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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Appointment of resolution manager

361: How 2 or more resolution managers may act

You could also call this:

"How two or more resolution managers work together to make decisions"

Illustration for Deposit Takers Act 2023

When you have two or more people acting as resolution managers, they need to say how they will work together. If they give a notice under section 357, it must say whether they need to make decisions together or can make them on their own. You should know that this rule applies even if they are making decisions because someone else gave them permission to do so under section 74 of the Reserve Bank of New Zealand Act 2021. This means they have to be clear about how they will work together, no matter what.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS718142.

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Part 7Crisis management and resolution
Resolution manager: Appointment of resolution manager

361How 2 or more resolution managers may act

  1. If 2 or more persons hold office as resolution manager, a notice under section 357 must state whether the functions, powers, or duties of the resolution manager must be performed or exercised by those persons acting together or may be performed or exercised individually.

  2. This section applies whether or not the functions, powers, or duties are performed or exercised under a delegation under section 74 of the Reserve Bank of New Zealand Act 2021.