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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Conflict of interest disclosure rules

67: Permission to act despite being interested in matter

You could also call this:

"Doing something when you have a personal interest, with special permission"

Illustration for Reserve Bank of New Zealand Act 2021

You can do something even if you have a personal interest in it. The chairperson of the board can give you permission to do this if they think it is in the public interest. They must give you this permission in writing before you do it. You might have to follow certain conditions if you get this permission. The chairperson can decide what these conditions are. They can give you permission if a rule, like the one in section 65, would normally stop you from doing something. If there is no chairperson, or if they are not available or have a personal interest, someone else can give you permission. This could be the deputy or temporary deputy chairperson, or even the Minister. They can give you permission in the same way the chairperson can. The permission you get can be changed or taken away in the same way it was given. This means the person who gave you permission can decide to change the conditions or take the permission away altogether.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287098.

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66: Consequences of failing to disclose interest, or

"What happens if you don't tell people about your interest in something?"

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68: Permission must be disclosed in annual report, or

"The Reserve Bank must share special permissions in their annual report."

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Conflict of interest disclosure rules

67Permission to act despite being interested in matter

  1. The chairperson of the board may, by prior written notice to the board, permit 1 or more members, or members with a specified class of interest, to do anything otherwise prohibited by section 65, if the chairperson is satisfied that it is in the public interest to do so.

  2. The permission may state conditions that the member must comply with.

  3. The deputy or temporary deputy chairperson may give the permission if there is no chairperson, or if the chairperson is unavailable or interested.

  4. The Minister may give the permission if there is neither a chairperson nor a deputy or temporary deputy chairperson, or if both the chairperson and the deputy or temporary deputy chairperson are unavailable or interested.

  5. The permission may be amended or revoked in the same way as it may be given.

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