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Deposit Takers Act 2023

Crisis management and resolution - Resolution of licensed deposit takers and associated persons

278: Questions about whether transactions are before or after resolution

You could also call this:

"When did something happen: before or after a bank's special management started?"

Illustration for Deposit Takers Act 2023

You need to know when a bank or similar organisation starts being managed in a special way, called resolution. If someone asks when something was done, you look at when it happened. You assume it happened after the organisation started being managed in this special way, unless you can prove it happened before.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538962.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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"When a licensed deposit taker's problems are fixed by the government, this is when it starts"

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Part 7Crisis management and resolution
Resolution of licensed deposit takers and associated persons

278Questions about whether transactions are before or after resolution

  1. This section applies if a question arises as to whether, on the date on which a licensed deposit taker or an associated person entered resolution, an act was done or a transaction was entered into or effected before or after the deposit taker or person entered resolution.

  2. The act or transaction must, in the absence of proof to the contrary, be treated as having been done or entered into or effected after the deposit taker or person enters resolution.

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