Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989

  • revoked
  • Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989: revoked, on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).

Reprint
as at 6 November 2008

Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989

(SR 1989/283)

  • Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989: revoked, on 6 November 2008, by clause 3 of the Regulations Revocation Order 2008 (SR 2008/367).


Note

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

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

This order is administered in the Reserve Bank of New Zealand.


PURSUANT to section 36A of the Trustee Banks Restructuring Act 1988, His Excellency the Administrator of the Government, acting by and with the advice and consent of the Executive Council, and on the recommendation of the Minister of Finance, hereby makes the following order.

1 Title and commencement
  • (1) This order may be cited as the Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989.

    (2) This order shall come into force on the day after the date of its notification in the Gazette.

2 Interpretation
  • In this order the Act means the Trustee Banks Restructuring Act 1988.

3 Application of certain provisions of Trustee Banks Restructuring Act 1988 to Westland Bank Limited excluded
  • It is hereby declared—

    • (a) That nothing in subsections (5), (6), and (7) of section 4 of the Act shall apply in respect of Westland Bank Limited:

    • (b) That nothing in section 34 of the Act shall apply in respect of any director of Westland Bank Limited.

MARIE SHROFF,

Clerk of the Executive Council.


Explanatory Note

This note is not part of the order, but is intended to indicate its general effect.

This order, which is made under section 36A of the Trustee Banks Restructuring Act 1988 and which comes into force on the day after the date of its notification in the Gazette, excludes the application of certain provisions of the Trustee Banks Restructuring Act 1988 in respect of Westland Bank Limited. The provisions are:

  • (a) Section 4(5) (which prohibits the appointment of directors of a trustee bank's successor company during the transition period without the Minister's consent):

  • (b) Section 4(6) (which prohibits alteration to the memorandum and articles of association of the company during the transition period without the Minister's consent):

  • (c) Section 4(7) (which prohibits the issue and allotment of shares in the capital of the company during the transition period without the Minister's consent):

  • (d) Section 34 (which enables the Minister, during the transition period, to remove a director of the company).

Section 36A of the Act provides that such an order may be made on the recommendation of the Minister of Finance. The Minister of Finance may not make a recommendation unless the Minister has been indemnified against liability as the guarantor under section 30 of the Act of deposits with, and bonds and securities issued by, the trustee bank's successor company to which the order relates.


Issued under the authority of the Regulations Act 1936.

Date of notification in Gazette: 5 October 1989.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Trustee Banks Restructuring Act (Exclusion of Provisions) Order (No 2) 1989. It incorporates all the amendments to the order as at 6 November 2008. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007. Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

2 About this eprint
  • This eprint has not been officialised. For more information about officialisation, please see Making online legislation official under Status of legislation on this site in the About section of this website.

3 List of amendments incorporated in this eprint (most recent first)
  • Regulations Revocation Order 2008 (SR 2008/367): clause 3