47 Incapacity of Governor and Deputy Governor

(1)

In the case of the absence or incapacity of the Governor, the Deputy Governor shall have all the duties, responsibilities, and functions of the Governor under this Act and may exercise all the powers of the Governor under this Act, the Insurance (Prudential Supervision) Act 2010, the Financial Market Infrastructures Act 2021, or the Non-bank Deposit Takers Act 2013.

(2)

In the case of the absence or incapacity of the Governor and the Deputy Governor, the Minister shall, on the recommendation of the Board, appoint—

(a)

a director of the Bank; or

(b)

an officer of the Bank—

to act as Governor.

(3)

If the Minister is unable to make an appointment under subsection (2) by reason of the fact that, in the circumstances, it is impracticable for a meeting of the Board to be held, the Minister shall appoint—

(a)

a director of the Bank; or

(b)

an officer of the Bank—

to act as Governor for a period not exceeding 28 days.

(4)

The person appointed to act as Governor shall, so long as the appointment continues, have all the duties, responsibilities, and functions of the Governor under this Act and may exercise all the powers of the Governor under this Act, the Insurance (Prudential Supervision) Act 2010, the Financial Market Infrastructures Act 2021, or the Non-bank Deposit Takers Act 2013.

(5)

While any of the following persons is acting as Governor in accordance with this section, he or she must be taken to be a director of the Bank:

(a)

the Deputy Governor:

(b)

a person appointed to act as Governor, but who is not a director of the Bank.

Compare: 1964 No 134 s 18(2), (6), (7)

Section 47 heading: amended, on 1 April 2019, by section 15(1) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 47(1): amended, on 11 May 2021, by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).

Section 47(1): amended, on 1 April 2019, by section 15(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 47(1): amended, on 1 April 2019, by section 15(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 47(1): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 47(2): amended, on 1 April 2019, by section 15(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 47(4): amended, on 11 May 2021, by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).

Section 47(4): amended, on 1 April 2019, by section 15(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 47(4): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 47(5): replaced, on 21 August 2003, by section 4 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 47(5)(a): amended, on 1 April 2019, by section 15(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).