(1) 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,—
(1A) If any question arises as to whether, on the date on which a statutory manager was appointed, an act was done or a transaction was entered into or effected before or after the appointment, that act or transaction must, in the absence of proof to the contrary, be treated as having been done or entered into or effected, as the case may be, after the appointment of the statutory manager.
(2) If an Order in Council is made under subsection (1), every subsidiary of a registered bank declared to be subject to statutory management, except any subsidiary declared to be a subsidiary to which the order does not apply, is subject to statutory management and the appointment of a statutory manager for the specified period in respect of that registered bank also applies to those subsidiaries.
(2A) If a registered bank acquires a subsidiary after it has been declared to be subject to statutory management under subsection (1), that subsidiary is not subject to statutory management unless a further Order in Council is made declaring that subsidiary to be subject to statutory management.
(3) Where a registered bank or an associated person of a registered bank that is declared to be subject to statutory management or a subsidiary of a registered bank that becomes subject to statutory management under subsection (2), is incorporated outside New Zealand or is an unincorporated body having its head office or principal place of business outside New Zealand, the provisions of this Part relating to statutory management shall apply to the property, rights, assets and liabilities relating to its New Zealand business.
(4) Every Order in Council made under subsection (1) must specify the date on which, and the time at which, the Order in Council comes into force.
(5) The date and time as specified must not be earlier than the date on which, and the time at which, the Order in Council is made.
(6) A person appointed under subsection (1)(b) has all the rights and powers conferred, and all the duties imposed, on a person appointed under section 101 and, without limitation, the following provisions apply, with any necessary modifications, as if that person were appointed under section 101:
Compare: 1964 No 134 s 38R(2), (3); 1986 No 131 s 10; 1989 No 11 s 38
Section 117(1)(b): amended, on 21 August 2003, by section 32(2) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 117(1A): inserted, on 21 August 2003, by section 32(1) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 117(2): substituted, on 21 August 2003, by section 32(3) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 117(2A): inserted, on 21 August 2003, by section 32(3) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).
Section 117(4): added, on 26 April 1999, by section 2 of the Reserve Bank of New Zealand Amendment Act 1999 (1999 No 22).
Section 117(5): added, on 26 April 1999, by section 2 of the Reserve Bank of New Zealand Amendment Act 1999 (1999 No 22).
Section 117(6): added, on 21 August 2003, by section 32(4) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).