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Central Banking (Amendment) Act 1993

PAPUA NEW GUINEA

Central Banking (Amendment) Act 1993

No. 36 of 1993.
Certified on: 17.12.93

ARRANGEMENT OF SECTIONS.

1. Objects of the bank (Amendment of Section 4).
2. Functions of the Central Bank (Amendment of Section 5).
3. Powers of the Central Bank (Amendment of Section 6).
4. Policies of the Central Bank (Amendment of Section 8).
5. Alternate of Departmental Head (Amendment of Section 12).
6. Governor (Amendment of Section 15).
7. Deputy Governor or Deputy Governors (Amendment of Section 15A).

AN ACT

entitled

Central Banking (Amendment) Act 1993,

Being an Act to amend the Central Banking Act (Chapter 138),

MADE by the National Parliament.

1. OBJECTS OF THE BANK (AMENDMENT OF SECTION 4).

Section 4(2) of the Principal Act is repealed and is replaced with the following:-

"(2) Except as provided by this Act or any other law, the Central Bank is limited to central banking business and shall not -

• (a) undertake banking business for the public generally; or
• (b) without the prior approval of the Minister participate in, organize or manage development financial schemes, commodity price support schemes or other special development programmes.".

2. FUNCTIONS OF THE CENTRAL BANK (AMENDMENT OF SECTION 5).

Section 5(b) of the Principal Act is repealed and is replaced with the following:-

"(b) in accordance with Division II.3, act as banker and financial agent to the Government,".

3. POWERS OF THE CENTRAL BANK (AMENDMENT OF SECTION 6).

Section 6(2) of the Principal Act is amended by inserting after Paragraph (i) the following new paragraph:-

"(ia) with the prior approval of the Minister, to participate in, organize or manage development financing schemes, commodity price support schemes or other special development programmes; and".

4. POLICIES OF THE CENTRAL BANK (AMENDMENT OF SECTION 8).

Section 8 of the Principal Act is amended -

(a) in Subsection (2), by repealing the word "Bank" and replacing it with the following:-

• "Board"; and

(b) in Subsection (3), by repealing the word "Bank" and replacing it with the following:-

• "Board"; and

(c) in Subsection (4), by repealing the word "Bank" and replacing it with the following:-

• "Board"; and

(d) in Subsection (5), by repealing the word "Bank" (twice occurring) and replacing it in each case with the following:-

• "Board"; and

(e) in Subsection (7), by repealing the word "Bank" (twice occurring) and replacing it in each case with the following:-

• "Board"; and

(f) in Subsection (8), by repealing the word "Bank" and replacing it with the following:-

• "Board"; and

(g) in Subsection (9), by repealing the word "Bank" (twice occurring) and replacing it in each case with the following:-

• "Board".

5. ALTERNATE OF DEPARTMENTAL HEAD (AMENDMENT OF SECTION 12).

Section 12 of the Principal Act is amended by inserting after the words "Deputy Departmental Head" (twice occurring) the following:-

"or Departmental First Assistant Secretary".

6. GOVERNOR (AMENDMENT OF SECTION 15).

Section 15 of the Principal Act is amended -

(a) in Subsection (1) -

• (i) in Paragraph (b), by repealing the words "of not less than three years and"; and
• (ii) by repealing Paragraph (c) and replacing it with the following:-
  • "(c) subject to this Act, holds office on such terms and conditions as the Head of State, acting on advice given after consideration of recommendations from the Salaries and Conditions Monitoring Committee, determines;"; and

(b) by repealing Subsection (7) and replacing it with the following:-

• "(7) The Governor shall advise the Minister on monetary and foreign exchange matters."; and

(c) by adding the following new subsection:-

• "(8) The Governor shall not take any leave of absence from office whether for vacation, work travel or other purposes without the prior written approval of the Minister.".

7. DEPUTY GOVERNOR OR DEPUTY GOVERNORS (AMENDMENT OF SECTION 15A).

Section 15A of the Principal Act is amended -

(a) in Subsection (3) -

• (i) in Paragraph (a), by repealing the words "being not less than two years and"; and
• (ii) in Paragraph (b) by inserting after the word "Governor" the following:-
  • "and the Salaries and Conditions Monitoring Committee"; and

(b) by repealing Subsection (4) and replacing it with the following:-

• "(4) In the absence of the Governor, the Minister, on the recommendation of the Governor, shall, by notice in the National Gazette, appoint an Acting Governor and the Acting Governor shall have all the statutory authorities and responsibilities and perform all the powers and functions of the Governor.".
  

I hereby certify that the above is a fair print of the Central Banking (Amendment) Act 1993 which has been made by the National Parliament.

Acting Clerk of the National Parliament.

I hereby certify that the Central Banking (Amendment) Act 1993 was made by the National Parliament on 25 November 1993.

Acting Speaker of the National Parliament