115 Offence to disclose giving of direction

(1)

Subject to subsections (2) and (3), every person commits an offence against this Act who discloses that a direction has been given under section 113 or that a notice has been given under section 113B.

(2)

Nothing in subsection (1) applies to the disclosure or publication of the fact that a direction or notice has been given where the disclosure or publication is made—

(a)

to any professional or financial adviser of the registered bank or associated person to which the direction or notice relates:

(b)

with the written consent of the Bank, for the purposes of the sale or other disposition, or the possible sale or other disposition, of the whole or any part of the capital, or business undertaking, of the registered bank or associated person:

(c)

by the Bank or with the written consent of the Bank,—

(i)

to the public; or

(ii)

to any person who has a proper interest in knowing that the direction or notice has been given.

(3)

Nothing in subsection (1) applies to the disclosure or publication of the fact that a direction has been given requiring the actions set out in section 113A(d) or section 113A(e) or section 113A(f) for the purpose of giving effect to that direction.

(4)

The penalty for an offence against this section is set out in section 156AA.

Compare: 1964 No 134 s 38Q(14), (15); 1986 No 131 s 10; 1989 No 11 s 36

Section 115 heading: amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(1): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(2): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(2)(a): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(2)(c)(ii): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(3): amended, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 115(4): inserted, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).