Explanatory Note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 3 April 1990, declares DFC New Zealand Limited and all of those subsidiaries of DFC New Zealand Limited currently subject to statutory management under the Reserve Bank of New Zealand Act 1964 to be subject to statutory management under the Reserve Bank of New Zealand Act 1989.

The order also provides, as a transitional measure, that the statutory manager appointed under the DFC New Zealand Limited (Appointment of Statutory Manager) Order 1990 shall continue in office on and after 3 April 1990 as statutory manager of those companies as if that person had been appointed under that Act. That statutory manager was appointed to replace the statutory managers who were appointed under the DFC New Zealand Limited (Statutory Management) Order 1989 for a term of 6 months expiring at 8am on 3 April 1990.

The effect of the order is that—

• (a) The Reserve Bank of New Zealand Act 1964 shall cease to apply to the companies:

• (b) The statutory manager of the companies shall be deemed to have been appointed as statutory manager of the companies under the Reserve Bank of New Zealand Act 1989:

• (c) The statutory manager shall have in respect of the companies all the powers, rights, authorities, and privileges conferred by that Act on a statutory manager:

• (d) The advisory committee appointed under section 38S of the Reserve Bank of New Zealand Act 1964 shall be deemed to have been appointed under the Reserve Bank of New Zealand Act 1989.