New Zealand Legislation: Bills

29 Authority may take possession of and inspect agent’s financial records and documents Grounds for intervention

• This section applies in any case where the Authority is satisfied, in respect of any agent,—The grounds for exercising a power conferred by any of sections 29A to 29C in respect of any agent are—

  • (a) that there are reasonable grounds to believe that he or she the agent, or, if the agent is a company, any officer of the company, has been guilty of theft or of any improper conduct in relation to the money or other property of any other person; or

  • (b) that there are reasonable grounds to believe that any money or other property entrusted to the agent has been stolen by his or her employee, salesperson, or person acting on behalf of the agent, or, if the agent is a company, by any officer, employee, salesperson, or person acting on behalf of agent of the company; or

  • (c) that he or she the agent is, owing to physical or mental disability, unable to properly administer his or her the agent's trust account; or

  • (d) that he or she the agent has died; or

  • (e) that he or she the agent has been adjudicated a bankrupt or has been subject to subpart 4 of Part 5 of the Insolvency Act 2006, or has been placed in receivership or liquidation under the Companies Act 1993; or

  • (f) if the agent is a company, that the company has been put into liquidation; or

  • (g) if the agent is a building society, that the building society is being dissolved; or

  • (h) that the licence of the agent has been cancelled or suspended; or

  • (i) that the agent has ceased to carry on business and has neglected to wind up his or her the agent's trust account after reasonable notice has been given to him or her the agent by the Authority requiring him or her the agent to do so; or

  • (j) the agent has not administered the trust account in accordance with this Act and any regulations made under it; or

  • (k) the agent operates a trust account that has been administered fraudulently or recklessly.

  (2) In any case to which this section applies, the Authority may, if in its opinion it is appropriate to do so, take possession of any financial records, deeds, or other documents belonging to the agent or held in the course of his or her business in his or her possession or under his or her control or, if the agent is a company, in the possession or under the control of any officer, employee, or agent of the company.

  Compare: 1976 No 9 s 88