New Zealand Acts

FRIENDLY SOCIETIES AND CREDIT UNIONS AMENDMENT ACT 2004 - SECT 5

5 Credit union property to vest in trustees

Section 112 of the principal Act is amended by inserting, after subsection (1) , the following subsection:

1A However, regardless of the rules of a credit union, if a trustee has been appointed in respect of a security under section 33(2)(a) of the Securities Act 1978 , then that trustee may exercise any rights it has under that Act in respect of the property of the credit union.