Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Crisis management and resolution - Bank may give directions, approve sales, and replace directors - Disclosure of direction or notice

273: Offence to contravene prohibition

You could also call this:

"Breaking the rules can lead to a big fine"

Illustration for Deposit Takers Act 2023

You commit an offence if you break the rules in section 272. If you are an individual, you can get a fine of up to $100,000. You can get a bigger fine if you are not an individual, up to $2,500,000.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538952.

This page was last updated on — View changes

Topics:
Crime and justice > Criminal law
Previous

272: Prohibition on disclosing or publishing direction or notice, or

"Keep directions and notices from the Bank secret, unless they say you can share"

Next

274: Resolution of licensed deposit takers and associated persons, or

"What happens when a bank or similar business gets into trouble and needs to be sorted out"

Part 7Crisis management and resolution
Bank may give directions, approve sales, and replace directors: Disclosure of direction or notice

273Offence to contravene prohibition

  1. A person that contravenes section 272 commits an offence and is liable on conviction,—

  2. in the case of an individual, to a fine not exceeding $100,000:
    1. in any other case, to a fine not exceeding $2,500,000.

      Compare