On and from 25 July 2005, being the expiry date of the grace period set out under section 195 of the Crown Entities Act 2004, take notice that I, The Honourable Dr Michael John Cullen, Minister of Finance, pursuant to section 158 (1) (b) of the Crown Entities Act 2004, hereby approve the establishment, maintenance and operation of bank accounts by Crown Entities (as that term is defined in
the Crown Entities Act 2004) at New Zealand registered building societies:
(a) that have given to the relevant Crown Entity:
(i) written confirmation that:
(A) the building society has total equity of at least $15 million; and
(B) the building society is in compliance
with the terms of offer of debt securities in the building society’s current registered prospectus and with the terms of the building society’s trust deed; and
(ii) a written undertaking from the building society that it will, as soon as practicable, notify that Crown Entity in writing if that building society no longer satisfies any of the conditions specified in (a) (i) above;
(b) that have not notified a Crown Entity in writing that that building society no longer satisfies any of the conditions specified in (a) (i) above.
Dated at Wellington this 19th day of July 2005.
DR MICHAEL CULLEN, Minister of Finance.