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Deposit Takers Act 2023

Miscellaneous - Use of words bank, banker, and banking - Limit on use of restricted words in name or title

427: When restriction does not apply

You could also call this:

"When You Don't Have to Follow the Rules"

Illustration for Deposit Takers Act 2023

You do not have to follow the rules in section 425 if you are the Bank. You also do not have to follow these rules if you have permission from the Bank under section 428 or 429 to use certain words in your name or title, as long as you are doing what you are allowed to do. The rules do not apply to you in these situations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS471074.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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426: Offence to contravene limit on use of restricted words, or

"Breaking rules about using certain words is against the law"

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428: Bank may authorise particular persons to use restricted words in name or title, or

"Bank can let some people use special words in their name"

Part 8Miscellaneous
Use of words bank, banker, and banking: Limit on use of restricted words in name or title

427When restriction does not apply

  1. Section 425 does not apply to—

  2. the Bank; or
    1. a person who is authorised by the Bank under section 428 or 429 to use a name or title that includes a restricted word (but only to the extent that the person is acting within the scope of the authorisation).

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