120When consent of receiving body is in force

120 When consent of receiving body is in force

(1) The consent of the board of a receiving body referred to in paragraph 118(1)(c) or (2)(g) or 119(1)(c) or (2)(g) remains in force until it is withdrawn by the board with the written agreement of the Reserve Bank.

(2) The Reserve Bank may agree to the consent being withdrawn if the Reserve Bank reasonably believes that it is appropriate to allow the consent to be withdrawn, having regard to any of the following:

(a) circumstances that have arisen since the consent was given;

(b) circumstances that were in existence at or before the time when the consent was given but that were not known to the receiving body’s board when it gave its consent;

(c) any other relevant matter.