Act Repealed Latest version as at 30 March 1987 (as enacted) | 1987 No 32

Home Ownership Savings Amendment

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Removal of restrictions on transfer of Home Ownership Accounts from one authorised savings institution to another

Home Ownership Savings Amendment

Public Act		1987 No 32
Date of assent		30 March 1987

	Title
1	Short Title
2	Removal of restrictions on transfer of Home Ownership Accounts from one authorised savings institution to another
	Administrative information

An Act to amend the Home Ownership Savings Act 1974

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title

This Act may be cited as the Home Ownership Savings Amendment Act 1987, and shall be read together with and deemed part of the Home Ownership Savings Act 1974 (hereinafter referred to as the principal Act).

2 Removal of restrictions on transfer of Home Ownership Accounts from one authorised savings institution to another

(1)

Section 12 of the principal Act is hereby amended by repealing subsections (2) and (3), and substituting the following subsections:

“(2)

Balances in an Ordinary Home Ownership Account with any authorised savings institution may be transferred to an Ordinary Home Ownership Account with any other authorised savings institution.

“(3)

Any transfer of an Ordinary Home Ownership Account of any depositor from one authorised savings institution to another authorised savings institution shall not affect the calculation of eligible savings or the rights of the depositor.”

(2)

Section 14c of the principal Act (as inserted by section 8 of the Home Ownership Savings Amendment Act 1976) is hereby amended by repealing subsection (3), and substituting the following subsections:

“(3)

Balances in a Special Home Ownership Account with any authorised savings institution may be transferred to a Special Home Ownership Account with any other authorised savings institution.

“(4)

Any transfer of a Special Home Ownership Account of any depositor from one authorised savings institution to another authorised savings institution shall not affect the calculation of eligible savings or the rights of the depositor.”

(3)

The Home Ownership Savings Amendment Act 1976 is hereby consequentially amended by repealing section 3(2)(d).

This Act is administered in the Housing Corporation of New Zealand.

Home Ownership Savings Amendment