RESERVE BANK BOARD
Two Directors To Retire BALLOT OF ALL MEMBERS Two members of the board of directors of the Reserve Bank of New Zealand will retire from office next month. This will lie in accordance witli the reconstitution of the board provided for by the Reserve Bank of New Zealand Amendment Act, which was one of the earliest pieces of legislation put through Parliament by the Labour Government. The retirement will be decided by ballot and will become effective on July 31. An unusual aspect arising from the procedure which has to be followed to secure the retirement of the original members of the board is that the entire board can take part in the ballot which periodically must occur until the reconstitution is complete. This means that the new members of the board —in this case two members who have been on the board for less than two years—are able to ballot for the displacing of members who have been there since 1934.
It is claimed that this is one anomaly arising fiom the change made by the Labour Government. The new members—Messrs. George Lawn and Mark Silverstone —are Labour nominees who replaced members displaced in the first ballot in .1936, and are in a position to vote for the retirement. of members who were original directors when the Reserve Bank was launched in 1934 by the Coalition Government. As far as the constitution of the board is concerned one director had to retire in the 1937 ballot. Mr. D. A. Ewen, who was one of the original State directors, relinquished his office in this way. He has not yet been replaced and his retirement has not yet been announced officially. Tire board, outside tile ex Officio directors, is therefore now one member short.
The present membership of the board of directors of the bank is: — Messrs. Leslie Lefaux (governor), W. F. L. Ward (deputy-governor), J. G. Duncan, R. J. Hudson, E. Anderson, E.‘ J. Herrick, M. Silverstone and G. Lawn.
Messrs. Duncan, Anderson, Hudson and Herrick are the remaining members of the board who were original directors, and it is from their ranks that the two members to retire this year will be taken. Only the original members of the board come under this ballot system of retirement. The Secretary of the Treasury, Mr. G. C. Rodda, is also a member of the boa ret
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Bibliographic details
Dominion, Volume 31, Issue 212, 4 June 1938, Page 10
Word Count
398RESERVE BANK BOARD Dominion, Volume 31, Issue 212, 4 June 1938, Page 10
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