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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Delegation

75: Powers of delegate

You could also call this:

"What a delegate can and can't do"

Illustration for Reserve Bank of New Zealand Act 2021

You are a delegate if someone gives you their job to do. You can do the job in the same way as the person who gave it to you. You must follow the same rules as the person who gave you the job. If you want to give the job to someone else, you need to get permission first. The person you give the job to must follow the same rules as you. You are assumed to be doing the job correctly unless someone can prove otherwise. If someone asks, you must show them that you have permission to do the job. You can look at section 74 of a previous law for 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=LMS287105.

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74: Ability to delegate, or

"The Reserve Bank's board can give some of its jobs to others, like employees or committees."

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76: Effect of delegation on Bank or board, or

"Delegating tasks doesn't stop the Bank or board from being in charge."

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Delegation

75Powers of delegate

  1. A delegate to whom any functions or powers of the Bank or board are delegated—

  2. may, unless the delegation provides otherwise, perform the function or exercise the power in the same manner, subject to the same restrictions, and with the same effect as if the delegate were the Bank or the board; and
    1. may delegate the function or power only—
      1. with the prior written consent of the board; and
        1. subject to the same restrictions, and with the same effect, as if the subdelegate were the delegate.

        2. A delegate who purports to perform a function or exercise a power under a delegation—

        3. is, in the absence of proof to the contrary, presumed to do so in accordance with the terms of that delegation; and
          1. must produce evidence of their authority to do so, if reasonably requested to do so.

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