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Deposit Takers Act 2023

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

309: Resolution manager may disclaim onerous property

You could also call this:

"The resolution manager can get rid of property that's causing problems for a deposit taker."

Illustration for Deposit Takers Act 2023

The resolution manager has the same powers as a liquidator of a company. You can find these powers in section 269 of the Companies Act 1993. The resolution manager can use these powers in the same way as a liquidator.

The resolution manager can disclaim property that is a problem for the licensed deposit taker. This means they can get rid of property that is causing trouble. Section 269 of the Companies Act 1993 applies to this situation, just like it would for a company.

This rule does not affect what is said in section 304.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533514.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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308: Resolution manager may offer and issue deposit taker’s financial products, or

"Someone fixing a troubled bank can sell its financial products to help fix the problem."

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310: Resolution manager may trace property improperly disposed of, or

"Getting back property that was taken unfairly"

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

309Resolution manager may disclaim onerous property

  1. The resolution manager has all of the powers conferred on a liquidator of a company by section 269 of the Companies Act 1993 and may exercise the powers in the same manner as if the resolution manager were the liquidator of a company in liquidation under that Act.

  2. Section 269 of the Companies Act 1993 applies to the disclaimer of any property of the licensed deposit taker as if the property were property of a company to which that section applied.

  3. This section does not limit section 304.

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