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Deposit Takers Act 2023

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

365: Resolution manager continues in office

You could also call this:

"The person in charge stays in charge until someone new is appointed."

Illustration for Deposit Takers Act 2023

You are a resolution manager, which means you are in charge of something. You keep being in charge until someone else is appointed to take your place. This is true even if you resign or your appointment time runs out. You will stop being in charge if the Bank tells you in writing that they are not appointing someone else at that time. The rules about this are similar to rules in the past, which you can read about in section 141(4) of a previous law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS537236.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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364: Bank may appoint replacement, or

"The Bank can choose a new person if the old manager leaves or can't do the job."

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366: Licensed deposit taker continues to be in resolution, or

"A licensed deposit taker stays in resolution until its problems are fixed."

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

365Resolution manager continues in office

  1. A resolution manager (A) continues in office until a successor is appointed despite—

  2. their resignation; or
    1. the expiry of their period of appointment.

      1. Subsection (1) does not apply if the Bank informs A by written notice that no successor is to be appointed at that time.

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