The Board have been urged by World Taekwondo, who conducted the probe into the row within the TNZ Executive Board, to hold elections as soon as possible.

The split within the leadership of TNZ following the dispute between former President Tae Kyung Kim and secretary general Matt Ransom led to suggestions the organisation may be suspended by World Taekwondo.

In a statement, TNZ said it "is not and has not been suspended"by the world governing body.

The five-member Board will include a non-voting chairperson, while World Taekwondo will provide an arbitrator to have the final say on any deadlock within the decision-making process.

"Further, the Interim Board will be expected to produce a plan to fully normalise the organisation and hold new elections as soon as reasonably possible," the TNZ statement read. 

"The plan will also include a strategy to further unify the sport, all of which will be subject to World Taekwondo approval.

"Again we have welcomed these further World Taekwondo recommendations unconditionally as we strongly feel that ultimately the leadership and direction of the organisation and sport needs to be decided on by the members of TNZ."

The exact composition of the Interim Board has yet to be confirmed.

TNZ said this was expected to be signed off by World Taekwondo in the near future.

The national governing body also insisted the dispute had not affected its activities and events, which are going ahead as planned.