RESERVE BANK ACT 1959 - SECT 10C Resolving differences between the Boards
RESERVE BANK ACT 1959 - SECT 10C
Resolving differences between the Boards(1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent:
(a) the Reserve Bank Board's policy prevails; and
(b) the Payments System Board's policy has effect as if it were modified to remove the inconsistency.
(2) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to:
(a) whether there is an inconsistency of policy to which subsection ( 1) applies, or the extent of such an inconsistency; or
(b) the effect of paragraph ( 1)(b) on a policy of the Payments System Board;
the disagreement is to be resolved as determined by the Governor.
(3) If there is a disagreement between the Reserve Bank Board
and the Payments System Board as to which of the Boards is responsible for
determining the Bank's policy on a matter, the disagreement is to be
resolved as determined by the Governor.