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Deposit Takers Act 2023

Miscellaneous - Regulations

466: Transitional and savings provisions for orderly implementation of Act

You could also call this:

"Special rules to help the new Deposit Takers Act 2023 work with other laws"

Illustration for Deposit Takers Act 2023

When the Deposit Takers Act 2023 starts, you need to know how it will work with other laws. The Governor-General can make special rules to help with this. These rules can say how some parts of the Act will work during a certain time period. The rules can also say which parts of the Act will not work during that time, or how they will work differently. You can find some of these rules in Schedule 1.

The Minister has to make sure these special rules are necessary and fit with the purpose of the Act. The Minister can only make these rules if the Bank agrees. The special rules will stop working on a certain date, which is three years after part of the Act starts. On that date, any rules that are still working will be cancelled.

You can find out more about how these rules work in section 10 and Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS840055.

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Part 8Miscellaneous
Regulations

466Transitional and savings provisions for orderly implementation of Act

  1. The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations for all or any of the following purposes:

  2. providing that, subject to any conditions stated in the regulations, transitional or savings provisions prescribed by the regulations that relate to the implementation of this Act (in addition to, or in substitution for, any other transitional, savings, or related provisions in Schedule 1) apply during the whole or any part of the period ending on the relevant date:
    1. providing that, subject to any conditions stated in the regulations, specified provisions of this Act (including definitions and any transitional, savings, or related provisions in Schedule 1), or provisions of other legislation amended, revoked, or repealed by this Act, do not apply, or continue to apply or apply with modifications or additions, or both, during the whole or any part of the period ending on the relevant date.

      1. The Minister must, before recommending regulations under this section, be satisfied that the regulations—

      2. are necessary or desirable for the orderly implementation of this Act; and
        1. are consistent with the purposes of this Act.

          1. In addition, the Minister may recommend regulations under this section only on the recommendation of the Bank.

          2. This section is repealed on the close of the relevant date.

          3. Any regulations made under this section that are in force on the relevant date are revoked on the close of that day.

          4. Nothing in Schedule 1 limits this section.

          5. In this section, relevant date means the third anniversary of the date on which section 10 comes into force.

          6. Regulations made under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

          Notes