New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) The Registrar must, for the purposes of the Personal Property Securities Act 1999, record the full legal name of the person who is in possession of units in an account holder's holding account.
(2) A third party may submit a request to record the third party's name as the person who is in possession of units in an account holder's holding account via the Registry's Internet site.
(3) For the purposes of subclause (2), the third party must provide the following information:
(a) the name of the holding account; and
(b) the account number; and
(c) the third party's—
(i) full legal name; and
(ii) registry user name or, if the third party does not have a registry user name, the full legal name and registry user name of the third party's representative; and
(iii) physical address for service in New Zealand; and
(iv) postal address; and
(v) telephone number; and
(vi) email address.
(4) Before the Registrar may record the third party's name as a person in possession of units in an account holder's holding account, the account holder must consent to the recording of the third party's name.
(5) The account holder may consent to the recording of the third party's name via the Registry's Internet site by confirming the third party's—
(a) full legal name; and
(b) registry user name or, if the third party does not have a registry user name, the full legal name and registry user name of the third party's representative.
(6) If the third party's name is recorded, the Registrar must send an email to the third party and to the account holder that gives notice of the record.
(7) If the name of a third party is recorded by way of a request made under this regulation, the Registrar may not remove the name without the consent of that third party.
(8) If a name of a third party is not recorded by way of a request under this regulation, the Registrar must, for the purposes of the Personal Property Securities Act 1999, record the account holder as the person in possession of the units in the account holder's holding account.