New Zealand Legislation: Regulations

19 Effect of registration of rights

• (1) If a third party's name is recorded under regulation 18,—

  • (a) the third party or the third party's representative, as the case may be, may access the account holder's holding account to view the account balance; and

  • (b) the account holder may not, without the consent of the third party, transfer units out of the holding account.

  (2) To avoid doubt, the third party whose name is recorded under regulation 18 may not use the holding account for the purposes of making a transaction.