The Reserve Bank of New Zealand can choose someone to act on its behalf. You can think of this person as a helper who makes decisions for the Bank. The Bank must write down the details of this arrangement and follow the rules set out in section 191(2)(a). When the helper makes a decision, it is as if the Bank made the decision itself. This means the Bank is responsible for what the helper does. The helper must follow the instructions given by the Bank. The Bank can choose a helper for a specific task or for everything. This allows the Bank to get help when it needs it. The helper's actions are binding, which means they are final and the Bank must accept them.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS293431.
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The Bank may, by an instrument in writing executed in accordance with section 191(2)(a), appoint a person as its attorney either generally or in relation to a specified matter.
An act of the attorney in accordance with the instrument binds the Bank.
