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Trusts Act 2019

Miscellaneous provisions - Transfer to the Crown

150: Financial products transferred to the Crown

You could also call this:

"What happens to money when financial products are given to the government"

Illustration for Trusts Act 2019

If financial products are transferred to the Crown under section 149, the Secretary to the Treasury can sell them or turn them into money at any time. You can read more about this in section 149. The money from these sales is considered trust money, along with any other money received from the transfer of financial products under section 149 or from selling them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS36649.

Topics:
Money and consumer rights > Banking and loans
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149: Transfer to the Crown of non-distributable trust property, or

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Part 8Miscellaneous provisions
Transfer to the Crown

150Financial products transferred to the Crown

  1. The Secretary to the Treasury may at any time sell, or convert into money, any financial products transferred to the Crown under section 149.

  2. All proceeds of any financial products transferred to the Crown under section 149 and all money received from any sale or conversion of financial products under section 149(4) or subsection (1) of this section are trust money.