Part 10
Automatic deductions
Automatic deductions
155Money from which deductions to be made
Money is payable by a person to a liable person for the purposes of this Part if—
- it is payable by the person (whether on the person's own account or as agent or as trustee or otherwise) to the liable person; and
- it is payable on any day in the period commencing on the day on which a deduction notice is given to the person under section 154 and ending with the day on which the notice is revoked under section 158(2).
Without limiting subsection (1), where the person is a bank, that subsection applies to any money (including interest thereon) that, on any day in the period referred to in paragraph (b) of that subsection, is on deposit or is deposited with the person to the credit of the liable person, whether or not—
- the deposit or the depositing is on current account:
- the money is to be at interest for a fixed term or without limitation of time:
- the liable person has made any application to withdraw or uplift the money.
For the purposes of this Act, money—
- that is held in a joint bank account in the name of a liable person and 1 or more other persons; and
- that can be withdrawn from the account by or on behalf of the liable person without a signature being required at the time of that withdrawal from, or on behalf of, the other person or persons,—
For the purposes of this Act, unless the context otherwise requires, bank means—
- any registered bank within the meaning of that term in section 2 of the Banking (Prudential Supervision) Act 1989:
- any trustee bank or trustee bank's successor company (within the meaning of those terms in section 4 of the Trustee Banks Restructuring Act Repeal Act 1999):
- any private savings bank carried on under the Private Savings Banks Act 1983:
- any building society registered under the Building Societies Act 1965, in respect of any deposits with the building society:
- any person (not being a person of any of the kinds referred to in paragraphs (a) to (d)) that is a person carrying on in New Zealand the business of banking.
Notes
- Section 155(4)(a): amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).
- Section 155(4)(b): amended, on , pursuant to section 5 of the Trustee Banks Restructuring Act Repeal Act 1999 (1999 No 53).
- Section 155(4)(e): amended, on , pursuant to section 2(2) of the Banking Act Repeal Act 1995 (1995 No 32).