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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Bank may form body corporate to acquire New Zealand business

318: Proof of vesting

You could also call this:

"Proof that a company owns something"

Illustration for Deposit Takers Act 2023

You do not have to change the name of a licensed deposit taker in any records just because of what section 314 says. If a body corporate shows a document that meets certain requirements, it is proof that the property belongs to them. The document must be signed by the body corporate, be about property the deposit taker had before a certain date, and say the property now belongs to the body corporate.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533901.

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Money and consumer rights > Banking and loansHousing and property > Buying and selling homesHousing and property > Land useBusiness > Industry rules
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317: Vesting of property or rights subject to security interest, or

"Transferring property or rights when someone else has a security interest"

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319: Bank’s disposal power, or

"The Bank can sell or get rid of parts of a troubled deposit taker's business."

Part 7Crisis management and resolution
Conduct of resolution: Bank may form body corporate to acquire New Zealand business

318Proof of vesting

  1. A registrar is not obliged solely by reason of section 314 to change the name of the licensed deposit taker (A) referred to in that section to that of the body corporate (B) formed and registered under that section in any register or in any document.

  2. If B presents to a registrar or any other person an instrument that meets the requirements of subsection (3), the instrument is, in the absence of evidence to the contrary, sufficient proof that the property that is the subject of the instrument is vested in B.

  3. The requirements are that the instrument—

  4. is executed or purports to be executed by B; and
    1. relates to any property held by A before the date specified in an Order in Council made under section 314; and
      1. contains a statement that the property has become vested in B under that section.

        1. Subsection (2) applies whether or not the instrument is or includes an instrument of transfer.

        2. In this section, registrar means the Registrar-General of Land, a Registrar of Deeds, or any other person required under any legislation to keep any register.

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