The resolution manager has all the powers they need to achieve the goals outlined in section 259. You can think of these powers like the tools the resolution manager uses to resolve issues with a licensed deposit taker. The resolution manager uses these powers to help them make decisions and take actions in connection with the resolution of a licensed deposit taker.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533512.
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."
305: Resolution manager has powers of deposit taker and of its shareholders, members, and board, or
"A resolution manager can make decisions for a deposit taker, like its owners and bosses."
The resolution manager has all of the powers, rights, and authorities that are necessary or desirable to enable the resolution manager to further the purposes set out in section 259 in connection with the resolution of a licensed deposit taker.
