Plain language law

New Zealand law explained for everyone

Building Societies Act 1965

Borrowing powers. Investors and depositors

57A: Home ownership accounts and farm ownership accounts

You could also call this:

“Old rules about special savings accounts for homes and farms no longer apply”

The law used to have a section about home ownership accounts and farm ownership accounts. However, this part of the law was removed on 1 September 1987. This means that these types of accounts are no longer covered by this specific law. If you want to know more about home ownership or farm ownership accounts, you might need to look at other, more recent laws.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371737.

Topics:
Money and consumer rights > Banking and loans Housing and property > Buying and selling homes
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57: Restrictions on savings bank deposits, or

"Building societies can't have savings accounts anymore"

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58: Interest on deposits, or

"Rules about interest on savings no longer apply to building societies"

Part 5 Borrowing powers. Investors and depositors

57AHome ownership accounts and farm ownership accounts (Repealed)

    Notes
    • Section 57A: repealed, on , by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).