Deposit Takers Act 2023

Crisis management and resolution - Miscellaneous

424: Licensed deposit taker not entitled to be informed about exercise of powers under this Part

You could also call this:

"Licensed deposit takers don't get to know when certain powers are used against them."

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you do not have the right to be told about the exercise of powers under this Part. This also applies to people associated with you, or to companies you own. You, or people who work for you, cannot make comments to anyone about the exercise of these powers, and you will not be asked for your opinion. You can find more information about this by looking at the link to section 147 of a previous law. This rule also applies to the people who direct or work for a licensed deposit taker, or for associated people or companies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536017.


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Part 7Crisis management and resolution
Miscellaneous

424Licensed deposit taker not entitled to be informed about exercise of powers under this Part

  1. None of the following have a right to be consulted or informed about the exercise, or possible exercise, of any powers conferred by this Part or to make representations to any person about the exercise, or possible exercise, of those powers:

  2. a licensed deposit taker, an associated person, or a subsidiary:
    1. a director or an employee of a person referred to in paragraph (a).
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