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Deposit Takers Act 2023

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

310: Resolution manager may trace property improperly disposed of

You could also call this:

"Getting back property that was taken unfairly"

Illustration for Deposit Takers Act 2023

If someone gets property in a way that is not fair, you can ask the court to help. The court can make an order to get the property back for a licensed deposit taker that is in trouble. You can also ask the court to make the person who got the property pay back its value to the person helping the deposit taker. The court can make more orders to make sure this happens. This rule works with other laws, like the Companies Act 1993, and section 311, but it does not change them. The court's orders can help fix problems when property is not handled correctly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS534977.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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309: Resolution manager may disclaim onerous property, or

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

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311: Order may not deprive good-faith purchaser for value, or

"You keep what you buy if you paid a fair price and didn't know it was in trouble."

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

310Resolution manager may trace property improperly disposed of

  1. This section applies if—

  2. any property has been acquired by a person in circumstances where it is just and equitable that the person should hold it on trust for a licensed deposit taker in resolution; or
    1. any property has been improperly disposed of, whether or not the property has become subject to a trust.

      1. The court may, if it thinks fit, make an order—

      2. that the property be transferred or delivered to the resolution manager:
        1. that any person who acquired or received the property, or their administrator, pay to the resolution manager a sum not exceeding the value of the property.

          1. For the purpose of giving effect to the order, the court may make any further order that it thinks fit.

          2. This section and section 311 do not limit the Companies Act 1993.

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