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Deposit Takers Act 2023

Licensing of deposit takers - Bank’s approval required for certain changes - Consequences of failing to get approval

45: Failure to get approval does not invalidate proposed change

You could also call this:

"Changing a deposit taker without approval doesn't automatically make the change invalid."

Illustration for Deposit Takers Act 2023

If you make a change to a licensed deposit taker without getting approval from the Bank, it does not mean the change is automatically invalid. The change can still happen even if you did not get approval. This is because the rules in this part of the law do not say that not getting approval makes the change invalid.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS493101.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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44: Offence to fail to get approval, or

"Breaking rules without Bank approval is a crime"

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46: Meaning of proposed change, or

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Part 2Licensing of deposit takers
Bank’s approval required for certain changes: Consequences of failing to get approval

45Failure to get approval does not invalidate proposed change

  1. Nothing in this subpart invalidates any change in significant influence over a licensed deposit taker, significant transaction, or amalgamation made without the approval of the Bank.