Reserve Bank of New Zealand Act 1989

48 Vacancy in office of Governor


If the office of Governor becomes vacant, the Minister must, on the recommendation of the Board, appoint any of the following as Governor for a period not exceeding 6 months:


a director of the Bank:


an officer of the Bank:


any other person.


The circumstances in which the office becomes vacant include where 1 or more persons have been acting as Governor under section 47 for a total consecutive period of 3 months (unless the Minister gives a notice to the Bank that this subsection does not apply in the particular circumstances).


A Governor who has vacated office (for example, at the end of the Governor’s term) may not be appointed under subsection (1).


If a Deputy Governor (D) is appointed under subsection (1), D’s term as Deputy Governor—


is suspended during the period in which D is the Governor; and


is resumed at the end of that period (unless D is appointed as Governor under section 40); and


ends when that term would otherwise have ended under this Act.

Section 48: replaced, on 1 April 2019, by section 16 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).