New Zealand Legislation: Regulations

8 New regulation 16C inserted

• The following regulation is inserted after regulation 16B:

  “16C Exceptions to regulations 16A and 16B

  • “(1) Nothing in regulation 16A(1) or 16B(1) applies to any dealing authorised by a consent under subclause (2).

    “(2) The Minister may consent to any dealing with any asset, money, or security if the Minister is satisfied that the dealing—

    • “(a) is necessary for basic expenses within the meaning of paragraph 2(a) of resolution 1532 of the Security Council of the United Nations and is authorised under that paragraph; or

    • “(b) is necessary for extraordinary expenses within the meaning of paragraph 2(b) of that resolution and is authorised under that paragraph; or

    • “(c) is authorised under paragraph 2(c) of that resolution (which relates to assets, money, or securities subject to judicial, administrative, or arbitral liens or judgments); or

    • “(d) comprises the payment into an account to which regulation 16A(1) or 16B(1) applies of interest or other earnings due in respect of that asset, money, or security, or the payment of amounts due under any contract entered into, or under any obligation that arose, before either of those regulations applied to that account, and that those additional payments will be treated in accordance with those regulations.”