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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Offences

345: Offence to remove property

You could also call this:

"Don't take a deposit taker's property out of NZ without permission"

Illustration for Deposit Takers Act 2023

You must not move or take property of a licensed deposit taker that is in resolution out of New Zealand without the resolution manager's consent. If you do this and you know you should have asked for consent, or you do not care if you should have asked, you are committing an offence. You can be punished with a fine or imprisonment if you commit this offence. You can be fined up to $500,000 or imprisoned for up to 2 years if you are an individual, or your organisation can be fined up to $5,000,000. This law does not stop a court from making an order to prevent property from being removed from New Zealand. There is an exception to this rule, which is explained in section 421(1) to (3). If you break this law, you will be in trouble, and you might have to pay a fine or go to prison. The court can also make an order to stop you from taking the property out of New Zealand. This rule is important to follow, and you should always ask for consent before moving or taking property of a licensed deposit taker that is in resolution.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS533902.

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Topics:
Money and consumer rights > Banking and loansCrime and justice > Criminal law
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344: Auditor’s rights, or

"Auditors can see all information and get help from deposit takers to do their job."

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346: Offence to destroy, alter, or conceal records, or

"It's against the law to deliberately hide or change information about a bank"

Part 7Crisis management and resolution
Conduct of resolution: Offences

345Offence to remove property

  1. A person must not, without the resolution manager’s consent, transfer or remove from New Zealand any property of a licensed deposit taker that is in resolution.

  2. A person commits an offence if the person—

  3. contravenes subsection (1); and
    1. knows that, or is reckless as to whether, it must obtain the resolution manager’s consent.

      1. A person that commits an offence against this section is liable on conviction,—

      2. in the case of an individual, to imprisonment for a term not exceeding 2 years or to a fine not exceeding $500,000 (or both):
        1. in any other case, to a fine not exceeding $5,000,000.

          1. This section does not prevent a court from issuing an injunction or making any order to prevent any property from being removed from New Zealand.

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

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