New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) Subclause (2) applies if—
(a) a trust account supervisor of a practice dies, becomes permanently incapacitated, or leaves the practice on less than 6 months' notice; and
(b) the practice has no practitioner who has completed the course prescribed in either Schedule 1 or 2 of these regulations.
(2) If this subclause applies, the practitioner appointed by the practice to act as its new trust account supervisor is exempt from the requirements of regulation 19(2) for a period of 12 months from the date on which he or she is appointed.
(3) Subclause (4) applies if—
(a) a trust account supervisor of a practice unexpectedly ceases, or wishes to cease, to act as such for any reason other than those specified in subclause (1)(a); and
(b) the practice has no practitioner who has completed the course prescribed in either Schedule 1 or 2 of these regulations.
(4) If this subclause applies, the relevant society may, in its discretion and on such conditions as the society thinks fit, exempt a practitioner of the practice from the requirements of regulation 19(2) for a period not exceeding 12 months from the date on which the practitioner is appointed as trust account supervisor.
(5) Where there are exceptional circumstances, the relevant society may, in its discretion and on such conditions as the society thinks fit, grant—
(a) individual exemptions to the requirements imposed under regulation 19(2) or (3); and
(b) individual extensions to exemptions under subclause (4) of this regulation.
(6) Conveyancing practitioners are exempt from the requirements of regulation 19(1) to (3) for a period of 12 months from the commencement of these regulations.