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Deposit Takers Act 2023

Crisis management and resolution - Resolution of licensed deposit takers and associated persons

282: End of resolution

You could also call this:

"When a deposit taker's resolution comes to an end"

Illustration for Deposit Takers Act 2023

You can find out when a resolution for a deposit taker ends. The Governor-General can make an order to end the resolution. This order is made with advice from the Minister and a recommendation from the Bank. You need to know the Bank's recommendation is not needed if public money is involved, as explained in section 349(2). The resolution also ends if the deposit taker is put into liquidation by the Bank. This happens at the start of the liquidation. The resolution can end on a specific date and time set by the Governor-General. If this happens, all subsidiaries of the deposit taker are also no longer in resolution, except those specified in the order. They are no longer in resolution at the same date and time as the deposit taker.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS535253.

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Part 7Crisis management and resolution
Resolution of licensed deposit takers and associated persons

282End of resolution

  1. The Governor-General may, by Order in Council, on the advice of the Minister given in accordance with a recommendation of the Bank, declare that a licensed deposit taker or an associated person that is in resolution is no longer in resolution.

  2. Despite subsection (1), the recommendation of the Bank is not required if public money is involved in the resolution (within the meaning of section 349(2)).

  3. A licensed deposit taker or an associated person is also no longer in resolution if it is put into liquidation on the application of the Bank.

  4. The resolution ends,—

  5. in the case of subsection (1), at the date and time specified in the Order in Council; or
    1. in the case of subsection (3), at the commencement of the liquidation.

      1. If an Order in Council declares that a licensed deposit taker is no longer in resolution, every subsidiary of the deposit taker, except a subsidiary specified in the order, is also no longer in resolution (with effect at the same date and time specified under subsection (4)(a)).

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