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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 to do the job if the old one leaves or can't work."

Illustration for Deposit Takers Act 2023

If a resolution manager's job ends under section 362 or they resign, die, you need to 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 take over the job of 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.

Topics:
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 giving written notice to the Bank."

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365: Resolution manager continues in office, or

"A resolution manager keeps working until someone new is appointed or the Bank says to stop."

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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