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New Zealand law explained for everyone

Deposit Takers Act 2023

Enforcement - Ban ordered by District Court

178: Type of order

You could also call this:

"What kind of ban can be placed on working with banks or other deposit takers?"

Illustration for Deposit Takers Act 2023

The order bans you from doing certain things with a licensed deposit taker or a group that has a licensed deposit taker. You might be banned from being a director, helping to manage, or owning shares in one of these groups. You could also be banned from working for them, or doing contract work with them, and you might not be able to participate in their business in any other way.

The ban can apply to all licensed deposit takers, just one, or a specific group of them. It can also apply to all the members of a licensed deposit taker group, just one member, or a specific group of members.

You might be banned from some or all of these activities, depending on the order that is made.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497902.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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177: Power to ban certain persons from participating in deposit-taking business, or

"The court can ban people from working in banking if they've done something very wrong."

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179: Other provisions relating to order, or

"What happens after a court makes an order and who pays the costs"

Part 5Enforcement
Ban ordered by District Court

178Type of order

  1. The order is an order banning a person from being or doing 1 or more of the following:

  2. being a director of a licensed deposit taker or of any other member of a licensed deposit taker group:
    1. being concerned or taking part in the management of a licensed deposit taker or of any other member of a licensed deposit taker group:
      1. being a shareholder of a licensed deposit taker or of any other member of a licensed deposit taker group:
        1. being an employee or other agent of a licensed deposit taker or of any other member of a licensed deposit taker group:
          1. acting under a contract for services with a licensed deposit taker or with any other member of a licensed deposit taker group:
            1. otherwise participating in a business of a licensed deposit taker or of any other member of a licensed deposit taker group in any other way (whether paid or unpaid).

              1. An order may relate to any of the following:

              2. all licensed deposit takers, a particular licensed deposit taker, or a class of licensed deposit takers:
                1. all members of licensed deposit taker groups, a particular member of a licensed deposit taker group, or a class of those members.