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Deposit Takers Act 2023

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

364: Bank may appoint replacement

You could also call this:

"The Bank can choose a new person if the old manager leaves or can't do the job."

Illustration for Deposit Takers Act 2023

If a resolution manager's job ends under section 362, or they resign or die, you know the Bank can appoint someone new. The Bank can do this using the rules in section 357. This means the Bank can choose a person to replace the old resolution manager.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS718495.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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363: Resolution manager may resign, or

"A resolution manager can quit their job by telling the Bank in writing."

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365: Resolution manager continues in office, or

"The person in charge stays in charge until someone new is appointed."

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

364Bank may appoint replacement

  1. If the appointment of a resolution manager is terminated under section 362 or a resolution manager resigns office or dies, the Bank may, under section 357, appoint a person to replace that resolution manager.

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