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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13517662 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 COOK ISLANDS}{
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\par }\pard \ql \li0\ri0\widctlpar\tx4608\faauto\adjustright\rin0\lin0\itap0\pararsid13517662 {\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid2981800 
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\b\caps\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 mendment}{\b\caps\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid1452047  ACT}{
\b\caps\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid2981800  1969}{\b\caps\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13517662 {\fs24\expnd1\expndtw6\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 ANALYSIS
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\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7826172 {\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 Title
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 1. Short Title}{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 2. Power of Exemption
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid10813872\charrsid15630097 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid2981800 -----------------------}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10813872\charrsid15630097 -----------}{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15630097 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12727686\charrsid2981800 1989-90, No. 40}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid2981800 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7826172 {\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2981800 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 An Act to amend the Banking Act 1969
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\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid5594005 BE}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid5594005  IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows}{\fs24\lang2057\langfe1033\langnp2057\insrsid2695629\charrsid15630097 :}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 
\par 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 . }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 Sh}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 ort Title}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
 This Act may be cited as the Banking Amendm}{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 nt Act 1989}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 90 and shall be read together with and deemed part of the Bankin
g Act 1969 (hereinafter referred to as the "principal Act").
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 2. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2695629\charrsid15630097 Power of Exemption}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  The principal Act is amended by inserting after section 2 the following new section}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2695629\charrsid15630097 :}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid7345364 2A. }{
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 Power of Exem}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 tion}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  }{\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
 (1) The Cook Islands Monetary Board may, under its ow}{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  moti}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 on}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  or pursuant to all application i}{\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 
n writing}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  lodged with the Secretary by a Bank, exempt that Bank from all or any of the provisions of this Act and any regulations made under this Act and}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13517662\charrsid15630097  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 may impose such terms and conditions as it thinks fit as}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 a con
dition under which that exemption is granted. An exemption so granted may be revoked or varied by the Board at any time.
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid1200694\charrsid15630097 (2) In}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
 dealing with an application under this section, the Board shall not be required to act judicially and its decision shall in all cases be final.
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(3) Any exemption or condition imposed pursuant to subsection 1 of this section, shall take effect as from the date to be decided by the Monetary Board }{\fs24\lang2057\langfe1033\langnp2057\insrsid3941596\charrsid15630097 in}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097  its discretion.
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 (4) Notwithstanding anything contained in subsection (1) of this section the Board sh}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3941596\charrsid15630097 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 
ll not exempt any Bank unless the business to be carried on by that Bank relates solely to the extending of a loan to the Crown."
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\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7826172 {\fs24\lang2057\langfe1033\langnp2057\insrsid10160740\charrsid15630097 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15630097 {\fs24\lang2057\langfe1033\langnp2057\insrsid5859523\charrsid15630097 This Act is administered by the Cook Islands Monetary Board.
\par }}