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Real Estate Agents Act 2008

Miscellaneous provisions - Provisions relating to repeal of Real Estate Agents Act 1976 - Winding up of Fidelity Guarantee Fund

164: Application of Real Estate Agents Fidelity Guarantee Fund on winding up

You could also call this:

"What happens to the Real Estate Agents Fidelity Guarantee Fund when it is closed down"

Illustration for Real Estate Agents Act 2008

When the Real Estate Agents Fidelity Guarantee Fund is wound up, you need to know what happens to the remaining assets. On the date specified in the Order in Council made under section 163(7), the assets still belong to REINZ. However, they are no longer held in trust for the purposes stated in section 81 of the Real Estate Agents Act 1976. You can find more information about this in the legislation, which is available at the link to section 163(7) and the link to section 81 of the Real Estate Agents Act 1976. The assets are no longer used for the same purposes as before, according to the rules set out in the Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1152177.

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163: Winding up of Real Estate Agents Fidelity Guarantee Fund, or

"What happens when the Real Estate Agents Fidelity Guarantee Fund is closed"

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Part 6Miscellaneous provisions
Provisions relating to repeal of Real Estate Agents Act 1976: Winding up of Fidelity Guarantee Fund

164Application of Real Estate Agents Fidelity Guarantee Fund on winding up

  1. On the date specified in the Order in Council made under section 163(7) on which the Real Estate Agents Fidelity Guarantee Fund is wound up, any remaining assets of the fund continue to be the property of REINZ but cease to be held in trust for the purposes stated in section 81 of the Real Estate Agents Act 1976.