act 2013 to manage Managed Investment Schemes (excluding managed funds) which are primarily invested in forestry [...]
Yes, you are in our Limited Partnership investments as a limited partnership is a corporate structure similar to a company which offers limited liability to investor partners. Your liability is only for what you have invested, including any outstanding Calls requested but not yet paid. You have no personal liability for any unpaid Calls of other investors. You [...]
The ETS is a cap and trade mechanism that has the effect of putting a price on carbon (and other greenhouse gases) in an attempt to reduce the carbon emissions in New Zealand. The primary unit of trade is the New Zealand Unit (NZU). NZUs are also called carbon credits. Certain entities within the ETS [...]
Investors in our Limited Partnerships own the land as well as the tree crop through their ownership of shares in the Limited Partnership. The land is not owned by the Manager or any other third party. Under the Financial Markets Conduct Act 2013, there is a requirement for the Supervisor (or its appointed custodian) to [...]
The answer is an unqualified no. As all the forestry land in Forest Enterprises' investment schemes is private land which has not been previously owned by a state-owned enterprise, it is legally protected from any Maori claims to the Waitangi Tribunal.
New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 requires us, as a financial services provider, to undertake due diligence on all new customers which involves gathering information about customer identity and residential address, verifying a customer's identity, and undertaking ongoing customer due diligence and account monitoring.
When a forestry investor sells shares in an Ordinary Partnership or Limited Partnership, section HG 5 of the Income Tax Act 2007 taxes the sale proceeds, but allows a $50,000 safe harbour threshold per partnership in any 12-month period under which this taxation treatment does not apply. The $50,000 safe harbour is called the 'de minimis'.
Under the Limited Partnerships Act 2008, the General Partner (GP) is the person is responsible for the day-to-day management of the Limited Partnership and its business. This management responsibility has been contracted out by the General Partner to Forest Enterprises. However, limited partners retain control by holding shares in the General Partner and voting on [...]