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 until its problems are fixed."

Illustration for Deposit Takers Act 2023

You are dealing with a licensed deposit taker that is in resolution. This means the deposit taker is being managed to fix its problems. The deposit taker stays in resolution even if the resolution manager's term ends or they stop being the manager. You might wonder why the resolution manager stops being the manager. This can happen if their appointment ends, they resign, or they die. It can also happen if they stop being the manager for another reason. If you want to know more, you can look at the relevant law from 1989. The deposit taker will still be in resolution until it is sorted out. This is an important part of managing the deposit taker's problems.

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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

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


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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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