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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Bank may dispose of business undertaking or property, rights, or liabilities

328: Proof of transactions

You could also call this:

"Showing proof of buying, selling, or transferring property from a bank or other deposit taker"

Illustration for Deposit Takers Act 2023

If you want to transfer or get rid of property of a licensed deposit taker, you need to follow some rules. You have to give a document to a registrar that shows the transfer or disposal of the property. This document must be signed by the licensed deposit taker or someone acting on their behalf. It also needs to say that the transfer is being made under section 319 or section 320.

If you do this, the document is enough proof that the transfer is happening under these rules, unless someone can show that it is not. You might need to deal with a resolution manager who looks after the deposit taker's property. If the resolution manager says that a debt has been paid, their certificate is enough proof, unless someone can show that it is not.

A registrar is a person who keeps track of important documents, like the Registrar-General of Land or a Registrar of Deeds. They are in charge of keeping registers of property and other important information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS534970.

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Part 7Crisis management and resolution
Conduct of resolution: Bank may dispose of business undertaking or property, rights, or liabilities

328Proof of transactions

  1. Subsection (2) applies if—

  2. a person presents to a registrar an instrument transferring or otherwise disposing of any property of a licensed deposit taker or any shares in, or property of, a body corporate formed and registered under section 320(1)(a); and
    1. the instrument—
      1. is executed, or purports to be executed, by or on behalf of the licensed deposit taker or body corporate; and
        1. contains a statement that the transfer or other disposition of the property of the deposit taker, or the shares in, or property of, the body corporate, is made under section 319 or 320.

        2. The instrument is, in the absence of evidence to the contrary, sufficient proof that the transfer or other disposition is made under section 319 or 320.

        3. If the resolution manager presents to a registrar a certificate signed by or on behalf of the resolution manager that states that the amount secured by a security interest over any property of a licensed deposit taker or a body corporate formed and registered under section 320(1)(a) has been paid, the certificate is, in the absence of evidence to the contrary, sufficient proof that the amount secured by the security interest has been repaid.

        4. 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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