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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:

"It's against the law to take property from a troubled bank without permission"

Illustration for Deposit Takers Act 2023

If you take property from a licensed deposit taker that is in trouble without permission from the resolution manager, you are doing something wrong. You must get the resolution manager's consent before you transfer or remove any property from New Zealand. If you do not get consent, you might commit an offence.

If you commit this offence, you can get in trouble with the law. You could go to prison for up to 2 years or get a fine of up to $500,000, or both, if you are an individual. If you are not an individual, you could get a fine of up to $5,000,000.

The court can still stop property from being removed from New Zealand, even if this section does not say so. There is also another part of the law, section 421(1) to (3), that affects what you can and cannot do with property.

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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.

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

"What auditors can do to check deposit takers are doing their job correctly"

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

"It's against the law to hide or mess with important records about banks and deposit takers."

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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