Reserve Bank of New Zealand Act 1989

46 Disqualification of Governor and Deputy Governor

(1)

No person shall be appointed or reappointed, or continue to hold office, as Governor or Deputy Governor if that person—

(a)

is a member of Parliament; or

(b)

is a director or an employee of a registered bank or of a licensed NBDT as defined in the Non-bank Deposit Takers Act 2013 or of a licensed insurer or of a relevant operator of an FMI; or

(c)
[Repealed]

(d)

is a chief executive of a Government department or an employee of a Government department, appointed under the Public Service Act 2020; or

(e)

is an undischarged bankrupt; or

(f)

is a person who is convicted of any offence punishable by imprisonment for a term of 2 years or more; or

(g)

is a person who is convicted of any offence punishable by imprisonment for a term of less than 2 years and is sentenced to imprisonment for that offence; or

(h)
[Repealed]

(i)
[Repealed]

(j)

is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Companies Act 1993, or the Financial Markets Conduct Act 2013, or the Takeovers Act 1993; or

(k)

is subject to a property order under the Protection of Personal and Property Rights Act 1988.

(k)
[Repealed]

(1A)

No person may be appointed or reappointed, or continue to hold office, as Deputy Governor, if that person is a member of the Board (except where the Deputy Governor is acting as the Governor).

(2)

The Governor or Deputy Governor shall be deemed to have resigned office if that person is prohibited from continuing to hold office under this section.

(3)

If the Governor or Deputy Governor becomes aware that he or she is likely to become disqualified, he or she must disclose that fact to the Board and the Minister as soon as practicable.

(4)

In subsection (1)(b), relevant operator of an FMI—

(a)

means an operator of an FMI within the meaning of those terms in section 5 of the Financial Market Infrastructures Act 2021; but

(b)

does not include an operator that is the Bank or a subsidiary of the Bank.

Section 46(1): amended, on 1 April 2019, by section 14(1) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(1)(b): amended, on 11 May 2021, by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).

Section 46(1)(b): amended, on 1 April 2019, by section 14(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(1)(b): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 46(1)(b): amended, on 8 September 2010, by section 241(1) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Section 46(1)(c): repealed, on 1 April 2019, by section 35 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(1)(d): amended, on 7 August 2020, by section 135 of the Public Service Act 2020 (2020 No 40).

Section 46(1)(d): amended, on 25 January 2005, by section 19(1) of the State Sector Amendment Act (No 2) 2004 (2004 No 114).

Section 46(1)(e): replaced, on 1 April 2019, by section 14(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(1)(h): repealed, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 46(1)(i): repealed, on 25 October 2006, by section 25 of the Securities Amendment Act 2006 (2006 No 46).

Section 46(1)(j): replaced, on 25 October 2006, by section 25 of the Securities Amendment Act 2006 (2006 No 46).

Section 46(1)(j): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 46(1)(j): amended, on 10 September 2008, by section 15(2) of the Disability (United Nations Convention on the Rights of Persons with Disabilities) Act 2008 (2008 No 64).

Section 46(1)(k): inserted, on 1 April 2019, by section 14(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(1)(k): repealed, on 10 September 2008, by section 15(3) of the Disability (United Nations Convention on the Rights of Persons with Disabilities) Act 2008 (2008 No 64).

Section 46(1A): inserted, on 1 April 2019, by section 14(5) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(2): amended, on 1 April 2019, by section 14(6) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(3): inserted, on 1 April 2019, by section 14(7) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 46(4): inserted, on 11 May 2021, by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).