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Deposit Takers Act 2023

Crisis management and resolution - Resolution of licensed deposit takers and associated persons

274: Resolution of licensed deposit takers and associated persons

You could also call this:

"What happens when a bank or similar business gets into trouble and needs to be sorted out"

Illustration for Deposit Takers Act 2023

The Governor-General can make a special order if the Minister advises them to, based on a recommendation from the Bank. You need to know that this order can say a licensed deposit taker is in resolution. It can also say that one or more associated persons of a licensed deposit taker are in resolution. The Governor-General gets this advice from the Minister, who gets a recommendation from the Bank.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS529223.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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Part 7Crisis management and resolution
Resolution of licensed deposit takers and associated persons

274Resolution of licensed deposit takers and associated persons

  1. The Governor-General may, by Order in Council, on the advice of the Minister given in accordance with a recommendation of the Bank,—

  2. declare that a licensed deposit taker (A) is in resolution; and
    1. declare that 1 or more associated persons of a licensed deposit taker are in resolution.

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