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Deposit Takers Act 2023

Depositor compensation scheme - Levies for depositor compensation scheme

244: Effect of failure to comply

You could also call this:

"What happens if you don't follow the rules"

Illustration for Deposit Takers Act 2023

If you do not follow section 242 or 243, it does not change whether the rules made under this part are valid. You can find section 242 here and section 243 here. The rules are still valid even if you do not comply with these sections.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS505508.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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"Banks must put information about fees on their website."

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245: Minister must publish statement of funding approach, or

"The Minister must publish a plan every 5 years on how to fund the depositors' compensation scheme."

Part 6Depositor compensation scheme
Levies for depositor compensation scheme

244Effect of failure to comply

  1. A failure to comply with section 242 or 243 does not affect the validity of any regulations made under this subpart.