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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

432: Conditions

You could also call this:

"Rules the Bank sets when giving permission"

Illustration for Deposit Takers Act 2023

The Bank can give permission under section 428 or section 429 with conditions they think are suitable. You need to follow these conditions if the Bank gives you permission. The Bank decides what conditions to include.

The Bank can choose conditions like what name or title you use, or what activities you can do in New Zealand. The Bank will tell you what conditions you must follow when they give you permission. You must follow these conditions to keep your permission.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497594.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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431: Bank’s policies for giving authorisation, or

"How banks decide who can use special names or titles"

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433: Application of Companies Act 1993, or

"How the Companies Act 1993 still applies to deposit takers"

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

432Conditions

  1. The Bank may give an authorisation under section 428 or 429 subject to any conditions that the Bank thinks fit.

    Examples

    The Bank gives an authorisation to company A on the condition that A use a particular name or title approved by the Bank.

    The Bank gives an authorisation to overseas bank B on the condition that B carries on in New Zealand only those activities specified by the Bank.

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