Amendment needed to maintain accuracy of NZBN Register
Without a requirement for businesses to maintain the accuracy of their information on the New Zealand Business Number Register, there is a danger that the Register will become out of date, the New Zealand Law Society says.
In a submission on the New Zealand Business Number Bill, the Law Society says while a clause creates an offence for false or misleading statements made, there is no requirement to notify the Registrar of New Zealand Business Numbers of subsequent changes in the information.
"If there is no obligation to maintain the accuracy of the information, the Register will likely become and remain out of date, which will undermine the integrity of the Register itself," the Law Society says.
It says the importance of the accuracy of the Register is demonstrated by the offences created in connection with knowingly providing false or misleading information. There are also obligations to notify the relevant registrar of changes in companies and incorporated societies legislation.
As the success of the NZBN Register and the purpose of the Bill rely on the accuracy of the information on the Register, the Law Society recommends an amendment to the Bill which would create an obligation to notify the Registrar of changes to details and to create an offence of failing to do so.
Last updated on the 26th June 2015