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Reserve Bank of New Zealand Act 2021

Central bank functions - Monetary policy - Order providing for different economic objective or objectives

127: Period may be extended

You could also call this:

"The time limit can be made longer if needed."

Illustration for Reserve Bank of New Zealand Act 2021

You can extend the time period set in an order under section 125. The Governor-General can do this with the Minister's advice. They can extend the period by up to 12 months and can do this several times. You can only extend the period before it ends. This means you cannot extend it after the time is up. When the Governor-General extends the period, they make secondary legislation, see Part 3 of the Legislation Act 2019 for more information on publication requirements.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287171.

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"The Minister must think about changing the rules for the Reserve Bank."

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"When an order runs out after a set time"

Part 3Central bank functions
Monetary policy: Order providing for different economic objective or objectives

127Period may be extended

  1. The Governor-General may, by Order in Council, on the advice of the Minister, extend the period specified in an order under section 125 for a period not exceeding 12 months, and may in the same manner extend that period on successive occasions.

  2. An extension may only be made before the end of the period to be extended.

  3. An Order in Council made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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