Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Valuer’s role

369: Minister must appoint valuer

You could also call this:

"The Minister must choose someone to work out how much a company is worth when it has problems."

Illustration for Deposit Takers Act 2023

When an affected entity has problems, the Minister must appoint a valuer as soon as possible. You can think of a valuer like a person who helps figure out how much something is worth. The Minister appoints someone by telling them they have the job, and they must say when the job starts.

The Minister can choose the same person or different people to be the valuer for a company and the people connected to it. If a valuer's job ends, the Minister can appoint someone new to replace them.

You can find more information about how a valuer is appointed in sections 395 to 397.

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 It might be out of date or be missing some parts.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

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS547234.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

368: Eligibility for compensation under this subpart, or

"Who can get money back if a company they invested in gets into trouble"

Next

370: Functions of valuer, or

"What a valuer's job is: deciding payments for people affected by a company's financial troubles"

Part 7Crisis management and resolution
No creditor or shareholder worse off: Valuer’s role

369Minister must appoint valuer

  1. The Minister must, as soon as is reasonably practicable after an affected entity enters into resolution, appoint 1 or more individuals as valuer in relation to the entity for the purposes of this subpart.

  2. The Minister makes an appointment by giving notice of the appointment to the appointee.

  3. The notice must state the date on which, and time at which, the appointment takes effect.

  4. The Minister may appoint the same person or different persons as the valuer for a licensed deposit taker and any of its associated persons.

  5. Nothing in this subpart prevents the Minister from appointing a person as valuer to replace another valuer who has had their appointment terminated, has resigned, or has died.

  6. See also sections 395 to 397, which relate to the appointment of a valuer.