BN7.5 Holding investments (09/12/2022)

1. A holding investment means investment of funds in:
   1. New Zealand, in New Zealand currency; and
   2. either one or more of the following:
      • bonds issued by the New Zealand government or local authorities; or
      • term deposits with New Zealand registered banks; or
      • deposits in a New Zealand bank account.
2. Funds invested in a holding investment:
   1. must be in the principal applicant’s name; and
   2. must remain separate from any other funds; and
   3. are not for personal use (see BN7.10.25) or use as a transaction account; and
   4. must not be withdrawn except to be transferred to other holding investments (see BN9.5(f)) or to be placed into acceptable investments.

Effective 09/12/2022