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Reserve Bank of New Zealand Act 2021

Operation of Reserve Bank - Protections from liability

180: Definitions for protections from liability

You could also call this:

"What special words mean in sections about protection from liability"

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When you read sections 181 to 188, some words have special meanings. You need to know what 'effect insurance' means - it includes paying the costs of insurance directly or indirectly. You also need to understand what 'excluded act or omission' means. When you see the words 'indemnify' or 'indemnity', they mean to relieve or excuse someone from liability. In sections 181 to 188, if you see a reference to a particular kind of person, it includes someone who used to be that kind of person. For example, if it says 'employee', it also means a former employee. You should look at the links to sections 181 to 188 and section 182(1) to understand more about these definitions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS296265.

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Part 4Operation of Reserve Bank
Protections from liability

180Definitions for protections from liability

  1. In sections 181 to 188,—

    effect insurance includes pay, whether directly or indirectly, the costs of the insurance

      excluded act or omission means an act or omission by a person referred to in section 182(1) that is done or omitted to be done in good faith and in the performance or exercise, or intended performance or exercise, of—

      1. the Bank’s functions or powers under—
        1. this Act; or
          1. the prudential legislation; or
            1. any other legislation that confers or imposes functions or powers on the Bank; and
            2. the functions or powers that are conferred or imposed separately on the person by—
              1. this Act; or
                1. the prudential legislation; or
                  1. any other legislation that confers or imposes functions or powers on the Bank

                  indemnify includes relieve or excuse from liability, whether before or after the liability arises, and indemnity has a corresponding meaning.

                  1. In sections 181 to 188, a reference to—

                  2. a person of a particular kind (for example, an employee) includes a person who was a person of that kind but who is no longer a person of that kind (for example, a former employee):
                    1. a person referred to in particular provisions includes a person who was a person of the kind referred to in those provisions but who is no longer a person of that kind.

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