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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

31: Qualifications of members

You could also call this:

"Who can be on the Reserve Bank board"

Illustration for Reserve Bank of New Zealand Act 2021

You can be a member of the board if you are a natural person and not disqualified. You are disqualified if you work for a regulated entity or the Bank. You are also disqualified if you are an undischarged bankrupt or have been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961. You are disqualified if you are prohibited from being a director under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993. You are also disqualified if you are subject to a property order under the Protection of Personal and Property Rights Act 1988. Other reasons for disqualification include being a member of Parliament or a chief executive of a department. The Governor can still be a member of the board, but there are special rules for them, which you can find in section 87.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287053.

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

31Qualifications of members

  1. A natural person who is not disqualified by this section may be a member of the board.

  2. The following persons are disqualified from being members:

  3. a person who is a director or an employee of a regulated entity:
    1. a person who is a member of the MPC:
      1. an employee of the Bank or of a subsidiary of the Bank:
        1. a person who is an undischarged bankrupt:
          1. a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993:
            1. a person who is subject to a property order under the Protection of Personal and Property Rights Act 1988:
              1. a person in respect of whom a personal order has been made under that Act that reflects adversely on the person's—
                1. competence to manage their own affairs in relation to their property; or
                  1. capacity to make or to communicate decisions relating to any particular aspect or aspects of their personal care and welfare:
                  2. a person who has been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961 within the past 5 years:
                    1. a person who has been convicted within the past 5 years, in a country other than New Zealand, of an offence that is substantially similar to an offence specified in paragraph (h):
                      1. a person who has been convicted of any other offence punishable by imprisonment for a term of 2 years or more, or who has been sentenced to imprisonment for any other offence, unless that person has obtained a pardon, served the sentence, or otherwise suffered the penalty imposed on the person:
                        1. a member of Parliament:
                          1. a person who is a chief executive of a department or an employee of a department:
                            1. a person who is disqualified under another Act.

                              1. Nothing in this section prevents the Governor from being a member of the board in their capacity as the Governor (see instead section 87, which provides for the qualifications of the Governor).

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