When a licensed deposit taker has problems and goes into resolution, you need to know that the person in charge of fixing it is called the resolution manager. The resolution manager takes over the management of the deposit taker as soon as it enters resolution. You can find more information about this by looking at the law from 1989.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533510.
301: Bank must regularly report to Minister on conduct of resolution, or
"Banks must regularly tell the Minister how they are fixing problems"
303: Directors, managers, and other persons may act only with resolution manager’s permission, or
"People in charge of a troubled deposit taker must get permission from the resolution manager to make decisions."
The management of a licensed deposit taker in resolution vests in the resolution manager on and after the time when it enters resolution.
