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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 fire a valuer if they're not doing their job properly."

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 the valuer being unable to do their job, going bankrupt, not doing their job properly, or doing something very wrong. The Minister must talk to the Bank before making this decision.

If the Minister decides to stop the valuer, they must give them a written notice. This notice tells the valuer when their job will officially end, and it must be on or after the day they get the notice. The notice must also be published in the Gazette, which is an official newspaper.

The Minister has to follow some rules when stopping a valuer, like checking if the valuer is allowed to do the job in the first place, as stated in section 395. The Minister's decision is final, and the valuer will no longer be able to work in that role after the termination date.

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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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