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; or

(b)

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

(c)

that the Governor has obstructed, hindered, or prevented the Board from discharging its responsibilities under this Act; or

(d)

that the performance of the Governor in ensuring that the Bank achieves the policy targets fixed under section 9 or section 12(7)(b) has been inadequate; or

(e)

that, in a case where section 9(2) or subparagraph (i) or subparagraph (ii) of section 12(7)(b) applies, the Minister and the Governor have not been able, within the time prescribed, to agree on new policy targets; or

(f)

that a policy statement made pursuant to section 15 is inconsistent in a material respect with the Bank’s primary function or any policy target fixed under section 9 or section 12(7)(b); or

(g)

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

(h)

that the Governor, except as provided in his or her conditions of employment, 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 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 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 misconduct.

(3)

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

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).