New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) For the purposes of this Act, a person takes possession of an investment security, other than an emissions unit, if,—
(a) in the case of an investment security that is evidenced by a security certificate, the person takes physical possession of that certificate; or
(b) in the case of an investment security that is traded or settled through a clearing house or securities depository, the clearing house or securities depository, as the case may be, records the interest of the person in the investment security; or
(c) in the case of an investment security that is not evidenced by a security certificate and that is not traded or settled through a clearing house or securities depository, the records maintained by the issuer, or on behalf of the issuer, record the interest of the person in the investment security; or
(d) in the case of an investment security that is held by a nominee, the records of the nominee record the interest of the person in the investment security.
(1A) For the purposes of this Act, a person (person A) takes possession of an investment security that is an emissions unit if,—
(a) in the case of an emissions unit that is evidenced by an emissions unit certificate, person A takes physical possession of that certificate:
(b) in the case of an emissions unit that is, in the ordinary course of business, traded or settled through a clearing house or securities depository, the clearing house or securities depository, as the case may be, records the interest of person A in the emissions unit:
(c) in the case of an emissions unit that is, in the ordinary course of business, held by a nominee, the records of the nominee record the interest of person A in the emissions unit:
(d) in the case of an emissions unit that is a unit as defined in section 4(1) of the Climate Change Response Act 2002 and to which neither paragraph (b) nor (c) applies, the unit register established under section 18 of the Climate Change Response Act 2002 records person A as the possessor of the unit:
(e) in the case of an emissions unit that is not a unit as defined in section 4(1) of the Climate Change Response Act 2002 and to which none of paragraphs (a), (b), or (c) apply, a person who is responsible for recording the holders of emissions units (whether by entry in a register or by any other means) records the interest of person A in the emissions unit.
(2) For the purposes of this Act, a person takes possession of a negotiable instrument if—
(a) the person takes physical possession of the negotiable instrument; or
(b) in the case of a negotiable instrument that is traded or settled through a clearing house or securities depository, the clearing house or securities depository, as the case may be, records the interest of the person in the negotiable instrument.
(3) For the purposes of this Act, a secured party is not in possession of collateral that is in the actual or apparent possession or control of the debtor or the debtor's agent.
(4) For the purposes of subsection (1A)(a), emissions unit certificate does not include a printed search result, or a copy of a printed search result, that purports to be issued by a registrar.
Section 18(1): amended, on 26 September 2008, by section 81(4) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).
Section 18(1A): substituted, on 24 November 2009, by section 5(1) of the Personal Property Securities Amendment Act 2009 (2009 No 55).
Section 18(4): added, on 24 November 2009, by section 5(2) of the Personal Property Securities Amendment Act 2009 (2009 No 55).
