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Trustee Banks Restructuring Act 1988  090
Commenced: 1 May 1988


1 Short Title and commencement
2 Interpretation
3 Act to bind the Crown

I: Transfer of Undertaking of Trustee Banks to Companies Incorporated under Companies Act 1955
4 Trustee banks to form and register companies under Companies Act 1955
5 Restrictions on use of words ``bank'', ``banker'', or ``banking'' not to apply to companies formed and registered in accordance with this Part
6 Transfer of undertaking of trustee bank to successor company
7 Consequential provisions on transfer of undertaking of trustee bank to successor company
8 Shares subscribed for on incorporation of trustee bank's successor company deemed to be fully paid up
9 Employees
10 Books and documents to remain evidence
11 Registers
12 Taxes and duties
13 Valuation of reserve fund

II: Establishment of Community Trusts
14 Minister of Finance to establish community trusts
15 Trustees
16 Disqualification from appointment
17 Term of appointment
18 Regional identity of community trusts
19 Merger of community trusts
20 Formation of separate community trusts in place of existing community trust
21 Purposes of community trusts
22 Sale of shares in trustee bank's successor company
23 Trustees of community trusts not to be employed by successor companies
24 Financial statements
25 Trustees to hold public meeting
26 Matters to be included in trust deed
27 Trust deed not to be inconsistent with provisions of this Act
28 Application of Trustee Act 1956 not affected

III: Guarantee of Deposits, Bonds, and Securities
29 Guarantee of existing deposits, bonds, and securities to continue
30 Guarantee of deposits made with, and bonds or securities issued by, trustee bank's successor company on or after appointed day
31 Termination of guarantee under section 30
32 References to guarantee in advertisements relating to deposits with, and bonds and securities issued by, trustee bank's successor company
33 Trustee banks' successor companies to raise sufficient capital to carry on business without application of provisions of section 30

IV: General Provisions
34 Removal of directors
35 Continuation of trustee investment status for deposits, bonds, and securities made with or issued by trustee bank before appointed day
36 Mergers of trustee bank's successor companies exempt from stamp duty
37 Amendment to Trustee Act 1956
38 Amendment to Reserve Bank of New Zealand Act 1964
39 Amendment to Securities Act 1978
40 Repeal of Trustee Banks Act 1983 and other enactments
41 Special provisions relating to ownership accounts with trustee banks


1 FIRST SCHEDULE: Enactments Repealed

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