Dated at Wellington this 22nd day of February 2000.
The Common Seal of the Securities Commission was affixed in the presence of:
E H Abernethy,
This note is not part of the notice, but is intended to indicate its general effect.
This notice comes into force on the day after the date of its notification in the Gazette and expires on 31 December 2004 (except clause 8, which expires on 30 April 2001). This notice is intended to replace the Securities Act (Credit Unions) Exemption Notice (No 2) 1997 (the 1997 notice) when it expires on 30 April 2001.
This notice exempts, subject to conditions, credit unions issuing debt securities from various provisions of the Securities Act 1978 and the Securities Regulations 1983.
The main differences between this notice and the 1997 notice are that this notice—
does not continue the current exemption from section 33(2) of the Act, which requires a trustee and a trust deed in relation to debt securities; and
does not require 6-monthly auditing of financial statements (the annual auditing provision in section 53E(1) of the Act will apply).
Until 30 April 2001, both this notice and the 1997 notice will be in force and credit unions will be able to choose between them. However, clause 8 provides that nothing in the 1997 notice applies to debt securities issued by a credit union in reliance on any exemption granted by this notice.