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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Relationship between resolution and other legislation and processes

336: Application of other Acts

You could also call this:

"Some laws don't apply to deposit takers in trouble"

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You need to know some laws do not apply to a licensed deposit taker in trouble. The Receiverships Act 1993 and some parts of the Building Societies Act 1965 do not apply. The Governor-General can decide other laws do not apply to a licensed deposit taker in trouble. You can find more information about the laws that apply in the Receiverships Act 1993 and the Building Societies Act 1965. The Governor-General makes this decision with advice from the Minister and the Bank. This decision is a type of law called secondary legislation, which has rules for publication, as explained in Part 3 of the Legislation Act 2019. The Governor-General's decision can stop some laws from applying to a licensed deposit taker in trouble. This helps the deposit taker in trouble to follow the rules that apply to it. You can learn more about the laws that apply to licensed deposit takers in trouble by reading the relevant Acts.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536614.

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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"

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Part 7Crisis management and resolution
Conduct of resolution: Relationship between resolution and other legislation and processes

336Application of other Acts

  1. The following do not apply in relation to a licensed deposit taker in resolution:

  2. the Receiverships Act 1993:
    1. sections 76 and 91 to 106 of the Building Societies Act 1965.

      1. The Governor-General may, by Order in Council, on the advice of the Minister given in accordance with the recommendation of the Bank, declare that the provisions of any Act that correspond with the provisions referred to in section 335(2) or subsection (1) do not apply (at all or to a specified extent) to a licensed deposit taker in resolution.

      2. An Order in Council made under subsection (2) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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