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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Validity of acts

20: Dealings between Bank and other persons

You could also call this:

"How the Reserve Bank of New Zealand interacts with you and others."

Illustration for Reserve Bank of New Zealand Act 2021

You deal with the Reserve Bank of New Zealand. The Bank cannot say something is not true if you believe it is true. The Bank says someone is a member or employee, you can trust that. The Bank also says someone has the power to make decisions, you can trust that too. You can trust documents from the Bank if they are issued by someone with the power to do so. If you know something is not true, the Bank can say it is not true. You still have the right to ask a court to review a decision, even if the Bank says something is true. You can look at section 23 of a previous law for comparison.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287029.

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19: Acts that are not in best interests of Bank, or

"Things the Bank can do even if they're not best for it"

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21: Interpretation for sections 12 to 20, or

"What special words mean in sections 12 to 20 of the law"

Part 2Reserve Bank of New Zealand
Validity of acts

20Dealings between Bank and other persons

  1. The Bank may not assert against a person dealing with the Bank that—

  2. a person held out by the Bank to be a member, the Governor, an office holder, an employee, or an agent of the Bank (as the case may be)—
    1. has not been duly appointed in that capacity or has ceased to be appointed in that capacity; or
      1. does not have the authority to exercise a power that, given the nature of the Bank, a person appointed to that capacity customarily has authority to exercise; or
        1. does not have the authority to exercise a power that the Bank holds them out as having; or
        2. a document issued on behalf of the Bank by a member, the Governor, an office holder, an employee, or an agent of the Bank with actual or usual authority to issue the document is not valid or genuine.

          1. However, the Bank may assert any of those matters if the person dealing with the Bank had, or ought reasonably to have had, knowledge of the matter.

          2. Nothing in this section affects a person’s right to apply, in accordance with the law, for judicial review.

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