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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Appointment, removal, and conditions of members

27: Method of appointment of members

You could also call this:

"How people are chosen for the Reserve Bank of New Zealand board"

Illustration for Reserve Bank of New Zealand Act 2021

You are appointed to the Reserve Bank of New Zealand board by the Governor-General. The Governor-General makes this appointment based on a recommendation from the Minister. The appointment is made official with a written notice sent to you and a copy to the Bank. You receive a notice that tells you when your appointment starts and how long it lasts. The start date cannot be before you receive the notice. The notice must include these details. The Minister makes sure your appointment is announced in the Gazette as soon as possible. This announcement includes your name, the date your appointment starts, and how long it lasts.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287048.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Appointment, removal, and conditions of members

27Method of appointment of members

  1. A member of the board is appointed by the Governor-General, on the recommendation of the Minister.

  2. The appointment must be made by written notice to the member (with a copy to the Bank).

  3. The notice must—

  4. state the date on which the appointment takes effect, which must not be earlier than the date on which the notice is received; and
    1. state the term of the appointment.

      1. The Minister must ensure that the following are notified in the Gazette as soon as is reasonably practicable after an appointment is made:

      2. the name of the appointee and the Bank; and
        1. the date on which the appointment takes effect; and
          1. the term of the appointment.

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