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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

59: Court actions requiring or restraining board or members

You could also call this:

"Going to court to stop or fix problems with the Reserve Bank's board"

Illustration for Reserve Bank of New Zealand Act 2021

You can go to court if the Reserve Bank's board or its members are not doing what they are supposed to do. The Minister or a board member can ask the court to stop the board or a member from doing something wrong. The court can also order them to do something they are required to do. You can ask the court to make an order to fix a problem. The court will only make an order if it is fair and reasonable. The court cannot make an order about something that has already happened. The court can make a temporary order at any time while it is considering an application. This temporary order can be the same as a final order. You can find more information about this by looking at s 60 of a related law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287087.

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

59Court actions requiring or restraining board or members

  1. The Minister or a member of the board may apply to a court for an order—

  2. restraining the board or a member of the board from engaging in conduct that would contravene any requirement under this Act, any prudential legislation, or the AML Act; and
    1. granting any consequential relief.

      1. The Minister may apply to a court for an order—

      2. requiring the board or a member to take any action that is required to be taken under this Act, any prudential legislation, or the AML Act; and
        1. granting any consequential relief.

          1. The court may make an order on the application subject to the following rules:

          2. an order may be made only if it is just and equitable to do so:
            1. no order may be made in respect of conduct that has been completed.

              1. The court may, at any time before the final determination of an application, make as an interim order any order that it is empowered to make as a final order.

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