59 Removal from office of non-executive directors

(1)

The Governor-General may, by Order in Council, on the advice of the Minister, remove a non-executive director of the Bank from office.

(2)

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

(a)

is unable, or has failed, to perform the duties of a director of the Bank under this Act; or

(b)

has been guilty of misconduct; or

(c)

has obstructed, hindered, or prevented—

(i)

the Governor from discharging the responsibilities of the Governor under this Act; or

(ii)

the MPC from discharging the responsibilities of the MPC under this Act.

Section 59(2)(c): replaced, on 1 April 2019, by section 25 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).