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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

58: Member’s liability for breach of individual duty

You could also call this:

"What happens if a Reserve Bank member breaks the rules"

Illustration for Reserve Bank of New Zealand Act 2021

You are a member of the Reserve Bank of New Zealand. You are not liable for breaking an individual duty under this Act, except as stated in section 57(2) and (3). This means you are still liable for other things under other Acts or laws. You can still apply for a court order under section 59.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS288491.

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57: Accountability for individual duties, or

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

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

58Member’s liability for breach of individual duty

  1. A member is not liable for a breach of an individual duty under this Act except as provided in section 57(2) and (3).

  2. Subsection (1) does not affect—

  3. 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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