New Zealand Legislation: Regulations

21 Changes in relation to status as qualified person

• (1) If an account holder is no longer a qualified person, the account holder must apply to close the holding account.

  (2) If a primary representative is no longer a qualified person, the account holder must,—

  • (a) in the case of an account holder who is an individual, remove or change the primary representative; and

  • (b) in the case of an account holder that is not an individual, change the primary representative.