Deposit Takers Act 2023

Miscellaneous - Trans-Tasman co-operation

441: Failure to comply with subpart does not affect validity of Bank’s actions

You could also call this:

"Mistakes with rules don't stop a bank's actions from being valid."

Illustration for Deposit Takers Act 2023

If you do something as a bank, it is still valid even if you made a mistake with some rules. The rules are in a part of the law called a subpart. You can still do things as a bank, like make decisions or take actions, even if you did not follow the rules in the subpart.

You can look at a similar rule from an older law, the 1989 law, by following the link to s 68A(4). This older rule is a bit like the one we are talking about now. It helps you understand what happens if someone does not follow the rules.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497938.


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Part 8Miscellaneous
Trans-Tasman co-operation

441Failure to comply with subpart does not affect validity of Bank’s actions

  1. The performance or exercise of a function, power, or duty is not invalid by reason only of a failure to comply with this subpart.

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