New Zealand Legislation: Bills

15 Closing holding accounts

• (1) Section 18B(2) is amended by omitting “Minister responsible for the Registry” in each place where it appears and substituting in each case “chief executive”.

  (2) Section 18B(2)(b)(ii)(B) is amended by omitting “with this Act” and substituting “with this Part”.

  (3) Section 18B(2)(b)(ii)(B) is amended by omitting “under this Act” and substituting “regarding the matters specified in section 30G”.

  (4) Section 18B is amended by repealing subsection (6) and substituting the following subsection:

  • “(6) For the purposes of subsection (2)(b)(i), reasonable notice means sufficient opportunity in the circumstances to—

    • “(a) transfer the units to another account before the holding account that is the subject of the closure direction is closed; or

    • “(b) in the case of non-compliance, comply with this Part or any regulations made under section 30G; or

    • “(c) if the chief executive is satisfied that an account holder no longer requires a holding account, make a written submission to the chief executive, before the account is closed, regarding the account holder’s need to retain the account.”