54 Membership of Board

(1)

The Board must consist of—

(a)

not less than 5, and not more than 7, non-executive directors appointed by the Minister; and

(b)

the Governor.

(2)

The appointment of every non-executive director must be notified in the Gazette.

(3)

The Governor is the only person employed in the service of the Bank who may be a director of the Bank.

(4)

The validity of any act of the Board is not affected by—

(a)

any vacancy in its membership; or

(b)

any defect in the appointment of a director; or

(c)

the fact that any non-executive director is disqualified from appointment under section 58.

(5)

Subsection (3) is subject to sections 47 and 48A.

Section 54: replaced, on 21 August 2003, by section 7 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 54(5): amended, on 1 April 2019, by section 23 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).