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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Appointment of resolution manager

362: Bank may terminate appointment of resolution manager

You could also call this:

"The Bank can fire a resolution manager at any time and must tell them in writing."

Illustration for Deposit Takers Act 2023

The Bank can stop a resolution manager from doing their job at any time and for any reason. You will know this has happened because the Bank must send a written notice to the resolution manager. The notice must say when the termination takes effect and it must be published in the Gazette.

The termination date must be on or after the date the notice is given. If the resolution manager is working for more than one person, the Bank can stop them from working for one or all of those people. The Bank can make this decision and you can find more information about similar rules in the past, such as in the s 141(1) from 1989.

The Bank has the power to make these decisions about resolution managers, and they must follow the rules when doing so.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS537217.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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361: How 2 or more resolution managers may act, or

"How two or more resolution managers work together to make decisions"

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363: Resolution manager may resign, or

"A resolution manager can quit their job by giving written notice to the Bank."

Part 7Crisis management and resolution
Resolution manager: Appointment of resolution manager

362Bank may terminate appointment of resolution manager

  1. The Bank may, at any time and for any reason, terminate the appointment of a resolution manager.

  2. The termination must be made by written notice to the resolution manager.

  3. The notice must—

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

      1. If the person holds office as resolution manager for 2 or more persons, the Bank may terminate the appointment in respect of all or any of those persons.

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