New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) A registered bank may, by notice in writing, require the Bank to remove the name of that registered bank from the register on a date specified in the notice, not being a date earlier than 28 days, or such shorter period as the Bank may agree to, after the date the notice is given.
(2) The registered bank shall, within 7 days of giving that notice, give public notice of the fact that it had given the notice to the Bank.
(3) The Bank must—
(a) remove the name of the registered bank from the register on the date specified in the notice; and
(b) within 7 days after that date, arrange for the publication in the Gazette of a notice that indicates the removal of that name.
(4) Except with the consent of the Bank, a registered bank shall not give a notice under subsection (1) if—
(a) a notice has been given to that registered bank under section 99(2)(a); or
(b) a person has been appointed under section 99(2)(b) to exercise, in relation to that registered bank, the powers conferred by that paragraph; or
(c) a person has been appointed under section 101 to carry out an investigation of the affairs of that registered bank; or
(d) a direction is in force under section 113 in relation to that registered bank; or
(e) the registered bank is subject to statutory management.
(5) The Bank may refuse to remove the name of a registered bank from the register if—
(a) a notice has been given to the registered bank under section 99(2)(a); or
(b) a person has been appointed under section 99(2)(b) to exercise, in relation to that registered bank, the powers conferred by that paragraph; or
(c) a person has been appointed under section 101 to carry out an investigation into the affairs of that registered bank; or
(d) a direction is in force under section 113 in relation to that registered bank; or
(e) the registered bank is subject to statutory management.
Section 71(3): substituted, on 21 August 2003, by section 12 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(4)(a): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(4)(b): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(4)(d): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(5)(a): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(5)(b): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 71(5)(d): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
