If you are a licensed deposit taker, you must follow the rules. You commit an offence if you do not obey section 26(1) of the law. If you are found guilty, you can be fined up to $500,000, as stated in the section 26(1) of the Deposit Takers Act 2023.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538424.
26: Licensed deposit taker must obtain Bank’s approval before new director or senior manager is appointed, or
"Get Bank approval before hiring a new boss or manager at your deposit-taking business"
28: Bank's decision on approval, or
"The bank decides whether to approve your request, and tells you where it says yes, no, or yes with conditions."
A licensed deposit taker that contravenes section 26(1) commits an offence and is liable on conviction to a fine not exceeding $500,000.
