New Zealand Legislation: Bills

10 Registrar must give effect to directions

• (1) Section 14 is amended by repealing subsection (1) and substituting the following subsection:

  • “(1) Subject to subsection (3), the Registrar must give effect to any direction relating to the operation of the Registry given by the chief executive.”

  (2) Section 14 is amended by repealing subsection (2) and substituting the following subsection:

  • “(2) As soon as practicable after giving the direction, the chief executive must publish a copy of the direction in the Gazette and make a copy of the direction accessible via the Registry’s Internet site.”

  (3) Section 14 is amended by adding the following subsections:

  • “(3) Despite subsection (1) and any regulations made under this Act, the chief executive may not give a direction relating to the operation of the Registry that affects the holding, transfer, retirement, surrender, conversion, or cancellation of units held by an account holder other than the Crown, unless—

    • “(a) the chief executive has the written consent of the account holder; or

    • “(b) if consent is not given, the chief executive gives the account holder reasonable notice.

  • “(4) For the purposes of subsection (3)(b), reasonable notice means sufficient opportunity in the circumstances for the relevant account holder to make a written submission to the chief executive on the proposed direction.”