New Zealand Legislation: Bills

7 Minister of Finance may give directions to Registrar regarding accounts and units

• (1) Section 7(1)(a) is amended by adding the following subparagraphs:

  • “(vii) a surrender account:

  • “(viii) a conversion account:”.

  (2) Section 7(1)(d) is amended by inserting “, subject to any prescribed restriction or prohibition,” after “transfer units”.

  (3) Section 7(1)(d) is amended by inserting “the surrender account, the conversion account,” after “retirement account,”.

  (4) Section 7(2)(b)(ii) is repealed.

  (4) Section 7(2)(b) is repealed and the following paragraphs substituted:

  • “(b) if written consent is not given, the Minister of Finance gives the account holder reasonable notice and—

    • “(i) the transfer is required to comply with New Zealand's obligations under the Protocol; or

    • “(ii) the account holder has failed to comply with Part 2 or any regulations made under section 30G; or

  • “(c) section 30F(3) applies.”