Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

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

37: Removal of members

You could also call this:

"The Governor-General can remove a board member for a good reason after getting advice."

Illustration for Reserve Bank of New Zealand Act 2021

The Governor-General can remove a member of the board at any time for a good reason. You need to know that this happens after the Minister talks to the Attorney-General. The Minister gives advice to the Governor-General. The removal is done by sending a written notice to the member and a copy to the Bank. The notice says when the removal starts and why it is happening. The removal start date must be on or after the notice is received. The Minister tells everyone about the removal in the Gazette as soon as possible. You can find more information by looking at s 39 of a related law.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287060.

This page was last updated on — View changes

Topics:
Government and voting > Government departmentsMoney and consumer rights > Banking and loans
Previous

36: Validity of appointments, or

"Appointments to the Reserve Bank board are still valid even if there was a problem with the appointment process."

Next

38: Just cause for removal of members, or

"Removing a Reserve Bank member for a good reason"

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

37Removal of members

  1. The Governor-General may, at any time for just cause, on the advice of the Minister given after consultation with the Attorney-General, remove a member of the board from office.

  2. The removal 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 removal takes effect, which must not be earlier than the date on which the notice is received; and
    1. state the reasons for the removal.

      1. The Minister must notify the removal in the Gazette as soon as practicable after the notice is given.

      Compare