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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

69: Bank may avoid certain acts done in breach of conflict of interest rules

You could also call this:

"The Bank can fix mistakes made by staff who broke conflict of interest rules."

Illustration for Reserve Bank of New Zealand Act 2021

You can think of the Bank as being able to fix mistakes made when someone broke the conflict of interest rules. The Bank can fix these mistakes if someone who works for the Bank did something they should not have done, as stated in section 65. The Bank must fix the mistake within three months of the Minister being told about it, as stated in section 66. You need to know the Bank cannot fix the mistake if they got a fair deal from it. The Bank can only fix mistakes if they follow the rules in this section. If someone who works for the Bank did something they should not have done because they had a personal interest, the Bank can fix the mistake. The Bank has to follow these rules to fix mistakes made when someone broke the conflict of interest rules, and they must do it in a certain way.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287099.

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

69Bank may avoid certain acts done in breach of conflict of interest rules

  1. The Bank may avoid a natural person act done by the Bank in respect of which a member was in breach of section 65.

  2. However, the act—

  3. may be avoided only within 3 months of the affected act being notified to the Minister under section 66; and
    1. cannot be avoided if the Bank receives fair value in respect of the act.

      1. An act in which a member is interested can be avoided on the ground of the member’s interest only in accordance with this section.

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