Please find the following general information about Kiwi Deposit Building Society and details of relevant legislation.
Pursuant to section 9A of the Building Societies Act 1965, New Zealand building societies may have one or more of the following functions:
(1) Subject to any restrictions or prohibitions contained in the rules of a society, the functions of every building society registered under this Act shall be—
(a) To provide services of any kind for its members or other persons, including, without limiting the generality of the foregoing, to provide services consisting of, or relating to,—
(i) The lending of money;
(ii) The provision of credit;
(iii) The giving of guarantees and indemnities;
(iv) The sale and purchase of financial obligations, debts, and securities;
(v) The discounting of credit instruments;
(x) Foreign exchange dealing;
(b) To acquire by purchase, lease, exchange, or in any other way, land or any interest in land;
(c) To develop, improve, manage, sell, lease, exchange, or otherwise deal in land or any interest in land.
(2) No society registered under this Act shall be required to carry on all of the functions referred to in subsection 1 of this section if the society carries on one or more of those functions.
Pursuant to Section 3(2)(a) of the Securities Act 1978, Kiwi Deposit does not offer debt securities to the general public, and restricts such offers to:
(i) Relatives or close business associates of Kiwi Deposit or of a director of Kiwi Deposit;
(ii) Persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money;
(iii) Persons who deposit minimum sums of at least $NZD 500,000; or
(iv) Any person who in all the circumstances can properly be regarded as having been selected otherwise than as a member of the public.
In relation to anti-money laundering and countering terrorist financing compliance, Kiwi Deposit is subject to the supervision of the Reserve Bank of New Zealand.
Please find our policy available here
Kiwi Deposit is currently exempt from the requirement of holding a credit rating issued by Fitch ratings, Moody's or Standard & Poors. However, we are likely to be required to obtain one in 2011 should deposit levels exceed $NZD 20m.
Given that Kiwi Deposit does not issue securities to the public, we are exempt from the requirement to have a trust deed.
Useful legal and regulatory links:
New Zealand Government guarantee of deposits:
The Reserve Bank of New Zealand Act 1989:
The Building Societies Act 1965:
The Securities Act 1978:
Website terms and conditions:
Please find our website terms and conditions here