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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Effect of non-compliance with duties

56: Member’s liability for breach of collective duty

You could also call this:

"What happens if your group breaks the rules: your responsibility"

Illustration for Reserve Bank of New Zealand Act 2021

You are a member of a group. You are not liable for a breach of a collective duty under this Act. This means you will not be held responsible for something the group did wrong. However, this does not limit what is said in section 55(2). You can still be liable for other things under other Acts or rules of law. This is if the act or omission that was the breach also broke other rules. You can also still apply for a court order under section 59. This is how it works for you as a member. You have certain protections, but you can still be liable in some cases. You should look at the other Acts and rules of law to understand this better.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS288468.

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55: Accountability for collective board duties, or

"Board members are responsible for doing their job and following rules, or they might lose their job."

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"Being responsible for your individual jobs as a board member"

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Effect of non-compliance with duties

56Member’s liability for breach of collective duty

  1. A member is not liable for a breach of a collective duty under this Act.

  2. However, subsection (1) does not limit section 55(2).

  3. Subsection (1) does not affect—

  4. anything else for which the member may be liable under any other Act or rule of law arising from the act or omission that constitutes the breach; or
    1. the right to apply for a court order under section 59.

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