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RESERVE BANK ACT 1959 - SECT 25H Resolutions without meetings

RESERVE BANK ACT 1959 - SECT 25H

Resolutions without meetings

    A resolution is taken to have been passed at a meeting of the Payments System Board if:

  (a)   the Payments System Board has determined:

  (i)   that resolutions may be passed in accordance with this section; and

  (ii)   the method of indicating agreement with a resolution passed in accordance with this section; and

  (b)   without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and

  (c)   the majority would have constituted a quorum at a meeting of the Payments System Board; and

  (d)   all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution.