Deposit Takers Act 2023

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

366: Licensed deposit taker continues to be in resolution

You could also call this:

"A licensed deposit taker stays in resolution even if the person in charge of fixing its problems stops working."

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you stay in resolution even if the resolution manager's term ends. The resolution manager's term can end in several ways, such as their appointment being terminated, or they resign from office. They can also stop being the resolution manager if they die, their appointment period expires, or they stop holding office for another reason.

You can find more information about this by looking at the link to the legislation which is similar to section 141(5) of the 1989 No 157 act. This means the rules about what happens when a resolution manager stops working are still in place. You will still be in resolution, which means the rules and processes for resolving issues with your deposit taking business will continue to apply.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS537237.


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365: Resolution manager continues in office, or

"A resolution manager keeps working until someone new is appointed or the Bank says to stop."


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367: Interpretation in this subpart, or

"What special words mean in this part of the law"

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

366Licensed deposit taker continues to be in resolution

  1. A licensed deposit taker continues to be in resolution even though the term of office of a resolution manager who is acting in relation to the resolution has expired or the resolution manager—

  2. has had their appointment terminated; or
    1. has resigned from office; or
      1. has died; or
        1. has ceased to hold office because of the expiry of their period of appointment; or
          1. has otherwise ceased to hold office.
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