New Zealand Legislation: Regulations

6 Holding accounts may be held jointly

• (1) Two or more persons may hold a holding account jointly if each person is a qualified person.

  (2) Each person who holds or held a holding account jointly is jointly and severally liable, in respect of the period or any part of the period during which the person holds or held the account jointly, for any matter arising with respect to the account.

  (3) In the case of a holding account held jointly, any declaration that must be signed by an account holder under these regulations must be signed by each person who holds the holding account jointly.

  (4) In the case of a proposed holding account to be held jointly, any declaration that must be signed by the proposed account holder under these regulations must be signed by each person who proposes to hold the holding account jointly.

  (5) The Registrar may add or remove a member of an unincorporated body as an account holder of a holding account if—

  • (a) the holding account is held jointly by the members of the unincorporated body; and

  • (b) the Registrar receives notification under section 157A(2)(b)(ii) of the Act that the member has joined or left the unincorporated body (as applicable).

  (6) If a holding account is held jointly other than by members of an unincorporated body, and a person who is an account holder wishes to be removed as an account holder or a person wishes to be added as an account holder, then—

  • (a) the account holder may submit a request to the Registrar to add or remove the person as an account holder; and

  • (b) for the purposes of paragraph (a), the account holder must provide—

    • (i) the name of the holding account; and

    • (ii) the account number; and

    • (iii) the name and contact details of the person being added or removed; and

  • (c) the Registrar may not add or remove the person as an account holder unless the Registrar has received a declaration signed by the account holder that contains a statement that the account holder authorises the addition or removal of the person as an account holder.

  Regulation 6: substituted, on 8 December 2009, by section 88(2) of the Climate Change Response (Moderated Emissions Trading) Amendment Act 2009 (2009 No 57).