Securities Act (Contributory Mortgage) Regulations 1988

  • revoked
  • Securities Act (Contributory Mortgage) Regulations 1988: revoked, on 1 December 2014, by section 5(d) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Reprint as at 1 December 2014

Securities Act (Contributory Mortgage) Regulations 1988

(SR 1988/143)

Paul Reeves, Governor-General

Order in Council

At Wellington this 27th day of June 1988

Present:
His Excellency the Governor-General in Council

  • Securities Act (Contributory Mortgage) Regulations 1988: revoked, on 1 December 2014, by section 5(d) of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Ministry of Business, Innovation, and Employment.


Pursuant to section 70(1) of the Securities Act 1978, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, and in accordance with a recommendation of the Securities Commission, hereby makes the following regulations.

Contents

1 Title and commencement

2 Interpretation

3 Development mortgage defined

4 Nominee company defined

5 Valuation report defined

6 Form of general authority and special authority

7 Saving

Registrar to maintain register of documents

8 Registrar to maintain register of documents

Registration of brokers and other requirements relating to brokers

9 Brokers to be registered

10 Application for registration as a broker

11 Registration of broker

12 Broker to supply annual report to Registrar

13 Registration of annual report

14 Broker to notify Registrar of changes in information supplied

15 Exercise of FMA's powers under Securities Act 1978

Restrictions on business carried on by broker's nominee company

16 Restrictions on business carried on by broker's nominee company

Trust accounts

17 Trust account to be maintained by broker's nominee company

Receipt and disbursement of contributions by broker

18 Contributions to be held in trust

19 Disbursement of contributions

20 Restrictions on distribution of contributions under contributory mortgage

21 Restrictions on distribution of contributions under development mortgage which provides for payment of principal sum by instalments

22 Restrictions on distribution of contributions under development mortgage which does not provide for payment of principal sum by instalments

23 Brokers fees and charges

Receipt and disbursement of other money by broker

24 Payments in respect of investments

25 Payments by mortgagor

26 Information to be given to contributor where contributions paid to mortgagor pursuant to general authority

27 Investment of contributions

Duties of brokers

28 Duty of broker to ascertain sufficiency of assets

29 Broker to ensure compliance with Credit Contracts Act 1981

30 Duties of broker regarding mortgage and other documents

31 Duty of broker to ensure continuing management of contributory mortgages

32 Restrictions on dealing with nominee mortgages

33 Restrictions on creation of prior charges and discharges of nominee mortgages

34 Duties of broker in case of default by mortgagor

35 Broker to furnish names of contributors

36 Meetings of contributors

37 Broker to maintain register of contributory mortgages

38 Broker to maintain accounting records

39 Register of contributory mortgages and accounting records to be audited

General

40 Persons to whom notice to be given by director of contributory mortgage broker for purposes of section 57A of the Securities Act 1978

41 Offences

Schedule 1
Form of memorandum of association of nominee company

Schedule 2
Form of articles of association of nominee company

Schedule 2A
Matters to be provided in constitution of nominee company

Schedule 3
Information and other matters to be contained in valuation report

Schedule 4
Form of general authority for investment on contributory mortgage

Schedule 5
Form of special authority for investment on contributory mortgage

Schedule 6
Consent of auditor

Schedule 7
Information to be contained in application for registration as broker

Schedule 8
Documents and certificates to be attached to application for registration as a broker

Schedule 9
Information to be contained in annual report of broker

Schedule 10
Documents and certificates to be attached to annual report of a broker

Schedule 11
Information and other matters to be contained in document to be given to contributor in respect of development mortgage

Schedule 12
Information and other matters to be contained in document to be given to contributor in respect of mortgage other than development mortgage

Gazette information

Reprint notes