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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Court may give directions

334: Court may give directions

You could also call this:

"The court can give instructions to help a troubled deposit taker."

Illustration for Deposit Takers Act 2023

You can ask the court to give directions about a licensed deposit taker in trouble. The court can give directions about the business or property of the deposit taker. The court's directions must be followed by everyone. You need to know that the court can also give directions about managing the deposit taker's business or property. The court can give directions about using certain powers under this law. The resolution manager must get approval from the Bank before asking the court for directions. The court's directions are binding, which means everyone has to follow them, see the link for more information about similar laws.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS535227.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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333: Bank’s or resolution manager’s powers under regulations, or

"Rules that give extra powers to banks or managers in case of problems"

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335: Application of certain provisions of Companies Act 1993, or

"How the Companies Act 1993 applies to deposit takers in trouble"

Part 7Crisis management and resolution
Conduct of resolution: Court may give directions

334Court may give directions

  1. The court may, on an application made by the Bank or the resolution manager, give directions concerning any of the following:

  2. the business or property of a licensed deposit taker in resolution:
    1. the management or administration of that business or property:
      1. the exercise of any powers under this subpart.

        1. Every person is bound by the directions.

        2. The resolution manager may apply only with the prior approval of the Bank.

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