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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Effect of non-compliance with duties

57: Accountability for individual duties

You could also call this:

"Being responsible for your individual jobs as a board member"

Illustration for Reserve Bank of New Zealand Act 2021

You have individual duties as a member of the board. These duties are to the Minister and the Bank, and are outlined in sections 50 to 54. You must follow these duties. If you do not follow your individual duties, you may be removed from office. This is subject to rules in sections 37 to 39, or for the Governor, sections 90 to 93. The Bank can take action against you if you break any individual duty. This does not change other reasons you can be removed from office, as outlined in section 58.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287086.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Effect of non-compliance with duties

57Accountability for individual duties

  1. The duties of the members of the board under sections 50 to 54 (individual duties) are duties owed to the Minister and the Bank.

  2. If a member does not comply with their individual duties, that member may be removed from office (subject to any requirements in sections 37 to 39 or, in the case of the Governor, sections 90 to 93).

  3. The Bank may bring an action against a member for breach of any individual duty.

  4. This section and section 58 do not affect any other ground for removing a member from office.

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