After a building society changes into a company, the new company is not allowed to let anyone open a special kind of account. These accounts are called bonus balloting accounts. They have numbers that are used in a draw to win prizes. The company can’t give out new numbers for these accounts anymore.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372342.
113L: Application of Gambling Act 2003 to company ballots, or
"Rules for prize draws by companies that used to be building societies"
113N: Retention of trustee investment status for 5 years from conversion, or
"Building societies can no longer keep their special investment status after changing to companies"
No company into which a society has become converted pursuant to this Part shall permit any person to open an account with the company to which a number is given that is drawn in any ballot conducted for the purpose of determining entitlements for prizes.
