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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

33: Term of office of members

You could also call this:

"How long Reserve Bank board members stay in their job"

Illustration for Reserve Bank of New Zealand Act 2021

You are a member of the Reserve Bank of New Zealand board. You hold office for 5 years or a shorter time stated in your appointment notice. You can be reappointed for 2 more terms, but you cannot be appointed for more than 10 years in total. You stay in office even after your term ends until you are reappointed, a new member is appointed, or the Governor-General tells you in writing that you will not be reappointed. Your time in office is also subject to section 42, which you can find at section 42. This rule is similar to a previous law, which you can read about at s 32. You can compare this to the 2004 law, which is available online.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287055.

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

33Term of office of members

  1. A member of the board holds office for 5 years or any shorter period stated in the notice of appointment.

  2. A member may be reappointed for 2 further terms, but no member may be appointed to hold office for more than 10 years in total.

  3. A member continues in office despite the expiry of their term of office until—

  4. the member is reappointed; or
    1. the member’s successor is appointed; or
      1. the Governor-General informs the member by written notice (with a copy to the Bank) that the member is not to be reappointed and no successor is to be appointed at that time.

        1. This section is subject to section 42.

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