New Zealand Legislation: Acts

27 New section 23A inserted

• The following section is inserted after section 23:

  “23A Receiving New Zealand units and approved overseas units from overseas registries

  • “(1) If the Registrar receives notification from an overseas registry of a proposal to transfer New Zealand units or approved overseas units to an account in the Registry and the Registrar is satisfied that there is no discrepancy with the transaction, the Registrar must register the transaction in accordance with the notification.

    “(2) If the Registrar receives notification from an overseas registry of a proposal to transfer New Zealand units or approved overseas units to an account in the Registry and the Registrar is satisfied that there is a discrepancy with the transaction, the Registrar—

    • “(a) may not register the transaction; and

    • “(b) must terminate the transaction; and

    • “(c) must notify the overseas registry of the termination.

    “(3) A transfer of New Zealand units or approved overseas units from an overseas registry is subject to any regulations made under this Act.”