Trustee Banks Restructuring (Removal of Guarantee) Order 1990

  • revoked
  • Trustee Banks Restructuring (Removal of Guarantee) Order 1990: 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 (Removal of Guarantee) Order 1990

(SR 1990/27)

  • Trustee Banks Restructuring (Removal of Guarantee) Order 1990: 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 31 of the Trustee Banks Restructuring Act 1988, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, and being satisfied, on the advice of the Minister of Finance given on the recommendation of the Reserve Bank of New Zealand, that each of the trustee bank's successor companies named in the Schedule to this order, is, as a member of a group of companies, capable of carrying on business without the application to it of the provisions of section 30 of that Act, hereby makes the following order.

1 Title
  • This order may be cited as the Trustee Banks Restructuring (Removal of Guarantee) Order 1990.

2 Removal of guarantee of certain trustee bank's successor companies
  • It is hereby declared that, on and from the 1st day of July 1990, the provisions of section 30 of the Trustee Banks Restructuring Act 1988 shall not apply to deposits made with, and bonds and securities issued by, each of the trustee bank's successor companies named in the Schedule to this order on and after that date.


Schedule
Trustee bank's successor companies

  • Trust Bank Auckland Limited

  • Trust Bank Bay of Plenty Limited

  • Trust Bank Canterbury Limited

  • Trust Bank Central Limited

  • Trust Bank Otago Limited

  • Trust Bank South Canterbury Limited

  • Trust Bank Southland Limited

  • Trust Bank Waikato Limited

  • Trust Bank Wellington 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 provides that, in the case of deposits made with, and bonds and securities issued by, each of the trustee bank's successor companies named in the order on and after 1 July 1990, the Government guarantee shall not apply.

The companies are members of the Trust Bank Group.

Section 30 of the Trustee Bank's Restructuring Act 1988 provides for a Government guarantee of deposits with, and certain classes of bond and security issued by, a trustee bank's successor company. The guarantee ceases 2 years after the date on which the business of a trustee bank is vested under that Act in the trustee bank's successor company.

Section 31 of that Act empowers the Governor-General, by Order in Council, to declare that, on and from a date specified in the order, the provisions of section 30 of the Act shall not apply to deposits made with, and bonds and securities issued by, each of the trustee bank's successor company on and after the date specified in the order.

This order declares that, on and from 1 July 1990, the provisions of section 30 of the Act shall not apply to deposits made with, and bonds and securities issued by, each of the trustee bank's successor companies named in the order on and after that date.


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

Date of notification in Gazette: 22 February 1990.


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 (Removal of Guarantee) Order 1990. 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