Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 5 April 2002, section 21(3) and (4) of the Institute of Chartered Accountants of New Zealand Act 1996 (the 1996 Act).

The commencement of section 21(3) and (4) of the 1996 Act is consequential on the resolution of the Council of the Institute of Chartered Accountants of New Zealand to wind up, effective on 11 February 2002, the New Zealand Society of Accountants Fidelity Fund (the fidelity fund) that was established under Part 1 of the New Zealand Society of Accountants Amendment Act 1963.

Section 21(3) and (4) of the 1996 Act repeals various provisions that are obsolete now that the fidelity fund has been wound up. For example,—

• •provisions governing expenditure from the fidelity fund:

• •provisions requiring an annual audit of the fidelity fund:

• •provisions relating to the fidelity fund board of trustees.