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Valuers Bill

Miscellaneous - Financial provisions

95: Cheques drawn on Valuers Registration Board Account

You could also call this:

"Who can sign cheques from the Valuers Registration Board Account?"

Illustration for Valuers Bill

You will need two people to sign cheques from the Valuers Registration Board Account. These people are either two Board members or one Board member and the Registrar. They must be chosen for this job. You can endorse a cheque to put money into the Account with one signature. This can be a Board member or the Registrar. The Board must agree on how much money to spend before you can draw a cheque. The bank does not need to check if the Board agreed on the payment when you present the cheque.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS617026.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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Part 4Miscellaneous
Financial provisions

95Cheques drawn on Valuers Registration Board Account

  1. All cheques drawn on the Valuers Registration Board Account must be signed, and all negotiable and other instruments requiring endorsement must be endorsed, by—

  2. 2 members of the Board who are nominated for the purpose; or
    1. 1 member who is nominated for the purpose and the Registrar.

      1. However, a cheque for payment into the Valuers Registration Board Account may be endorsed by—

      2. 1 member of the Board referred to in subsection (1); or
        1. the Registrar.

          1. A cheque may be drawn on the Valuers Registration Board Account, and money of the Board may be expended, only in accordance with a resolution of the Board approving the payment and the amount of the payment.

          2. However, a bank or other person to whom a cheque signed in accordance with subsection (1) is presented is not required to inquire whether a resolution has been passed.