South Canterbury Finance, which is the finance Company that is owned by a Company linked with Allan Hubbard, has stopped taking in deposits on a temporary basis whilst it is in the process of amending its investment statement and catalog.

The Government moved yesterday to place Aorangi Securities, seven charitable trusts, Mr. Hubbard and his wife Margaret Hubbard, who is recognized as Jean, into constitutional management. Mr. Hubbard has criticized the shift as ill-advised.

South Canterbury Finance is covered by the Crown deposit guarantee plan and it has been given approval for the extended scheme.

It is owned by Southbury Corp., which is possessed by Mr. Hubbard and his wife, but is not included from the constitutional organization.

The Company said that the South Canterbury Finance investment statement and prospectus are at the present undergoing a procedure of amendment.

Chief Executive, Sandy Maier told NZPA, the Company gave in brief information related to ratings of agencies today and was awaiting their reply.

He said the Company was still going to accept deposits but could not process, or assign them, until the documents were altered, which would take some time to finish the procedure.

This procedure been carried out a number of times in the past in reaction to events.