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).