DFC Financial Services Ltd v Abel - [1991] 2 NZLR 619

Agency — Power of attorney — Use of power for execution of contracts — Ineffective as instrument of allotment under Securities Act 1978 - Whether validity for other purposes affected by breach of Securities Act — Whether giving of power of attorney held donee out to public as authorised agent — Securities Act 1978, ss 2 and 37.

Commercial law — Securities Commission — Constitution of instrument of allotment — Whether power of attorney instrument of allotment — Whether acquisition of rights and interests in bloodstock partnership constituted securities — Status of investors in bloodstock partnership vis-a-vis financier — Whether merely borrowers — Whether any allotment of securities on behalf of lender — Persons to be protected by Securities Act — Securities Act 1978, ss 2 and 37.

Statutes — Interpretation — Meaning in securities legislation of "allotment", "security", "securities", "subscribe", "offer" - Securities Act 1978, ss 2 and 37.

Contract — Illegal contract — Breach of statute when used for one purpose — Invalid for that purpose — Whether validity for another lawful purpose affected.