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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Bank may dispose of business undertaking or property, rights, or liabilities

322: Consents not required under other legislation or agreement, and transactions do not constitute breach

You could also call this:

"Selling or transferring things doesn't break rules or agreements"

Illustration for Deposit Takers Act 2023

You do not need consent or a licence under other laws or agreements for certain actions. These actions include selling or transferring a business or property under sections like section 319(1)(a) to (c) or 320(1)(c) or (e). You also do not need consent for selling financial products under sections like section 319(1)(d), 320(1)(d), or 308. If you sell or transfer something, it does not mean you have broken any agreements you have with others. This means you are not breaching any contracts you have with people when you make these sales or transfers.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS534949.

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"A company is also subject to special rules during a financial crisis"

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323: Bank may sell, transfer, or dispose of property despite security interest, or

"Banks can sell things even if someone else has a claim on them"

Part 7Crisis management and resolution
Conduct of resolution: Bank may dispose of business undertaking or property, rights, or liabilities

322Consents not required under other legislation or agreement, and transactions do not constitute breach

  1. The provisions of any legislation or agreement requiring any consent, licence, permission, clearance, or other authority do not apply to any of the following:

  2. a sale, transfer, or other disposition under section 319(1)(a) to (c) or 320(1)(c) or (e):
    1. an offer, issue, sale, transfer, or other disposition of financial products under section 319(1)(d), 320(1)(d), or 308.

      1. A sale, transfer, disposition, offer, or issue referred to in subsection (1) does not constitute a breach or repudiation of any agreement entered into by the licensed deposit taker with any person.

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