If you are under 20 years old and you lend money to a building society, the society can give you a receipt or acknowledgment when they pay you back. This receipt is valid even though you are under 20. This rule applies to both the main amount of money you lent and any interest you earned on it.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371771.
56D: Home ownership accounts and farm ownership accounts, or
"Special savings accounts for homes and farms at approved building societies"
56F: Designation of societies for investments by trustees, or
"This rule about choosing special building societies for trustees to invest in doesn't exist anymore"
A receipt or acknowledgment given to a society by a person under the age of 20 years, in respect of the payment to that person of any sum due in respect of the principal of or interest on sums lent by that person to the society, shall not be invalid on the ground that that person is under the age of 20 years.
