42 Conditions of appointment of Governor

(1)

The Governor must be appointed under section 40 for a term of 5 years and may be reappointed under that section for 1 further term of up to 5 years.

(1A)

See section 48(1) (which provides for a single term of up to 6 months for a Governor appointed under that section).

(1B)

If a person (A) who serves as the Governor under section 48 is subsequently appointed under section 40, the term of the appointment under section 48 does not reduce the length of A’s term under subsection (1).

(2)

The conditions of appointment of the Governor, including remuneration, shall be—

(a)

determined by agreement between the Minister and the Governor after consultation with the Board; and

(b)

tabled at the first Board meeting after they are agreed.

(3)

No condition of appointment shall have effect if it is inconsistent with the Bank’s functions or limits or prevents the Governor from ensuring that those functions are carried out.

Section 42 heading: amended, on 1 April 2019, by section 12(1) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 42(1): replaced, on 1 April 2019, by section 12(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 42(1A): inserted, on 1 April 2019, by section 12(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 42(1B): inserted, on 1 April 2019, by section 12(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 42(2): amended, on 1 April 2019, by section 12(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 42(3): amended, on 1 April 2019, by section 12(5) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).