New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) If the Governor considers that the giving effect to by the Bank of a direction under either section 17 or section 18 would, while not being inconsistent with the economic objective of monetary policy, be inconsistent with achieving the policy targets fixed under section 9, the Governor may, by notice in writing to the Minister, advise the Minister that the Bank will, in giving effect to the direction, be unable to achieve those policy targets and request new policy targets to be fixed.
(2) Where a notice is given under this section—
(a) the Bank is not required to achieve the existing policy targets:
(b) the Minister and the Governor shall, within 1 month after the notice is given, substitute new policy targets in accordance with section 9(4)(b) and, in that event, the provisions of section 9(5) shall apply to those policy targets.