Pursuant to section 158(1)(b) of the Crown Entities Act 2004, I, The Honourable Dr Michael John Cullen, Minister of Finance, hereby approve Crown entities (as that term
is defined in the Crown Entities Act 2004) to establish, maintain and operate bank accounts at Southland Building Society, a registered bank, on the condition that:
(a) the Southland Building Society’s credit rating
by Fitch Ratings does not fall below the existing level of “BBB”;
(b) the Southland Building Society complies with
its conditions of registration imposed under section 74 of the Reserve Bank of New Zealand Act
1989; and
(c) the Southland Building Society notifies Crown entities and organisations named in Schedule 4 of the Public Finance Act 1989 that hold bank accounts with the Southland Building Society as soon as
the bank becomes aware that it is unlikely to comply or no longer complies with the preceding conditions.
Dated at Wellington this 20th day of October 2008.
HON DR MICHAEL CULLEN, Minister of Finance.