In securities issued by the Government of New Zealand that are registered in a register kept in New Zealand pursuant to Part VIa of the Reserve Bank of New Zealand Act 1964:

On mortgages of estates or interests in land in New Zealand (with or without collateral securities over any other property):

In the bonds, debentures, or other securities of any local authority that are authorised investments for the investment of trust funds under the provisions of section 4 of the Trustee Act 1956:

On deposit in any trading bank or in the Post Office Savings Bank:

On deposit in a National Savings Investment Account under the National Savings Act 1940:

On personal loans to individuals (but not partnerships), with or without security:

In lending money by way of overdraft to holders of current accounts:

In such other manner as may be prescribed by regulations under this Act.

Be secured to the bank by a real security as defined in section 4(3) of the Trustee Act 1956 or by a second mortgage of an estate in fee simple:

In the case of a first mortgage, not exceed three-quarters of the value of the estate or interest mortgaged as assessed by a person whom the bank reasonably believes to be competent to make the assessment, 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:

In the case of a second mortgage, not exceed the difference between three-quarters of the value of the estate mortgaged (as so assessed), 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, and the principal outstanding under the first mortgage.

No advance shall be made for a period exceeding the unexpired term of the lease:

Provided that, where the lease confers a right of renewal upon the lessee, the period for which the advance is made may extend to the end of one renewed term of the lease:

Provided also that no advance shall be made for a period exceeding 25 years:

The amount of any advance shall not exceed, either two-thirds of the value of the lessee’s interest in the land as assessed by a valuer registered under the Valuers Act 1948, or two-thirds of the value of the lessee’s interest in the land as set forth in the district valuation roll prepared under the Valuation of Land Act 1951, whichever is the greater, 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:

No advance shall be made unless the lessee is entitled to compensation in respect of all improvements on the land which are made by him or in which he has an interest or unless the lease was granted under paragraph (e), paragraph (f), or paragraph (g) of section 7(1) or section 11(b) of the Public Bodies Leases Act 1969 or unless the repayment of the advance is guaranteed by a local authority:

The savings bank shall be deemed, without further authority than this paragraph, to have been irrevocably appointed as the attorney of the lessee with full authority during the currency of the mortgage to exercise on behalf of the lessee all the lessee’s rights, powers, and options and to perform and observe on behalf of the lessee all the lessee’s covenants and obligations under the lease:

No advance shall be made except in respect of a lease granted by a local authority, a leasing authority within the meaning of the Public Bodies Leases Act 1969, or any other body or person approved for the purpose by the Minister by notice in the Gazette:

Each advance, together with the interest thereon, shall be repayable by periodical instalments of principal and interest:

Unless the savings bank otherwise consents, every advance shall, without further authority than this paragraph, become immediately repayable upon the sale, transfer, or other disposition of the whole or any part of the lessee’s interest in the land:

A savings bank shall not invest in mortgages under this subsection more than 5 percent of the total amount for the time being standing to the credit of the depositors in the bank.

Subject to such conditions as may be determined from time to time by the Minister, it shall be lawful for a savings bank to invest money on a mortgage of an estate or interest in a cross-lease residential unit that is a self-contained residential unit together with the appurtenances thereto (being a unit which is one of a number of units erected on land held in common ownership), the title to which comprises—

Any money invested by a savings bank under this subsection shall—

Where the total of that amount does not exceed $20,000,000, 5 percent of that amount:

Where the total of that amount exceeds $20,000,000, 5 percent of the first $20,000,000 of that amount and 2½ percent of the excess over $20,000,000:

“Provided that a savings bank may hold such lesser aggregate sum as may be permitted from time to time by the Minister, for such period and subject to such conditions as he may specify.