Dated at Wellington this 26th day of October 2010.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette, amends the list of designated building societies named in the Schedule of the Securities Act (Building Societies) Exemption Notice 2002 (the class notice) by adding Combined Building Society.
The notice also provides that the exemptions in the class notice will cease to apply to Canterbury Building Society and Southern Cross Building Society on and after the date of their conversion into a company.
The notice is one in a set of 3 notices resulting from the proposed merger of Canterbury Building Society, MARAC Finance Limited, and Southern Cross Building Society.
The Securities Commission considers that the amendments are appropriate because the amendments reflect changes (both current and anticipated) to the relevant designated building societies that have occurred since the class notice was given.