The Bank can accept a written promise from a licensed deposit taker or another person. This promise is about something the Bank is looking at or deciding on because of the Deposit Takers Act 2023. You can think of this promise like a commitment to do or not do something, and the Bank can choose to accept it if they want to.
This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.
This page was last updated on
View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497390.
147: Effect of final decision that exercise of powers under section 99 or 127 unlawful, or
"What happens if a court decides the Bank or investigator used their powers unfairly under sections 99 or 127."
149: When undertaking is enforceable, or
"When the Bank says they accept your promise, it becomes a rule you must follow"
The Bank may accept a written undertaking from a licensed deposit taker or other person about a matter in relation to which the Bank is performing or exercising any of its functions, powers, or duties under this Act.
