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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Governor

86: Extension of term of Governor

You could also call this:

"The Minister can extend the Reserve Bank Governor's term for up to 6 months."

Illustration for Reserve Bank of New Zealand Act 2021

You can find out about the Governor of the Reserve Bank of New Zealand. The Minister can extend the Governor's term by up to 6 months in writing. The Minister must tell the Governor and the board about this extension. You need to know the Governor's new term will be shorter if they get reappointed. This is because the new term must be reduced by the length of the extension. The Minister can still extend the new term later. The Minister must notify the extension in the Gazette as soon as possible. This includes the fact that the term has been extended and how long the extension is. This rule only applies to Governors appointed under section 82. The Minister follows these rules when extending the Governor's term. You can find more information about this in the legislation. The rules are in place to guide the Minister's decisions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287119.

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Part 2Reserve Bank of New Zealand
Governor

86Extension of term of Governor

  1. The Minister may extend the Governor’s term of appointment by up to 6 months by written notice to the Governor (with a copy to the board).

  2. If the Governor’s term is extended and that person is reappointed for a further term in the same office, the length of the further term must be reduced by the length of the extension.

  3. Subsection (2) does not prevent the further term from being extended under subsection (1).

  4. The Minister must ensure that the following are notified in the Gazette as soon as practicable after an extension is made:

  5. the fact that the Governor’s term of appointment has been extended; and
    1. the period of the extension.

      1. This section applies only to a Governor appointed under section 82.

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