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Retirement Villages Act 2003

Retirement Commissioner and statutory supervisors - Statutory supervisors

39: Registrar's consent required for termination or non-renewal of appointment

You could also call this:

"The Registrar must agree before a supervisor's job can be ended or not renewed."

Illustration for Retirement Villages Act 2003

You need the Registrar's written consent before the operator or statutory supervisor can end or not renew the appointment of the statutory supervisor. The Registrar's consent is required for termination or non-renewal of the statutory supervisor's appointment, unless the statutory supervisor gives the operator one year's notice. You do not need the Registrar's consent if the termination is under section 23 or 38 of the Financial Markets Supervisors Act 2011.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM220885.

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Part 3Retirement Commissioner and statutory supervisors
Statutory supervisors

39Registrar's consent required for termination or non-renewal of appointment

  1. The Registrar must consent in writing before the operator or the statutory supervisor—

  2. terminates the appointment of the statutory supervisor; or
    1. elects not to renew the appointment.

      1. In the case of termination or election not to renew by the statutory supervisor, the Registrar's consent is not necessary if the statutory supervisor has given the operator 1 year's notice.

      2. This section does not apply to the termination of the appointment of a statutory supervisor by the operator under section 23 or 38 of the Financial Markets Supervisors Act 2011.

      Notes
      • Section 39(3): added, on , by section 66 of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).
      • Section 39(3): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).