Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

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

429: Bank may authorise class of persons to use restricted words in name or title

You could also call this:

"The Bank can let some groups use special names with restricted words."

Illustration for Deposit Takers Act 2023

The Bank can give permission to a group of licensed deposit takers or overseas banks to use a certain name or title that has a restricted word in it. You can think of an overseas bank as a person licensed or registered as a bank in a country other than New Zealand. The Bank's permission is given through a notice, which is a type of secondary legislation, and you can learn more about what that means by looking at Part 3 of the Legislation Act 2019.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=LMS475576.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

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"

Next

430: Authorisation extends to Registrar of Companies, etc, or

"Your authorisation also helps other important people, like the Registrar of Companies."

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

429Bank may authorise class of persons to use restricted words in name or title

  1. The Bank may issue a notice that authorises a class of licensed deposit takers or overseas banks to use a name or title that includes a restricted word.

  2. A notice issued under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

  3. In this section, overseas bank means a person licensed or registered as a bank in a country other than New Zealand.

Compare
Notes