This Act may be cited as the Trustee Savings Banks Amendment Act 1976, and shall be read together with and deemed part of the Trustee Savings Banks Act 1948 (hereinafter referred to as the principal Act).

(2)

This Act shall be deemed to have come into force on the 1st day of September 1976.

2 New heading and section inserted

(1)

The principal Act is hereby amended by inserting, after section 22, the following heading and section:

“Borrowing Powers

“22a Power to borrow

Every trustee savings bank may from time to time borrow from any person such amounts, upon such terms, and subject to such conditions as may be determined from time to time by the Minister.”

(2)

Section 3a(3) of the principal Act (as inserted by section 2 of the Trustee Savings Banks Amendment Act 1957) is hereby consequentially repealed.

3 Power to invest money

(1)

Section 24 of the principal Act is hereby amended by inserting, after subsection (3a) (as inserted by section 10(2) of the Trustee Savings Banks Amendment Act 1972), the following subsection:

“(3b)

In any notice issued under section 36c of this Act, the Minister may declare that deposits or bonds or securities of a specified type for the time being held or outstanding shall be deemed to be amounts standing to the credit of depositors for the purposes of subsection (3) of this section.”

(2)

Section 24(5) of the principal Act (as substituted by section 10(3) of the Trustee Savings Banks Amendment Act 1972) is hereby amended—

(a)

By adding to paragraph (b) the words “or such higher proportion of that value (as so assessed) as may from time to time be fixed by the Minister subject to such conditions as he thinks fit to specify”:

(b)

By inserting in paragraph (c), after the words “(as so assessed)”, the words “, or such higher proportion of that value (as so assessed) as may from time to time be fixed by the Minister subject to such conditions as he thinks fit to specify,”.

(3)

Section 24(6)(b) of the principal Act (as added by section 2 of the Trustee Savings Banks Amendment Act 1966) is hereby amended by adding the words “, or such higher proportion of the greater of those values as may from time to time be fixed by the Minister subject to such conditions as he thinks fit to specify”.

4 Repayment of deposits guaranteed

Section 30 of the principal Act is hereby amended by adding the following subsection:

“(4)

The provisions of this section may be extended to apply, in respect of any specified type of bond or other security issued, and any specified type of deposit received, under section 36c of this Act, by the Minister in any notice issued under that section.”

5 Bonds, etc

The principal Act is hereby further amended by inserting, after section 36B (as inserted by section 4(1) of the Trustee Savings Banks Amendment Act 1957), the following section:

“36C

The Board may issue such types of bonds or other securities and receive such types of deposits, other than under section 17 of this Act, in such manner and subject to such conditions as may be prescribed by the Minister by notice in the Gazette.”

6 Amending Trustee Act 1956

Section 4(1) of the Trustee Act 1956 is hereby amended by inserting, after paragraph (e), the following paragraph:

“(ea)

In bonds or other securities issued by a trustee savings bank under section 36c of the Trustee Savings Banks Act 1948 to which the provisions of section 30 of that Act have been applied:”.

7 Amending Stamp and Cheque Duties Act 1971

(1)

Section 11(1) of the Stamp and Cheque Duties Act 1971 is hereby amended by inserting, after paragraph (k), the following paragraph:

“(ka)

Any housing bond issued under section 36c of the Trustee Savings Banks Act 1948:”.

(2)

Section 12(2) of the Stamp and Cheque Duties Act 1971 is hereby amended by inserting, after paragraph (g) (as substituted by section 3(2) of the Stamp and Cheque Duties Amendment Act (No. 2) 1974), the following paragraph:

“(ga)

Any housing bond issued under section 36c of the Trustee Savings Banks Act 1948; or”.

8 Validation of notice and order

The Trustee Savings Banks (Housing Bonds) Notice 1976 and the Trustee Savings Banks (Government Securities) Order (No. 2) 1976 are hereby declared to have been validly given and made and shall have full force and effect on and after the 1st day of September 1976 notwithstanding the fact that they were given and made after that date and are expressed to have come into force on that date.

This Act is administered in the Reserve Bank of New Zealand.

Sort by

Trustee Savings Banks Amendment Act 1976