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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Resolution manager’s general powers

305: Resolution manager has powers of deposit taker and of its shareholders, members, and board

You could also call this:

"A resolution manager can make decisions for a deposit taker, like its owners and bosses."

Illustration for Deposit Takers Act 2023

The resolution manager has all the powers the deposit taker has. You can think of powers like being able to make decisions and take actions. The resolution manager gets these powers from any agreements the deposit taker is part of. The resolution manager also has the powers of the people who own the deposit taker, like the shareholders. This means the resolution manager can make decisions that the shareholders would normally make. If the deposit taker is a company, the resolution manager has the powers of the board of directors, which is the group of people who run the company.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533513.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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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."

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306: Resolution manager may carry on business of licensed deposit taker, or

"Someone can take over a troubled bank or lender to help sort it out."

Part 7Crisis management and resolution
Conduct of resolution: Resolution manager’s general powers

305Resolution manager has powers of deposit taker and of its shareholders, members, and board

  1. The resolution manager has—

  2. all the powers, rights, and privileges that the licensed deposit taker in resolution has under any agreement or otherwise; and
    1. in the case of a body corporate in resolution,—
      1. all the powers of the shareholders or members in general meeting; and
        1. all the powers of the board of directors of the body corporate; and
        2. in the case of a partnership in resolution, all the powers exercisable by a partner or partners; and
          1. in the case of any other unincorporated body of persons in resolution, all the powers exercisable by its governing body.

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