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Deposit Takers Act 2023

Supervision of deposit takers - Power to require warning to be disclosed

135: Other provisions relating to order

You could also call this:

"Rules about who must follow the Bank's orders and what they must do"

Illustration for Deposit Takers Act 2023

The Bank can make an order with terms and conditions that it chooses. You need to know that the order can apply to people or companies connected to another person or company, called associated persons. The Bank can decide which of these associated persons must follow the order.

The order can require the main person or company to give a copy of the order to their associated persons. This means the main person or company must tell their associated persons about the order. The order does not have to mention the associated persons by name for this to happen.

The Bank has the power to make decisions about who must follow the order and what they must do. You can be required to follow the order even if you are associated with the main person or company after the order is made. The Bank's order can apply to all or just some of the associated persons.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497358.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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134: Procedural matters relating to order, or

"The Bank must tell you what's happening and give you a chance to comment before making a decision."

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136: Bank must give notice of orders, or

"Banks must let you know if they make a new rule or order and explain what it means."

Part 4Supervision of deposit takers
Power to require warning to be disclosed

135Other provisions relating to order

  1. The Bank may make an order under this subpart on the terms and conditions (if any) that it thinks fit.

  2. If the order extends to associated persons of A, the order may require—

  3. all, or any specified class or classes, of the associated persons to comply with the order (including associated persons that may be incorporated or formed after the date of the order); and
    1. A to provide a copy of the order to all or any of those associated persons.

      1. For the purpose of subsection (2), the order is not required to refer to the associated persons by name.