49 Removal of Governor from office

(1)

The Governor-General may, by Order in Council, on the advice of the Minister, remove the Governor from office.

(2)

The Minister may tender advice under subsection (1) if the Minister is satisfied—

(a)

that the Bank is not adequately carrying out its functions (other than functions performed by the MPC); or

(b)

that the Governor has not adequately discharged the responsibilities of office; or

(ba)

that any of the matters set out in clause 19(2)(a) to (e) of Schedule 2 apply to the Governor as a member of the MPC; or

(c)

that the Governor has obstructed, hindered, or prevented the Board or the MPC from discharging responsibilities under this Act (for example, by failing to give the Board or the MPC information that is necessary to discharge those responsibilities); or

(d)
[Repealed]

(e)
[Repealed]

(f)
[Repealed]

(g)

that the resources of the Bank have not been properly or effectively managed; or

(h)

that the Governor has, while holding office as Governor,—

(i)

held any other office of profit; or

(ii)

engaged in any other occupation for reward; or

(iii)

had an ownership interest in a registered bank or a licensed NBDT as defined in the Non-bank Deposit Takers Act 2013 or a licensed insurer; or

(iv)

had an ownership interest in a bank carrying on business outside New Zealand; or

(i)

that the Governor is unable to carry out the responsibilities of office, or has been guilty of serious neglect of duty, or has been guilty of misconduct.

(3)

The Minister may tender advice under this section whether or not the Board has made a recommendation under section 53(3) or (5) that the Governor be removed from office.

Section 49(2)(a): amended, on 1 April 2019, by section 17(1) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(ba): inserted, on 1 April 2019, by section 17(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(c): replaced, on 1 April 2019, by section 17(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(d): repealed, on 1 April 2019, by section 17(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(e): repealed, on 1 April 2019, by section 17(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(f): repealed, on 1 April 2019, by section 17(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(h): amended, on 1 April 2019, by section 17(5) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(h)(iii): amended, on 1 April 2019, by section 17(6) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(h)(iii): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 49(2)(h)(iii): amended, on 8 September 2010, by section 241(1) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Section 49(2)(h)(iv): amended, on 1 April 2019, by section 17(6) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(2)(i): replaced, on 1 April 2019, by section 17(7) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 49(3): amended, on 1 April 2019, by section 17(8) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).