(1)
The Bank shall not register any person as a registered bank unless it is satisfied that the business carried on, or proposed to be carried on, by the applicant consists of, or to a substantial extent consists of, or will, or will to a substantial extent, consist of, the borrowing and lending of money, or the provision of other financial services, or both.
(2)
In determining an application under section 70, the Bank must have regard to all of the following:
the incorporation and ownership structure of the applicant; and
the size and nature of the applicant’s business or proposed business, or any part of the applicant’s business or proposed business; and
the ability of the applicant to carry on its business or proposed business in a prudent manner; and
the standing of the applicant in the financial markets; and
the suitability for their positions of the directors and senior managers of the applicant; and
the standing of the owner of the applicant in the financial markets; and
any other matters that may be prescribed in regulations.
(3)
For the purposes of subsection (2)(g), the Governor-General may, from time to time, by Order in Council, on the advice of the Minister given in accordance with a recommendation of the Bank, make regulations prescribing additional matters to which the Bank shall have regard in considering applications for registration.
(4)
The Bank shall give notice in the Gazette of the registration of any person as a registered bank under this section.
(5)
Regulations under subsection (3) are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
Compare: 1964 No 134 s 38D(1), (2), (4); 1986 No 131 s 10
Section 73(2): replaced, on 21 August 2003, by section 14 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 73(5): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).