New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 2 April 1985
| Private Act | 1985 No 2 |
| Date of assent | 2 April 1985 |
| Commencement | 2 April 1985 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
4 Bank may be registered as a New Zealand public company
5 Registrar to register Bank on receipt of certain documents
6 Effect of registration under Part 2 of Companies Act 1955
7 Use of words relating to banking
An Act to enable The National Bank of New Zealand, Limited to become a public company deemed to be incorporated in New Zealand under the Companies Act 1955, and to repeal the National Bank of New Zealand (Limited) Act 1873
Whereas—
A The National Bank of New Zealand, Limited (hereinafter called the Bank) is an existing company within the meaning of the Companies Acts 1948 to 1983 of England as a company limited by shares and is a wholly-owned subsidiary of Lloyds Bank Plc:
B the Bank was incorporated in England under the Companies Act 1862 on 14 August 1872 and further incorporated in New Zealand under the National Bank of New Zealand (Limited) Act 1873 of New Zealand:
C the Bank carries on the business of banking principally in New Zealand but also in other parts of the world:
D the situation of the central management and control of the Bank was transferred from England to New Zealand with effect from the commencement of 1 January 1978:
E as the central management and control of the Bank is now in New Zealand and the area of operation of the Bank is largely in New Zealand, it is considered appropriate that the Bank be incorporated only under the laws of New Zealand rather than under those laws and the laws of England:
F it is considered desirable that the Bank become a public company limited by shares incorporated in New Zealand under the Companies Act 1955:
G section 458(2) of the Companies Act 1955 forbids the registration under that Act of a company having for its object, or its principal object, the carrying on in New Zealand of the business of banking and accordingly an Act of Parliament is the only means by which such a company may be permitted to be so registered:
H a Bill providing for the cesser of incorporation in England of the Bank has been introduced into the Parliament of the United Kingdom:
I the National Bank of New Zealand (Limited) Act 1873 will be inappropriate when the Bank becomes incorporated in New Zealand under the Companies Act 1955, and it is therefore necessary to repeal the National Bank of New Zealand (Limited) Act 1873 with effect from the time when the Bank becomes so incorporated in New Zealand:
J the present authorised and issued capital of the Bank is £7,500,000, and for accounting purposes this amount was in 1979 converted to $NZ16,101,331:
K it is considered desirable that from the commencement of the day on which the Bank becomes incorporated in New Zealand under the Companies Act 1955 the authorised and issued capital of the Bank should be deemed to be $NZ16,101,331 divided into 16,101,331 ordinary shares of $1 each:
L the objects of this Bill cannot be achieved without the authority of Parliament.
