Plain language law

New Zealand law explained for everyone

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:

"What other laws don't apply to banks and deposit takers in trouble"

Illustration for Deposit Takers Act 2023

When a licensed deposit taker is in resolution, some laws do not apply to it. You will not use the Receiverships Act 1993 or some parts of the Building Societies Act 1965 in this situation. The parts of the Building Societies Act 1965 that do not apply are sections 76 and 91 to 106.

The Governor-General can decide that other laws do not apply to a licensed deposit taker in resolution. They make this decision with advice from the Minister, who gets a recommendation from the Bank. You can find out more about how the Governor-General makes these decisions by looking at section 335(2).

If the Governor-General makes a decision like this, it is called secondary legislation. You can learn more about secondary legislation and how it is published by reading Part 3 of the Legislation Act 2019.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

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

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

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

"Rules from the Companies Act 1993 that apply to deposit takers in trouble"

Next

337: Bank, resolution manager, and other persons are not directors under any legislation, or

"Some people are not considered bosses of banks, even if they have important jobs."

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).

      Compare
      Notes