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Reserve Bank of New Zealand Act 2021

Operation of Reserve Bank - Dealings with third parties

191: Method of contracting

You could also call this:

"How the Reserve Bank of New Zealand can make agreements"

Illustration for Reserve Bank of New Zealand Act 2021

You can enter into a contract or agreement on behalf of the Reserve Bank of New Zealand. The Bank can sign a contract in different ways. If a contract usually needs to be signed by an individual in a special way, the Bank can sign it in writing. You can sign a contract for the Bank if you are a member of the Bank or an attorney appointed by the Bank under section 192(1). The Bank can also enter into a contract if you are acting on its behalf and have permission to do so. This rule applies to contracts made in New Zealand or elsewhere, and it applies no matter which country's law governs the contract. The Bank can enter into a contract in writing or orally, depending on the type of contract. If a contract does not usually need to be in writing for an individual, the Bank can enter into it in writing or orally. You can make a contract for the Bank if you have its permission, either directly or indirectly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS293429.

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Part 4Operation of Reserve Bank
Dealings with third parties

191Method of contracting

  1. A contract or other enforceable obligation may be entered into by the Bank as provided in this section.

  2. An obligation that, if entered into by an individual, is required to be by deed may be entered into on behalf of the Bank in writing, signed under the name of the Bank,—

  3. by 2 or more of its members; or
    1. by 1 or more attorneys appointed by the Bank under section 192(1).

      1. An obligation that, if entered into by an individual, is required to be in writing may be entered into on behalf of the Bank in writing by a person acting under the Bank's express or implied authority.

      2. An obligation that, if entered into by an individual, is not required to be in writing may be entered into on behalf of the Bank in writing or orally by a person acting under the Bank’s express or implied authority.

      3. This section applies to a contract or other obligation—

      4. whether or not that obligation was entered into in New Zealand; and
        1. whether or not the law governing that obligation is the law of New Zealand.

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