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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

71: Onus of proving fair value

You could also call this:

"Proving something is a fair price is your job in certain situations."

Illustration for Reserve Bank of New Zealand Act 2021

You need to prove something is a fair value in certain situations. If you want to stop something from being cancelled and you knew about a conflict of interest, you must show it is a fair value. The Bank must show it did not get a fair value in other cases, you can compare this to a previous 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=LMS287101.

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Topics:
Money and consumer rights > Consumer protection
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70: What is fair value, or

"What is a fair deal for the Reserve Bank?"

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72: Effect of avoidance on third parties, or

"What happens if you buy something from someone who didn't get it from the Reserve Bank properly"

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

71Onus of proving fair value

  1. A person seeking to prevent an act being avoided, and who knew, or ought reasonably to have known, of the member’s interest at the time the act was done, has the onus of establishing fair value.

  2. In any other case, the Bank has the onus of establishing that it did not receive fair value.

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