50 Removal of Deputy Governor from office by Order in Council

(1)

The Governor-General may, by Order in Council, on the advice of the Minister, remove the Deputy Governor from office.

(2)

The Minister may tender advice under subsection (1) if the Minister is satisfied that

(a)
[Repealed]

(a)

the Deputy Governor has not adequately discharged the responsibilities of office; or

(b)

the Board has recommended the removal on 1 or more of the grounds specified in the Deputy Governor’s conditions of appointment under section 44(4); or

(c)

the Deputy Governor has obstructed, hindered, or prevented the Governor, the MPC, or the Board from discharging responsibilities under this Act; or

(ca)

any of the matters set out in clause 19(2)(a) to (e) of Schedule 2 apply to the Deputy Governor as a member of the MPC; or

(d)

the Deputy Governor has, while holding office as Deputy Governor,—

(i)

held any other office of profit; or

(ii)

engaged in any other occupation for reward; or

(iii)

had an ownership interest in a registered bank or a licensed NBDT as defined in the Non-bank Deposit Takers Act 2013 or a licensed insurer or a relevant operator of an FMI as defined in section 46(4); or

(iv)

had an ownership interest in a bank carrying on business outside New Zealand.

(e)

the Deputy Governor is unable to carry out the responsibilities of office, or has been guilty of serious neglect of duty, or has been guilty of misconduct.

(3)

The Minister may tender advice under this section whether or not the Board has made a recommendation under section 53(4) or (5) that the Deputy Governor be removed from office (except that a recommendation is required under subsection (2)(b)).

Section 50(1): amended, on 1 April 2019, by section 18(1) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2): amended, on 1 April 2019, by section 18(2) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(a): repealed, on 21 August 2003, by section 5 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 50(2)(a): inserted, on 1 April 2019, by section 18(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(b): replaced, on 1 April 2019, by section 18(3) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(c): replaced, on 1 April 2019, by section 18(4) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(ca): inserted, on 1 April 2019, by section 18(5) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(d): amended, on 1 April 2019, by section 18(6) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(d)(iii): amended, on 11 May 2021, by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).

Section 50(2)(d)(iii): amended, on 1 April 2019, by section 18(7) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(d)(iii): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 50(2)(d)(iii): amended, on 8 September 2010, by section 241(1) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Section 50(2)(d)(iv): amended, on 1 April 2019, by section 18(7) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(2)(e): inserted, on 1 April 2019, by section 18(8) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 50(3): replaced, on 1 April 2019, by section 18(9) of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).