Deposit Takers Act 2023

Licensing of deposit takers - Fit and proper requirements

37: Further provisions about power to remove

You could also call this:

"Rules for Removing Leaders of Deposit Takers"

Illustration for Deposit Takers Act 2023

When you look at the rules about removing a director or senior manager of a deposit taker, sections 34 and 35 apply no matter what. You can find these rules at section 34 and section 35. These rules are used even if the person is a good fit for their job.

These rules do not apply to directors of deposit takers from other countries. You can still find the rules at section 34 and section 35. These sections are important for understanding how deposit takers work in New Zealand.

The rules at section 34 and section 35 are more important than any other agreements or laws. They override any other rules that might apply. This means that these rules are used, no matter what other rules or agreements might say.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS492764.


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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"


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38: How power to remove is exercised, or

"How the Bank removes someone from a job: a step-by-step guide"

Part 2Licensing of deposit takers
Fit and proper requirements

37Further provisions about power to remove

  1. Sections 34 and 35 apply whether or not the director or senior manager is a fit and proper person to hold their position under the licensed deposit taker’s fit and proper policy.

  2. Sections 34 and 35 do not apply to a director of an overseas deposit taker.

  3. Sections 34 and 35 have effect despite any agreement, legislation, or rule of law, or the terms of the constitution of a licensed deposit taker.