Private Savings Banks (Transfer of Undertakings) Act 1992

1: Short Title and commencement
1: This Act may be cited as the Private Savings Banks (Transfer of Undertakings) Act 1992.
2: Except as provided in section 22(2) section 23(3)
2: Interpretation
In this Act, unless the context otherwise requires,— appointed day section 4 Inland Revenue Acts Schedule Tax Administration Act 1994 instrument
a: any instrument (other than an enactment) of any form or kind that creates, evidences, modifies, or extinguishes rights, interests, or liabilities or would do so if it or a copy thereof were lodged, filed, or registered under any enactment; and
b: any judgment, order, or process of a court instrument by way of security section 2 of the Chattels Transfer Act 1924 land section 2 liabilities Minister parent bank section 2 of the Private Savings Banks Act 1983 property
a: choses in action and money:
b: goodwill:
c: rights, interests and claims of every kind in or to property, whether arising from, accruing under, created or evidenced by or the subject of, an instrument or otherwise and whether liquidated or unliquidated, actual, contingent, or prospective Reserve Bank rights savings bank company Schedule 1 security successor Schedule 1 undertaking section 4 Section 2 Inland Revenue Acts amended 1 April 1995 Income Tax Act 1994
3: Act to bind the Crown
This Act binds the Crown.
4: Transfer of undertakings of savings bank companies to successors
1: The Governor-General may, by Order in Council, on the advice of the Minister given in accordance with a recommendation of the Reserve Bank, appoint a date on which the undertaking of a savings bank company named in the order shall vest in its successor and the undertaking of the savings bank company shall, by virtue of this Act, vest in its successor on that date.
2: The date specified in the Order in Council shall be a date that is not earlier than 4 months nor later than 6 months after the date on which the order is made.
3: An Order in Council must be made under this section in relation to a savings bank company within 12 months after the date on which this Act comes into force.
4: An Order in Council under this section may specify property or rights as being property or rights to which the order does not apply.
5: An Order in Council made under this section may specify that the savings bank company shall be deemed to be dissolved on the appointed day, and, if it does, the savings bank company shall be deemed to be dissolved on that date.
5: Consequential provisions on transfer of undertaking of savings bank company to successor
Without limiting the generality of section 4
a: a reference (express or implied) to the savings bank company in any instrument made, given, passed, or executed before the appointed day shall be read and construed as a reference to its successor:
b: the relationship between the savings bank company and a customer or depositor shall become the same relationship between its successor and that customer or depositor and the same rights and liabilities, including rights of set-off, shall exist between its successor and a customer or depositor as existed immediately before the appointed day between the savings bank company and that customer or depositor:
c: all contracts, agreements, conveyances, deeds, leases, licences, and other instruments, undertakings, and notices, (whether or not in writing), entered into by, made with, given to or by, or addressed to the savings bank company (whether alone or with any other person) before the appointed day and subsisting immediately before the appointed day shall, to the extent that they were previously binding on and enforceable by, against, or in favour of the savings bank company, be binding on and enforceable by, against, or in favour of its successor as fully and effectually in every respect as if, instead of the savings bank company, its successor had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed, as the case may be:
d: an instruction, order, direction, mandate, or authority given to the savings bank company and subsisting immediately before the appointed day shall be deemed to have been given to its successor:
e: a security held by the savings bank company as security for a debt or other liability to the savings bank company incurred before the appointed day shall be available to its successor as security for the discharge of that debt or liability and, where the security extends to future or prospective debts or liabilities, shall be available as security for the discharge of debts or liabilities to its successor incurred on or after the appointed day, and, in relation to a security, its successor shall be entitled to all the rights and priorities, however they arise, and shall be subject to all liabilities to which the savings bank company would have been entitled or subject if this Act had not been passed:
f: all the rights and liabilities of the savings bank company as bailor or bailee of documents or chattels shall be vested in and assumed by its successor:
g: a negotiable instrument or order for payment of money which, before the appointed day is drawn on or given to or accepted or endorsed by the savings bank company or payable at a place of business of the savings bank company, shall, unless the context otherwise requires, have the same effect on and after the appointed day as if it had been drawn on or given to or accepted or endorsed by its successor instead of the savings bank company or was payable at the place of business of its successor:
h: a reference (express or implied) to the holder for the time being of a particular office (other than the office of director, secretary, or auditor) within the savings bank company in any instrument made, given, passed, or executed before the appointed day shall be read and construed as a reference to the person for the time being holding office as the chief executive of its successor or such other officer of its successor as is designated from time to time by the chief executive or by any other person acting under delegation from the chief executive:
i: any action, arbitration, or proceeding, or cause of action which immediately before the appointed day is pending or existing by, against, or in favour of the savings bank company or to which the savings bank company is a party may be prosecuted, and without amendment of any writ, pleading or other document, continued and enforced by, against, or in favour of its successor.
6: Certain matters not affected by vesting
1: Nothing effected or authorised by this Act—
a: shall be regarded as placing a savings bank company, its successor, or any other person in breach of, or default under, any contract, or in breach of confidence, or as otherwise making any of them guilty of a civil wrong:
b: shall be regarded as giving rise to a right for any person to—
i: terminate or cancel or modify a contract or an agreement; or
ii: enforce or accelerate the performance of an obligation; or
iii: require the performance of an obligation not otherwise arising for performance:
c: shall be regarded as placing a savings bank company, its successor, or any other person in breach of any enactment or rule of law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of property or the disclosure of information:
d: shall release a surety from an obligation:
e: shall invalidate or discharge a contract or security.
2: Without limiting subsection (1), nothing in section 15 of the Private Savings Banks Act 1983
7: Employees
Notwithstanding any other provision of this Act,—
a: on the appointed day in relation to a savings bank company and in relation to the undertaking of that savings bank company, each employee of the savings bank company shall become an employee of its successor but, for the purposes of every enactment, law, determination, contract, and agreement relating to the employment of each such employee, the contract of employment of that employee shall be deemed to have been unbroken and the period of service with the savings bank company shall be deemed to have been a period of service with its successor:
b: the terms and conditions of employment of each such employee shall, until varied, be identical with the terms and conditions of that employee's employment with the savings bank company immediately before the appointed day and be capable of variation in the same manner:
c: no such employee shall be entitled to receive any payment or other benefit by reason only of that employee ceasing by virtue of this Act to be an employee of the savings bank company.
8: Superannuation rights of employees
Notwithstanding any other provision of this Act,—
a: property held on trust or vested in any person under any provident, benefit, superannuation, or retirement fund or scheme for the employees of a savings bank company named in an Order in Council made under section 4
b: so far as necessary every reference in any instrument constituting that fund or scheme to the savings bank company or an employee of the savings bank company or a dependant of that employee or any other person shall be read and construed as a reference to its successor or an employee of that successor, or a dependant of that employee or any other person, as the case may be:
c: any superannuation scheme relating to employees of a savings bank company that was, immediately before the appointed day in relation to that savings bank company, an approved superannuation scheme within the meaning of the Superannuation Schemes Act 1989
9: Books and documents to remain evidence
1: Any document, matter, or thing which, if this Act had not been passed, would have been admissible in evidence in respect of any matter relating to the undertaking of a savings bank company named in an Order in Council made under section 4
2: In this section, document section 2(1)
10: Registers
1: No Registrar of Deeds or District Land Registrar or any other person charged with the keeping of any books or registers shall be obliged solely by reason of the foregoing provisions of this Act to change the name of a savings bank company to that of its successor in those books or registers or in any document.
2: The presentation to any registrar or other person of any instrument, whether or not comprising an instrument of transfer, by a savings bank company's successor—
a: executed or purporting to be executed by the successor; and
b: relating to any property held immediately before the appointed day in relation to the savings bank company by that savings bank company; and
c: containing a recital that that property has become vested in the savings bank company's successor by virtue of the provisions of this Act— shall, in the absence of evidence to the contrary, be sufficient proof that the property is vested in the successor.
11: Taxes and duties
For the purposes of the Inland Revenue Acts, and any other enactment that imposes or provides for the collection of a tax, duty, levy, or other charge,—
a: on and from the appointed day in relation to a savings bank company, the company and its successor shall, in respect of the undertaking of the savings bank company, be deemed to be the same person; and
b: in respect of the liability for and the assessment, determination, or imposition of taxes, duties, levies, or other charges accruing on and from the appointed day, all transactions entered into by, and acts of, the savings bank company shall, in so far as they relate to the undertaking of the savings bank company, be deemed to have been entered into by, or to be those of, its successor and to have been entered into or performed by its successor at the time when they were entered into or performed by the savings bank company.
12: Private Savings Banks Act 1983 to cease to apply
The Private Savings Banks Act 1983 section 4
13: Use of words bank, banker, and banking
Section 13 repealed 21 August 2003 section 48(1) Reserve Bank of New Zealand Amendment Act 2003
14: Termination of guarantee of depositors
Notwithstanding section 5 section 4 section 13 of the Private Savings Banks Act 1983
15: Notice to depositors
1: Not later than 21 days after the date on which an Order in Council is made under section 4
a: give written notice of the matters set out in subsection (2) to every depositor of the company; and
b: give public notice of the matters set out in subsection (3) in a principal metropolitan daily newspaper circulating in each of Auckland, Wellington, Christchurch, and Dunedin.
2: The notice given under subsection (1)(a) must state—
a: that, by virtue of this Act, the undertaking of the savings bank company is to vest in the savings bank company's successor on the date (which must also be stated) specified in the Order in Council made under section 4
b: that, by virtue of this Act, all deposits with the savings bank company will, on that date, become deposits with the savings bank company's successor:
c: that the guarantee of those deposits by the parent bank will cease on that date:
d: that the depositor has the right to withdraw the amount standing to the credit of his or her account as a depositor as from the date of the notice at any time before the appointed day and, except in the case of a penalty imposed by or under any Act relating to the deposit, to do so without penalty.
3: The notice given under subsection (1)(b) must state—
a: that, by virtue of this Act, the undertaking of the savings bank company is to vest in the savings bank company's successor on the date (which must also be stated) specified in the Order in Council made under section 4
b: that, by virtue of this Act, all deposits with the savings bank company will, on that date, become deposits with the savings bank company's successor:
c: that the guarantee by the parent bank of deposits with the savings bank company will cease on that date:
d: that every person who is a depositor at the date on which notices under subsection (1)(a) are sent to all depositors has the right to withdraw the amount standing to the credit of his or her account as a depositor as from the date of such notices at any time before the appointed day and, except in the case of any penalty imposed by or under any other Act relating to the deposit, to do so without penalty.
4: Every notice to a depositor under subsection (1)(a) shall be sent to the depositor's last known address.
5: A failure to comply with this section does not affect the validity of an Order in Council made under section 4
16: Repayment of deposits
A savings bank company in respect of which an Order in Council has been made under section 4 section 15(1)(a)
17: Restrictions on taking deposits
No savings bank company in relation to which an Order in Council has been made under section 4
a: that, by virtue of this Act, the undertaking of the savings bank company will vest in the savings bank company's successor on the date (which must be stated) specified in the order:
b: that, by virtue of this Act, all deposits with the savings bank company will, on that date, become deposits with the savings bank company's successor:
c: that the guarantee of those deposits by the parent bank will cease on that date.
18: Continued application of regulations to accounts of minors
The provisions of the Private Savings Banks Regulations 1984
19: Nominations
Nominations made under Part 5 of the Private Savings Banks Regulations 1984 Schedule 1
a: every reference in that Part and that schedule to a depositor was a reference to a depositor of that successor; and
b: every reference to a company, a savings bank, and a private savings bank, was a reference to that successor.
20: References to private savings banks in other Acts
References in any other Act to a private savings bank or to a savings bank company shall be deemed to be references to a savings bank company's successor.
21: Application of Unclaimed Money Act 1971
For the purposes of section 4(1)
22: Amendments to other Acts
1: The enactments specified in Schedule 2
2: Subsection (1) shall come into force on a date to be appointed by the Governor-General by Order in Council.
3: No Order in Council shall be made under subsection (2) until the undertaking of every savings bank company has vested in its successor pursuant to this Act. Section 22(2) brought into force 22 May 1998 Private Savings Banks (Transfer of Undertakings) Act Commencement Order 1998
23: Repeal of Private Savings Banks Act 1983
1: The Private Savings Banks Act 1983
2: The regulations and order specified in Schedule 3
3: This section shall come into force on a date to be appointed by the Governor-General by Order in Council.
4: No Order in Council shall be made under this section until the undertaking of every savings bank company has vested in its successor pursuant to this Act. Section 23(3) brought into force 10 September 1993 Private Savings Banks Act Repeal Order 1993
24: Special provisions relating to ownership accounts with private savings banks
1: Every savings bank company's successor shall, on and after the appointed day, be deemed to be an authorised savings institution for the purposes of—
a: the Farm Ownership Savings Act 1974
b: the Home Ownership Savings Act 1974
c: the Fishing Vessel Ownership Savings Act 1977
2: Every Ordinary Farm Ownership Account and Special Farm Ownership Account (within the meaning of section 2(1) sections 12 14C
3: Every Ordinary Home Ownership Account and Special Home Ownership Account (within the meaning of section 2(1) sections 12 14C
4: Every Fishing Vessel Ownership Account and Special Fishing Vessel Ownership Account (within the meaning of section 2(1) sections 12 17