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Deposit Takers Act 2023

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

402: Valuer’s duties in relation to records

You could also call this:

"Valuers must keep and share work records with the Bank and others as required by law."

Illustration for Deposit Takers Act 2023

If you are a valuer, you must keep records and documents about your work. You have to let the Bank inspect these records and documents. You also have to let a pre-resolution creditor or shareholder inspect them if the court says so.

You have to keep these records and documents for at least 7 years after you finish your work. The Bank can ask you to keep them for longer than 7 years.

If you do not keep these records and documents, or if you do not let them be inspected, you can get a fine of up to $50,000. The end date is when you finish your report under section 380, or when you stop being a valuer, whichever happens first.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS591838.

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

402Valuer’s duties in relation to records

  1. A valuer must—

  2. keep records and other documents relating to the performance or exercise of their functions, powers, or duties; and
    1. permit those records and other documents to be inspected by—
      1. the Bank; and
        1. if the court so orders, a pre-resolution creditor or shareholder; and
        2. keep the records and other documents for not less than 7 years after the end date (or any longer period specified in a notice referred to in subsection (2)).

          1. The Bank may, by notice given to the valuer before or after the end of the resolution, require any records and documents to be retained for longer than 7 years after the end date.

          2. A valuer who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $50,000.

          3. The end date is the earlier of the following:

          4. the date of the valuer’s finalised report under section 380:
            1. the date on which the valuer ceases to hold office under this subpart.