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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Resolution manager has management and control of deposit taker

303: Directors, managers, and other persons may act only with resolution manager’s permission

You could also call this:

"People in charge of a troubled deposit taker must get permission from the resolution manager to make decisions."

Illustration for Deposit Takers Act 2023

When a deposit taker is in trouble, you need the resolution manager's okay to make decisions. You can't just do what you want if you're a director, manager, or employee of the deposit taker. The resolution manager is in charge and you must get their permission to do anything. This rule has some exceptions, which are explained in section 421(1) to (3). You must follow what the resolution manager says if you're involved with a deposit taker that's in trouble.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533511.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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302: Management of licensed deposit taker vests in resolution manager, or

"Who's in charge when a bank or deposit taker gets into trouble?"

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304: Resolution manager’s general powers, or

"The person in charge has the power to fix problems with banks and other deposit takers."

Part 7Crisis management and resolution
Conduct of resolution: Resolution manager has management and control of deposit taker

303Directors, managers, and other persons may act only with resolution manager’s permission

  1. If a licensed deposit taker is in resolution, it is not lawful or competent for a director, a senior or any other manager, or any other person to be engaged in the management or conduct of its business, or to act as an officer, agent, or employee of the deposit taker, except with the permission of the resolution manager and to the extent that the permission extends.

  2. This section is subject to section 421(1) to (3).

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