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Deposit Takers Act 2023

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

400: Valuer continues in office

You could also call this:

"A valuer keeps working until a new one is appointed or the Minister says to stop."

Illustration for Deposit Takers Act 2023

If you are a valuer, you keep doing your job until someone else is appointed to take your place, even if you say you want to quit. You only stop being a valuer when a new one is appointed, unless the Minister tells you in writing that they are not appointing someone new right now. The Minister's written notice can stop you from keeping your job, but only if they say so in that notice.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550664.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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399: Valuer may resign, or

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

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401: Valuer’s costs, charges, and expenses, or

"Paying a valuer's fees and expenses from government money."

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

400Valuer continues in office

  1. A valuer (A) continues in office until a successor is appointed despite their resignation.

  2. Subsection (1) does not apply if the Minister informs A by written notice that no successor is to be appointed at that time.