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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Auditors

342: Bank may remove auditor from office

You could also call this:

"The bank can fire an auditor if they do a bad job or behave badly."

Illustration for Deposit Takers Act 2023

You can be removed as an auditor if the Bank has a good reason. The Bank thinks a good reason is if you cannot do your job, go bankrupt, do not do your work, or behave badly. The Bank must tell you in writing that you are removed. You will know when the removal starts because the Bank will tell you the date. This date cannot be before the Bank tells you. The Bank will also publish the removal in the Gazette. You can see similar rules in the 1989 No 157 s 154(4), (8).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536640.

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Part 7Crisis management and resolution
Conduct of resolution: Auditors

342Bank may remove auditor from office

  1. The Bank may, at any time for just cause, remove an auditor from office.

  2. In this section, just cause means any of the following proved to the satisfaction of the Bank:

  3. inability to perform the functions of the office:
    1. bankruptcy:
      1. neglect of duty:
        1. misconduct.

          1. The removal must be made by written notice to the auditor.

          2. The notice must—

          3. state the date on which the removal takes effect, which must not be earlier than the date on which the notice is given; and
            1. be published in the Gazette.

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