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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 a business doesn't always need extra approvals from others under certain laws or agreements."

Illustration for Deposit Takers Act 2023

If you are selling or transferring a business, you do not need to get consent from others under certain laws or agreements. This applies to sales or transfers made under specific sections of the Deposit Takers Act 2023, such as section 319(1)(a) to (c) or section 320(1)(c) or (e). It also applies to offers, issues, sales, or transfers of financial products under section 319(1)(d), section 320(1)(d), or section 308.

When you make one of these sales or transfers, it does not mean you have broken any agreements you have with other people. You are not breaching any contracts you have entered into.

This rule helps when a licensed deposit taker is dealing with its business or property, and it needs to make changes or sales without getting extra permissions.

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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.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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"Companies can be treated like failed banks and have to follow special rules"

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

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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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