Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Appointment of valuer

398: Minister may terminate appointment of valuer

You could also call this:

"The Minister can end a valuer's job if they have a good reason."

Illustration for Deposit Takers Act 2023

The Minister can stop a valuer from doing their job at any time if they have a good reason. You might wonder what a good reason is - it includes things like not being able to do the job, going bankrupt, or doing something very wrong. The Minister must talk to the Bank before making this decision. The Minister must give the valuer a written notice to tell them their job is ending. This notice must say when the valuer's job will end, and it cannot be before the notice is given. The notice must also be published in the Gazette. If you want to know more about what happens when a valuer is appointed, you can look at section 395. The Minister's decision to stop a valuer from doing their job is an important one. You can find out more about how this law has changed over time by looking at the previous version.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550630.

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397: Appointment notice must be published, or

"Telling everyone when a new valuer is appointed"


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399: Valuer may resign, or

"A valuer can quit their job by sending a written notice to the Minister."

Part 7Crisis management and resolution
No creditor or shareholder worse off: Appointment of valuer

398Minister may terminate appointment of valuer

  1. The Minister may, at any time for just cause and after consulting the Bank, terminate the appointment of a valuer.

  2. In this section, just cause means any of the following proved to the satisfaction of the Minister:

  3. inability to perform the functions of the office:
    1. bankruptcy:
      1. neglect of duty:
        1. being disqualified for appointment under section 395:
          1. serious misconduct.
            1. The termination must be made by giving written notice to the valuer.

            2. The notice must—

            3. state the date on which the termination takes effect, which must not be earlier than the date on which the notice is given; and
              1. be published in the Gazette.
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