Home Ownership Savings Act 1974

14M Charges and caveats

(1)

To secure any money which may, pursuant to this Act, or sections RZ 7 to RZ 10 of the Income Tax Act 2007, be payable or become in the future payable to the Corporation or to the Commissioner by a depositor and otherwise to secure the due performance by the depositor of all obligations which are or may be imposed upon the depositor by or pursuant to this Act, the Corporation may either—

(a)

execute and register, against the title to the depositor’s dwelling or land referred to in section 14K pursuant to the Land Charges Registration Act 1928 and this section, a charge in such sum as the Corporation may in its discretion consider appropriate; or

(b)

lodge a caveat in favour of the Corporation against such title pursuant to the Land Transfer Act 1952 and this section.

(2)

To register any such charge or to lodge any such caveat it shall not be necessary to produce to a Registrar any duplicate or copy of the certificate of title or of any other instrument of title to the land concerned.

(3)

Where any such charge is so registered or any such caveat is so lodged, it shall be the duty of the Registrar to enter a memorial on the certificate of title or other instrument of title to the land concerned, (and in addition to any other memorial which, pursuant to the Land Transfer Act 1952 or any other Act, he is required to enter thereon), that the land concerned is subject to this Act.

(4)

Subject to section 14K, while any such charge or caveat is so registered, lodged, or recorded on or against the title to the land concerned, no dealing with such land shall, to the extent to which such land is comprised in such title, be registered by the District Land Registrar without, on each occasion, the Corporation’s prior written consent, which consent may be given unconditionally or subject to such conditions which the Corporation may deem fit to impose.

(5)

No such charge or caveat shall be discharged, released, modified, or varied except by the Corporation or pursuant to an Order of the High Court of New Zealand.

(6)

No registration fee shall be payable under any Act in respect of the execution or registration of any such charge or caveat or in respect of any discharge, release, modification, or variation thereof.

Section 14M: inserted, on 25 November 1976, by section 9(1) of the Home Ownership Savings Amendment Act 1976 (1976 No 50).

Section 14M(1): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).

Section 14M(2): amended, on 1 June 2002, pursuant to section 38(2) of the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11).

Section 14M(3): amended, on 1 June 2002, pursuant to section 38(2) of the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11).

Section 14M(5): amended, on 1 April 1980, pursuant to section 12 of the Judicature Amendment Act 1979 (1979 No 124).

Section 14M(6): amended, on 20 May 1999, by section 7 of the Stamp Duty Abolition Act 1999 (1999 No 61).