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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Reliance on information and advice

60: When members may rely on certain information and advice

You could also call this:

"When can members trust information and advice?"

Illustration for Reserve Bank of New Zealand Act 2021

You can rely on information and advice when acting as a member. You can rely on reports and advice from the Governor, Bank employees, and professional advisers. You can also rely on information from the Crown. You can rely on information and advice from other members or committees. But you must act in good faith and make proper inquiry when needed. You must not have knowledge that your reliance is unwarranted. You can see how this section compares to a previous law, the 1986 act, by looking at the comparison.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287089.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Reliance on information and advice

60When members may rely on certain information and advice

  1. A member, when acting as a member, may rely on reports, statements, financial data, and other information prepared or supplied, and on professional or expert advice given, by any of the following persons:

  2. the Governor:
    1. an employee of the Bank whom the member believes on reasonable grounds to be reliable and competent in relation to the matters concerned:
      1. a professional adviser or expert in relation to matters that the member believes on reasonable grounds to be within the person’s professional or expert competence:
        1. the MPC in relation to matters within the MPC’s designated authority:
          1. any other member or a committee on which the member did not serve in relation to matters within the member’s or committee’s designated authority.

            1. A member, when acting as a member, may rely on reports, statements, financial data, and other information supplied by the Crown.

            2. This section applies to a member only if the member—

            3. acts in good faith; and
              1. makes proper inquiry if the need for inquiry is indicated by the circumstances; and
                1. has no knowledge that the reliance is unwarranted.

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