The Reserve Bank of New Zealand must tell the Minister in writing before it buys or sets up a subsidiary. You need to know what a subsidiary is - it is a company that the Bank controls, as explained in sections 5 to 8 of the Companies Act 1993. The Bank's subsidiary must be a New Zealand company, as stated in the Companies Act 1993, even if the Act says something different in section 5(3).
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287147.
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The Bank must ensure that the Bank acquires or forms a subsidiary only after written notice to the Minister.
In this Act, subsidiary means a company that is a subsidiary of the Bank under sections 5 to 8 of the Companies Act 1993.
Despite section 5(3) of the Companies Act 1993, a subsidiary of the Bank must be a company incorporated under that Act.
