National Savings Investment Accounts Regulations 1940

Reprint
as at 10 July 1967

Coat of Arms of New Zealand

National Savings Investment Accounts Regulations 1940

(SR 1940/258)

Galway, Governor-General

Order in Council

At the Government House at Wellington this 18th day of September 1940

Present:
His Excellency the Governor-General in Council


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

These regulations are administered by the Treasury.


Pursuant to the National Savings Act 1940 (hereinafter in these regulations referred to as the said Act), His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, doth hereby make the following regulations with respect to investments under the said Act made by way of deposits in investment accounts with the Postmaster-General or with authorised savings banks.

Regulations

1
  • These regulations may be cited as the National Savings Investment Accounts Regulations 1940.

The opening of investment accounts

2
  • On the opening of an investment account by the deposit with the Postmaster-General or an authorised savings bank of 10 cents or any multiple of 10 cents, in accordance with section 6 of the said Act, the person opening the account (hereinafter in these regulations referred to as the depositor) shall complete and deliver to the officer receiving the deposit form 1 or form 2 in the Schedule, as the case may require.

Investors' books

3
  • (1) On the opening of an investment account under these regulations, or as soon as practicable thereafter, there shall be issued to the depositor a book (hereinafter referred to as the investor's book), in which shall be entered from time to time a record of the deposits received to the credit of the depositor's investment account, of the interest from time to time accrued to the credit of the account, and of withdrawals from the account.

    (2) Every deposit entry in an investor's book shall be initialled by the officer receiving the deposit and shall be stamped with an official date stamp.

    (3) Every such entry, so initialled and stamped, shall, unless and until the contrary is proved, be conclusive evidence of the making of the deposit to which it relates and of the amount thereof.

    (4) It shall not be necessary to give any further acknowledgment of any deposit, but where any written acknowledgment is in fact given it shall be the duty of the depositor forthwith to report any discrepancy between the acknowledgment and the entry in the investor's book, and if in any such case he fails so to do the onus of proving the amount of the deposit in question shall be upon him.

    (5) The officer receiving any deposit made before the issue of an investor's book shall give to the depositor an interim receipt therefor, which shall unless and until the contrary is proved be conclusive evidence of the making of the deposit and of the amount thereof.

    (6) After an investor's book has been issued to a depositor, no deposit shall be received for the credit of his account except on production of the investor's book.

4
  • (1) The investor's book shall remain the property of the Postmaster-General or of the authorised savings bank by which it is issued, and shall be produced by the depositor to an authorised officer of the post office or savings bank, as the case may be, whenever he is required so to do.

    (2) On the closing of an investment account, the investor's book shall be surrendered to the Postmaster-General or to the authorised savings bank, as the case may be.

5
  • No charge shall be made for an investor's book issued on the opening of an investment account, but if, by reason of the loss or destruction or dilapidation of the original book or for any other reason, a new book is issued to the depositor, a charge not exceeding 2 shillings may be made therefor.

Withdrawals from investment accounts

6
  • No moneys shall be withdrawn from an investment account except in accordance with the provisions in that behalf of the said Act.

7
  • Where moneys are withdrawn as aforesaid from an investment account held by a depositor in his own name and on his own behalf, the receipt of the depositor or of any person who produces to the Postmaster-General or to the authorised savings bank, as the case may be, satisfactory evidence that he is legally entitled to withdraw those moneys, shall be a good discharge for the moneys so withdrawn.

8
  • Where an investment account is held by a depositor on behalf of any other person, or on behalf of any corporation, society, or body of persons, no moneys shall be withdrawn except by a person who produces to the Postmaster-General or to the authorised savings bank, as the case may be, satisfactory evidence that he is legally entitled to withdraw those moneys, and the receipt of such person shall be a good discharge for the moneys so withdrawn.

Miscellaneous

9
  • Every depositor, if and when required so to do, shall furnish to the Postmaster-General, or to the authorised savings bank in which his investment account is held, specimens of his signature and of particulars as to any other investment account held by him or held by any other person on his behalf.

10
  • (1) Where an investment account is held by any person in trust for any corporation, society, or body of persons the title of the account may be altered by the substitution for the name of the depositor of the name or names of any other person or persons for the time being duly authorised to hold the account in the name and on behalf of such corporation, society, or body.

    (2) On any alteration in the personnel of the trustees of any account as aforesaid the new trustee or trustees shall be required to furnish particulars in accordance with form 2in the Schedule.

    (3) Where an investment account is held on behalf of any body corporate, a notice under the seal of the corporation, specifying the person or persons for the time being authorised to operate on the account, shall be sufficient evidence of the authority of the said person or persons to operate on the account in accordance with the said Act and these regulations.

    (4) Where an investment account is held on behalf of any unincorporated society, a copy of a resolution passed by the executive of the society, authorising any person or persons to operate on the account, and certified by the chairman of the meeting at which the resolution was passed and by at least 1 officer of the society as having been duly passed in accordance with the rules of the society, shall be sufficient evidence of the authority of the person or persons named in the notice to operate on the account in accordance with the said Act and these regulations.

    (5) Every notice given under either of the 2 last preceding subclauses shall continue in force unless and until notice that it has been superseded has been given to the Postmaster-General or the authorised savings bank, as the case may be.


Schedule

Form 1
Particulars to be furnished by depositor on opening a personal investment account during the investment period [date] to [date]

(National Savings Act 1940)

  • 1 Full name of depositor:

  • 2 Occupation or description:

  • 3 Usual postal address:

  • 4 Particulars of other investment accounts (if any) opened by the depositor (whether in his own name or on behalf of any other person): [set out the number of the investor's book, the name of the beneficiary, or other particulars sufficient to identify the account. If not appropriate, this paragraph to be struck out and initialled by the depositor.]

  • 5 Particulars of investment accounts (if any) opened by any other person on behalf of the depositor during the same investment period: [set out place where account opened, the name of the person by whom the account is held, or other particulars sufficient to identify the account. If not appropriate, this paragraph to be struck out and initialled by the depositor.]

Date:

Signature of depositor:

Witness: [signature of officer receiving the deposit]

[Notice to depositors—The maximum amount that any investor may invest during an investment period is $20,000. The investor is the person for whose benefit the account is held, whether not he is also the depositor.]

  • Schedule form 1: amended, on 10 July 1967, by regulation 2 of the National Savings Investment Accounts Regulations 1940, Amendment No 1 (SR 1967/157).

Form 2
Particulars to be furnished by depositor on opening an investment account as a trustee on behalf of any other person, or on behalf of any corporation, society, or body of persons during the investment period [date] to [date]

(National Savings Act 1940)

  • 1 Full name of depositor:

  • 2 Occupation or description:

  • 3 Usual postal address:

  • 4 Name, description, and postal address of beneficiary (being the person, society, or body on whose behalf the account is opened):

  • 5 Relationship (if any) of depositor to beneficiary:

  • 6 Where account is opened on behalf of any corporation, society, or other body, the capacity in which the depositor is acting (eg, secretary, treasurer, chairman, or trustee):

  • 7 Particulars of other investment accounts (if any) opened by the depositor on behalf of the same beneficiary: [set out the number of the investor's book or other particulars sufficient to identify the account. If not appropriate, this paragraph to be struck out and initialled by the depositor.]

Date:

Signature of depositor:

Witness: [signature of officer receiving the deposit]

[Notice to depositors—The maximum amount that any investor may invest during an investment period is $20,000. The investor is the person for whose benefit the account is held, whether or not he is also the depositor.]

  • Schedule form 2: amended, on 10 July 1967, by regulation 2 of the National Savings Investment Accounts Regulations 1940, Amendment No 1 (SR 1967/157).

T R Aickin,
Acting Clerk of the Executive Council.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 10 October 1940.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the National Savings Investment Accounts Regulations 1940. The reprint incorporates all the amendments to the regulations as at 10 July 1967, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • National Savings Investment Accounts Regulations 1940, Amendment No 1 (SR 1967/157)