Plain language law

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Companies Act 1993

Liquidations - Creditors' claims

310K: Certain persons may be declared to be recognised clearing houses

You could also call this:

“The Bank can officially recognise organisations that handle payment clearing”

The Bank can say that someone who helps with clearing or settling payments is a recognised clearing house. They do this by putting a notice in the Gazette. This applies to people who are already doing this work or who plan to do it in the future. The Bank can use this power for the parts of the law from section 310A to 310O.

If the Bank wants to, they can change their mind about someone being a recognised clearing house. They can also take away this status completely. To do either of these things, they need to put another notice in the Gazette.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM322392.

Topics:
Business > Industry rules
Business > Banking and loans
Money and consumer rights > Banking and loans
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310J: Court may set aside bilateral netting agreement between company and related person, or

“Court can cancel deals between a company and related people if the company is in trouble”

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310L: Matters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K, or

“Factors the Bank considers when declaring, changing, or cancelling rules for clearing houses”

Part 16 Liquidations
Creditors' claims

310KCertain persons may be declared to be recognised clearing houses

  1. The Bank may, by notice in the Gazette, declare any person that provides or proposes to provide clearing or settlement services to be a recognised clearing house for the purposes of sections 310A to 310O.

  2. The Bank may, by notice in the Gazette, vary or revoke any declaration made under subsection (1).

Notes
  • Section 310K: inserted, on , by section 15 of the Companies Amendment Act 1999 (1999 No 19).