Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Licensing of deposit takers - Fit and proper requirements

35: Bank may direct that person may not be reappointed

You could also call this:

"The Bank can stop someone from being reappointed as a director or manager"

Illustration for Deposit Takers Act 2023

If the Bank takes action under section 34, it can tell a director or senior manager that they cannot be appointed again. You might not be able to be reappointed at any time. The Bank can also say you cannot be reappointed for a certain period of time, or until something specific happens, like getting a certain qualification.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS492763.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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34: Power to remove directors and senior managers, or

"The Bank can remove bosses who are not suitable for their job."

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36: Offence to contravene direction, or

"Breaking a direction about who can be a boss at a deposit taker is against the law"

Part 2Licensing of deposit takers
Fit and proper requirements

35Bank may direct that person may not be reappointed

  1. If the Bank acts under section 34, the Bank may give a direction that the director or senior manager may not be reappointed as a director or senior manager of the licensed deposit taker—

  2. at any time; or
    1. for a period specified by the Bank; or
      1. until 1 or more things specified by the Bank occur (for example, the director or senior manager receives a specified qualification).