{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f2\fbidi \fmodern\fcharset0\fprq1{\*\panose 02070309020205020404}Courier New;}
{\f3\fbidi \froman\fcharset2\fprq2{\*\panose 05050102010706020507}Symbol;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}
{\f39\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\f40\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhimajor\f31502\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0302020204030204}Calibri Light;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f42\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f43\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\f45\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f46\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f47\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f48\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\f49\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f50\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f62\fbidi \fmodern\fcharset238\fprq1 Courier New CE;}{\f63\fbidi \fmodern\fcharset204\fprq1 Courier New Cyr;}
{\f65\fbidi \fmodern\fcharset161\fprq1 Courier New Greek;}{\f66\fbidi \fmodern\fcharset162\fprq1 Courier New Tur;}{\f67\fbidi \fmodern\fcharset177\fprq1 Courier New (Hebrew);}{\f68\fbidi \fmodern\fcharset178\fprq1 Courier New (Arabic);}
{\f69\fbidi \fmodern\fcharset186\fprq1 Courier New Baltic;}{\f70\fbidi \fmodern\fcharset163\fprq1 Courier New (Vietnamese);}{\f432\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\f433\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}
{\f435\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\f436\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\f437\fbidi \fswiss\fcharset177\fprq2 Calibri (Hebrew);}{\f438\fbidi \fswiss\fcharset178\fprq2 Calibri (Arabic);}
{\f439\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\f440\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\f442\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\f443\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}
{\f445\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\f446\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\f449\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\f450\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}
{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \fswiss\fcharset238\fprq2 Calibri Light CE;}{\fhimajor\f31529\fbidi \fswiss\fcharset204\fprq2 Calibri Light Cyr;}
{\fhimajor\f31531\fbidi \fswiss\fcharset161\fprq2 Calibri Light Greek;}{\fhimajor\f31532\fbidi \fswiss\fcharset162\fprq2 Calibri Light Tur;}{\fhimajor\f31533\fbidi \fswiss\fcharset177\fprq2 Calibri Light (Hebrew);}
{\fhimajor\f31534\fbidi \fswiss\fcharset178\fprq2 Calibri Light (Arabic);}{\fhimajor\f31535\fbidi \fswiss\fcharset186\fprq2 Calibri Light Baltic;}{\fhimajor\f31536\fbidi \fswiss\fcharset163\fprq2 Calibri Light (Vietnamese);}
{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31573\fbidi \fswiss\fcharset177\fprq2 Calibri (Hebrew);}{\fhiminor\f31574\fbidi \fswiss\fcharset178\fprq2 Calibri (Arabic);}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}
{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}
{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;\red255\green255\blue255;\red0\green0\blue128;\red0\green128\blue128;\red0\green128\blue0;
\red128\green0\blue128;\red128\green0\blue0;\red128\green128\blue0;\red128\green128\blue128;\red192\green192\blue192;\red79\green129\blue189;}{\*\defchp \fs22\loch\af31506\hich\af31506\dbch\af31505 }{\*\defpap \ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }\noqfpromote {\stylesheet{\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext0 \styrsid14967402 Normal;}{\s1\ql \li0\ri0\sb240\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel0\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \ab\af0\afs28\alang1025 
\ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext20 \slink15 \sunhideused \spriority9 \styrsid14967402 heading 1;}{
\s2\ql \li0\ri0\sb240\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs26\alang1025 \ltrch\fcs0 \b\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 
\sbasedon1 \snext20 \slink16 \sunhideused \sqformat \spriority9 \styrsid14967402 heading 2;}{\s3\ql \li0\ri0\sb240\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \ab\af0\afs26\alang1025 
\ltrch\fcs0 \b\i\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon2 \snext20 \slink17 \sunhideused \sqformat \spriority9 \styrsid14967402 heading 3;}{
\s4\ql \li0\ri0\sb120\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel3\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \ab\ai\af0\afs24\alang1025 \ltrch\fcs0 \b\i\f39\fs24\cf17\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 
\sbasedon0 \snext0 \slink18 \sunhideused \spriority9 \styrsid14967402 heading 4;}{\*\cs10 \additive \sunhideused \spriority1 \styrsid14967402 Default Paragraph Font;}{\*
\ts11\tsrowd\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv \ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 \snext11 \ssemihidden \sunhideused 
Normal Table;}{\*\cs15 \additive \b\f0\fs28 \slink1 \slocked \spriority9 \styrsid14967402 Heading 1 Char;}{\*\cs16 \additive \b\f0\fs26\lang3081\langfe0\langnp3081 \slink2 \slocked \spriority9 \styrsid14967402 Heading 2 Char;}{\*\cs17 \additive 
\b\i\f0\fs26\lang3081\langfe0\langnp3081 \slink3 \slocked \spriority9 \styrsid14967402 Heading 3 Char;}{\*\cs18 \additive \b\i\f39\fs24\cf17\lang3081\langfe0\langnp3081 \slink4 \slocked \spriority9 \styrsid14967402 Heading 4 Char;}{
\s19\ql \fi-601\li2041\ri0\sb240\sa240\widctlpar\jclisttab\tx1440\wrapdefault\aspalpha\aspnum\faauto\ls19\outlinelevel0\adjustright\rin0\lin2041\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
\snext19 \sqformat \spriority18 \styrsid14967402 Num List 1;}{\s20\ql \fi-879\li879\ri0\sb240\sa240\widctlpar\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls24\outlinelevel0\adjustright\rin0\lin879\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext20 \sqformat \spriority14 \styrsid14967402 Paragraph - Numbered;}{\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0 
\rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext21 \sqformat \spriority15 \styrsid14967402 Indent1;}{\s22\ql \fi-601\li2761\ri0\sb240\sa240\widctlpar
\jclisttab\tx2160\wrapdefault\aspalpha\aspnum\faauto\ls19\ilvl1\outlinelevel1\adjustright\rin0\lin2761\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
\sbasedon19 \snext22 \sqformat \spriority19 \styrsid14967402 Num List 2;}{\s23\ql \fi-601\li3481\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\ilvl2\outlinelevel2\adjustright\rin0\lin3481\itap0 \rtlch\fcs1 \af0\afs24\alang1025 
\ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \sbasedon22 \snext23 \sqformat \spriority20 \styrsid14967402 Num List 3;}{\s24\ql \li720\ri0\sb120\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0 
\rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon0 \snext24 \ssemihidden \sqformat \spriority0 \styrsid14967402 Quote 1;}{
\s25\ql \li1440\ri0\sb120\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 
\sbasedon24 \snext25 \ssemihidden \sqformat \spriority0 \styrsid14967402 Quote 2;}{\s26\ql \li2160\ri0\sb120\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon25 \snext26 \ssemihidden \sqformat \spriority0 \styrsid14967402 Quote 3;}{
\s27\ql \fi-720\li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\outlinelevel0\adjustright\rin0\lin1440\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
\sbasedon19 \snext27 \sqformat \spriority34 \styrsid14967402 List Paragraph;}{\s28\ql \li0\ri0\sl-360\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext28 \slink29 \spriority25 \styrsid14967402 Body Text;}{\*\cs29 \additive \f0\fs20 \slink28 \slocked \spriority25 \styrsid14967402 Body Text Char;}{
\s30\ql \li2160\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\ilvl1\outlinelevel1\adjustright\rin0\lin2160\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
\sbasedon21 \snext30 \sqformat \spriority16 \styrsid14967402 Indent2;}{\s31\ql \li2880\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\ilvl2\outlinelevel2\adjustright\rin0\lin2880\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \sbasedon30 \snext31 \sqformat \spriority17 \styrsid14967402 Indent3;}{\s32\ql \fi-601\li2761\ri0\sb240\sa240\widctlpar
\jclisttab\tx2160\wrapdefault\aspalpha\aspnum\faauto\ls20\ilvl1\outlinelevel1\adjustright\rin0\lin2761\itap0\contextualspace \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 
\sbasedon36 \snext32 \spriority22 \styrsid14967402 List Bullet 2;}{\s33\ql \fi-601\li3481\ri0\sb240\sa240\widctlpar\jclisttab\tx2880\wrapdefault\aspalpha\aspnum\faauto\ls20\ilvl2\outlinelevel2\adjustright\rin0\lin3481\itap0\contextualspace \rtlch\fcs1 
\af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon32 \snext33 \spriority23 \styrsid14967402 List Bullet 3;}{\s34\qc \li0\ri0\sb240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 
\rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext34 \sqformat \spriority0 \styrsid14967402 Jurisdiction;}{
\s35\qc \li0\ri0\sb360\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext44 \spriority2 \styrsid14967402 
TOC - Arrangment Heading;}{\s36\ql \fi-601\li2041\ri0\sb240\sa240\widctlpar\jclisttab\tx1440\wrapdefault\aspalpha\aspnum\faauto\ls20\outlinelevel0\adjustright\rin0\lin2041\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext36 \spriority21 \styrsid14967402 List Bullet 1;}{\s37\ql \fi-879\li879\ri0\sb240\sa240\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls25\outlinelevel0\adjustright\rin0\lin879\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext20 \spriority13 \styrsid14967402 
Paragraph - No number;}{\*\ts38\tsrowd\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv 
\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af40\afs20\alang1025 \ltrch\fcs0 \f40\fs20\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 \sbasedon11 \snext38 \spriority59 \styrsid14967402 Table Grid;}
{\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext39 \spriority12 \styrsid14967402 
Paragraph - No Indent;}{\s40\qc \li0\ri0\sb360\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
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\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10385002 24. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Annual Report
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10385002 25. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Distribution of Profits
\par }\pard\plain \ltrpar\s41\qc \li0\ri0\sb240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3675075 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 PART VI
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10385002 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 CONVERSION OF BANK
\par }\pard\plain \ltrpar\s44\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid490344 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid10385002 26. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Limited Company
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10385002 27. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Incorporation of Company
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10385002 28. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Transfer of under}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 taking of Bank
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 29. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Employees
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 30. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Dealings by Corporation
\par }\pard\plain \ltrpar\s41\qc \li0\ri0\sb240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3675075 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid3675075 PART}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769  VII}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 
\par }\pard \ltrpar\s41\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3034345 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 GENERAL }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 
\par }\pard\plain \ltrpar\s44\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid490344 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 . General
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 32. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Protection of name
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 33. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Contracts of Bank
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 34. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Common Seal
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 35. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Secrecy }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3034345 
\par 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 6. Repeal
\par }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid741995 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995\charrsid741995 
\par }\pard\plain \ltrpar\s39\qc \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3034345 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \b\insrsid15741952\charrsid3034345 1986-87 No. 23
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3034345 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 An Act to establish the Bank of the Cook Islands
\par }\pard \ltrpar\s39\qr \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3034345 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (6 March 1987
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6441833 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
BE IT ENACTED by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 1\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6441833 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Short Title and Commencement}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6441833 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6441833 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) This Act may be cited as the Bank of the Cook Islands Act 1987.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6441833 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The provisions of P
art IV shall come into force on a date or dates to be appointed by the Minister by notice in the Gazette and different dates may be so appointed in respect of different provisions.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4599142 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4599142 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Sections 27 to 33 of Part VI shall come into force on the date specified in the Order in Executive Council made pursuant to section 26.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 2\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid4599142 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Interpretation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4599142 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10246781 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 In this Act, unless the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10246781  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 context otherwise requires,-

\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid10246781 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 "Bank" means the Bank of the Cook Islands constituted under this Act;
\par {\listtext\tab}"Board" means the board of directors of the Bank appointed pursuant to section 8 of this Act;
\par {\listtext\tab}"Companies Act" means the Companies Act 1955 of New Zealand as applied in the Cook Islands;
\par {\listtext\tab}"Corporation" means the Government Property Corporation established pursuant to the Government Property Corporation Act 1969;
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid8860548 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
"Development Bank" means the Cook Islands Development Bank constituted pursuant to}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10246781  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 the Cook Islands Bank Act 1978; }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid10246781 
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 "Minister" means the Minister of Finance;
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10246781 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10246781  1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \insrsid15741952\charrsid4787769 CONSTITUTION FUNCTIONS AND POWERS
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 3\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid16468913 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Bank of the Cook Islands}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10246781 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16468913 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid16468913 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 1) There is hereby established a body corporate called the Bank of the Cook Islands.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid16468913 (2) The Bank shall have perpetual succession and a common seal, and shall be capable of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769  holding real and personal 
property, and of suing and being sued, and subject to the provisions of this Act of doing and suffering all such other acts and things as bodies corporate may do and suffer.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 4\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid16468913 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Share Capital}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16468913 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16468913 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The capital of the Bank shall be fifteen million dollars ($15,000,000) divided into 15,000,000 shares of $1.00 each, all of which shall be vested in the Crown.
\par (2) The Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
s Representative may by Order in Executive Council increase the share capital of the bank and may, by such Order provide that such increased capital be divided into such classes and issued upon }{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 s}{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \insrsid16468913 u}{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \insrsid15741952\charrsid4787769 ch }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
terms and conditions as may be specified therein.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (3) The share capital shall be deemed to be paid up to the extent of the net value of the assets vested in the bank pursuant to Part IV and from time t
o time. The Minister may determine in respect of any balance of capital unpaid, the extent to which such balance shall be paid up, and the manner in which such balance shall be paid.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 5\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid5140620 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Functions of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5140620  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5140620 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5140620 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The functions of the Bank shall be,-
\par }\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid11610524 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 to carry on
 in the Cook Islands and in any other part of the world the business of banking in all its a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995 spects, including all financial,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
 monetary, agency, and other business that is at any time carried on in any part of the world by banks, merchant}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 banks,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 financial}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 intermediaries,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid4139509  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 discount houses, or financiers; and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995 
\par (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
with the approval of the Minister to carry on in the Cook Islands and in any other part of the world any other business or activity that in the opinion of the board is capable of being advantageously c
arried on in connection with the businesses referred to in paragraph (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509 of this section or of enhancing }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
the profitability of the Bank or the value of its undertaking or assets.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 6\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid4139509 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Powers of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4139509 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The Bank shall have,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid2780286 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 all such powers, rights and au
thorities as may be reasonable, necessary or expedient to enable it to carry out its functions; }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7944182 
\par {\listtext\tab}(b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4139509  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 all such other powers, }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid7944182\charrsid4787769 rights}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769  and authorities as the board may consider it appropriate for the Bank to exercise or have.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7944182 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid7944182 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Without limiting the gene
rality of subsection (1) of this section, a resolution of the board to the effect that the Bank shall do or undertake or enter into any act or transaction shall be conclusive evidence that the Bank has power to do so.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7944182 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Notwithstanding any provision to t
he contrary the Board shall not, except in accordance with terms and conditions set by the Minister, sell, dispose or otherwise divest the bank of any interest in any real or personal property. This subsection shall apply to such real or personal property
 as may be designated by the Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s Representative by Order in Executive Council.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 7\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid11687898 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Relationship with the Crown }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11687898 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7944334 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The Crown shall not be}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7944334  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 liable to contribute towards the payment or }{\rtlch\fcs1 
\af0\afs14 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 atisfaction of any debts or liabilities of the Bank any }{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 um other than,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid7944334 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7944334 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
any sum payable to the Bank in respect of shares in the capital of the Bank that are not fully paid up;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7944334 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
any sum that the Crown is liable to contribute by virtue of any express guarantee, indemnity, or similar obligation entered into by the Crown and evidenced by a written instrument signed on behalf of the Crown.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7944334 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (2) Notwithstan}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995 ding any enactment or rule of la}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
w to the contrary, it is declared that the Bank is not a department or instrument of the Executive Government }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid741995 o}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 f the Cook Islands.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7371773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART II
\par MANAGEMENT OF}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 BANK
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 8\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid7371773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Constitution of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7371773  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Board}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7371773 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7371773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) There shall be a board of directors of the Bank consisting of not less than three nor more than seven persons.
\par (2) Each director shall be appointed by Cabinet and shall hold office for a term of two years and upon the expiry thereof shall tender his written resignation to the Secretary of Cabinet but shall be eligible for reappointment.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7870089 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The powers of the board shall not be affected by any vacancy in its membership.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9660952 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Minister shall from time to time 
appoint one of the directors to be Chairman of the board and another of the directors to be Deputy Chairman of the board.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9660952 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 During any vacancy in the office of Chairman, or in the absence of the Chairman from any meeting of the board, the Deputy Chairman
 shall have and may exercise all the powers of the Chairman, provided that if the Deputy Chairman is also absent, then the directors present shall appoint one of their number to be Chairman.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 9\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Extraordinary}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 vacancies}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid14711203 A director shall c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 ease to hold office if,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 he is at any time removed from office by the Minister; or
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 he resigns his office by notice in writing to the Minister.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 10\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Remuneration }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Bank shall pay to the directors such remuneration as the Minister may determine from time to time.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 11\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Personal liability }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12801773 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12801773 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 No director shall be }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3411665 p}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 ersonally liable for any a}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid14711203 ct or default done or made by him}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769  or by the board in the course of operations of the }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \insrsid14711203 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid14711203 ank so long a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s that director acts in good faith.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3411665 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART III
\par PROCEEDINGS OF THE BOARD
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 12\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid7823268 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Proceedings}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7823268 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7823268 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Subject to the provisions of this Act, the board may exercise its powers and regulate its proceedings in such manner as it thinks fit.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7143510 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Ordinary meetings of the board shall be held at such intervals as the board shall determine. Special meetings of t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15885713 h}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
e board may be summoned by any director.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 At all meetings of the board the quorum shall be a number of directors being not less than one half of the number of directors in office.

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Subject to the provisions of section 13(2),}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 
all questions arising at a meeting of the board shall be decided by a majority of the votes of the directors present and if there shall be an equality of votes the Chairman, or in his absence the Deputy Chairman or other person acting as Chairman for the 
time being, shall have a casting vote.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
A resolution in writing signed or assented to by letter, telegram, telex, facsimile machine message, or other written message (whether consisting of one document or several documents) by all the directors for the t
ime being, other than any directors who would not be entitled to vote at a meeting of the board in respect of the matter under consideration by reason of section 13(2), shall be as valid and effectual as if it had been passed at a meeting of the board dul
y called and held.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 (6) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
The board shall keep minutes of all its meetings. A minute purporting to be signed by the Chairman of a meeting of the board or by the Chairman of the next succeeding meeting of the board shall be evidence of the proceedings of, and d
ecisions made at, the meeting.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 13\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid7143510 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Interests}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7143510 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
(1) Any director who is directly or indirectly interested in any arrangement or agreement made or entered into, or proposed to be made or entered into by the Bank shall as soon as possible after the relevant fact
s have come to his knowledge, disclose the nature of his interest at a meeting of the board.
\par (2) A director who has a material pecuniary interest in any matter to be considered by the board shall not be entitled to vote in respect of that matter but may form part of the quorum of the board at the meeting at which that matter is considered.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 14\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid7143510 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Delegation of Powers }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7143510 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The board may by resolution, notice of which has been given to all directors appoint committees comprising two or more directors to investiga
te, carry out and report to the board upon, such matters as the board may by such resolution determine.
\par (2) The}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 board may from time to time delegate to}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7143510  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 any employee or officer of the Bank any of its powers, and any such delegation may be made to a specifie
d person or to persons of a specified class, or to the holder or holder for the time being of a specified office or appointment, or class of officers or appointments.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6772711 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Any committee, employee, or officer to whom any power is delegated pursuant to this section may exercise that power in the same manner and with the same effect as if it had been conferred on it or him directly by this Act and not by delegation.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Where a committee, employee or officer purports to act pursuant to a delegation made pursuan
t to this section, it or he shall be presumed to be acting in accordance with the terms of the delegation in the absence of evidence to the contrary.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Any delegation made under this section may be revoked at any time, and no delegation of any power unde
r this section shall prevent the exercise of that power by the board.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 15\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6772711 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Officers}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6772711 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Without limiting the generality of the powers conferred upon the Bank or the board under this Act, the board may from time to time appoint such officers or employees of t
he Bank as the board shall deem appropriate, and may from time to time remove any of such officers or employees for neglect of duty, misconduct or inability for any other reason to properly discharge such duties as may be lawfully imposed on them.
\par (2) Officers and employees of the Bank shall not by virtue of their appointment as such be members of the Cook Islands Public Service, and nothing in the Public Service Act 1975 shall apply in respect of any officer or employee of the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 16\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6772711 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Representations of Minister }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6772711 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The board shall give due consideration to any representation in writing made}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6772711  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
by the Minister to the board in respect of the policy, business or activities of the Bank.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10955215 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART IV
\par VESTING OF ASSETS IN BANK
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 17\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid10955215 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Development Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10955215 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The Development Bank is hereby dissolved.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 All moneys and real and personal property belonging to the Development Bank are hereby vested in the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 All liabilities, contracts and engagements and all rights and authorities of any nature whatever}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid10955215  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 of the Development Bank are hereby declared to be}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
liabilities,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 contracts,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
engagements,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 rights}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 and}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 authorities of the }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Without limiting the generality }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 of }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 subsections (2) and (3) of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10955215  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 this section,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid10955215 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (a) all moneys payable to the Development }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Bank }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 shall henceforth be payable to the Bank;
\par {\listtext\tab}(b) all proceedings pending by or against the Development Bank may henceforth be carried on, completed, and enforced by or against the Bank.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6767400 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid6767400 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 All references to the Development Bank in}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
any security or other document 
whatever as at the date upon which this section comes into force, or in any notice or other communication served, given or sent before, on, or after that date shall unless the context otherwise requires, be read as references to the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 (6) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 On the day this section comes into force,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid6767400 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 every employee of the Development Bank shall become an employee of the Bank;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 the terms and conditions of employment of each such employee shall, until varied, be identical with the term
s and conditions of that employee}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
s employment with the Development Bank immediately before the day this section comes into force and be capable of variation in the same manner;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 no such employee shall be entitled to receive any payment or other benefi
t by reason only of that employee ceasing by virtue of this Act to be an employee of the Development Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 18\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6767400 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Government Property Corporation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6767400 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 There shall be vested in the Bank such of the money and real and other personal property of the Corporation as may be designated by the Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s Representative by Order in Executive Council acting on the advice of the Minister.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 19\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6767400 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Transfer of other assets}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6767400 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 There may at any time and from time to time be transferred to the Bank such other assets of the Crown as may be designated by the Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s Representative by Order in Executive Council acting on the advice of the Minister.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 20\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 General }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14041548 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) All }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 assets }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
vested in the Bank pursuant to sections 18 or 19, shall be vested in the Bank subject to all charges, obligations and trust
s affecting the same, and the Bank shall be bound by such charges, obligations and trusts in the same manner and to the same extent as the previous owner of such assets.
\par (2) the Registrar of the High Court of the Cook Islands shall, on written application 
by the Bank, substitute upon any documents Of estate or interest or upon any register, the name of the Bank for the name of the previous owner in respect of any assets vested in the Bank pursuant to this Act.
\par (3) the Bank shall take all steps necessary in 
respect of any assets vested in the Bank pursuant to this Act to cause the name of the Bank to be substituted for the name of the previous owner upon any register kept in any part of the world wherein the ownership of such assets is recorded.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART V 
\par FINANCIAL PROVISIONS 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 21\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Financial Year of Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14041548 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The financial year of the Bank shall be the period of 12 months beginning on 1st April in each year, or on such other date in each year as may be appointed by the Minister by notice in the Gazette.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 22\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Annual Accounts}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14041548 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14041548 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
(1) The board shall cause true and full accounts and records to be kept of the business and transactions of the Bank, and shall cause to be prepared within 2 months after the end of each financial year a balance sheet and profit and loss statement of t
he Bank showing the financial position of the Bank at the end of that year and the result of its trading for that year.
\par (2) The balance sheet and profit and loss statement specified in subsection (1) of this section shall be audited and reported on by the auditor appointed pursuant to section 23.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 23\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6567885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Auditor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6567885 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6567885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The Minister may from time to time appoint one or more persons (whether as individuals or as the members from time to time of any firm or firms) being persons qualified for appointment as auditors 
of a company under the Companies Act, as auditor of the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6567885 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Any auditor may be removed from office at any time by the Minister for disability, bankruptcy, neglect of duty, or misconduct proved to the satisfaction of the Minister.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6567885 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Every auditor sh
all have a right of access at all times to the books and papers of the Bank, and shall be entitled to require from the officers of the Bank such information and explanation as he thinks necessary for the performance of his duties as auditor.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 24\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid6567885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Annual Report}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6567885 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6567885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Within 2 months after the end of each financial year}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6567885  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
of the Bank, the board shall prepare a general report on the operations of the Bank during that year.
\par (2) The board shall submit its report, together with the balance sheet and profit and loss statement prepared pursuant to section 22, and the auditor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 s report thereon, to the Minister. The Minister shall lay a copy of the board}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
s report, the accounts, and the auditor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s report before Parliament not later than the fourteenth sitting day of Parliament
 after the day upon which he receives them.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 25\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid4158210 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Distribution of Profits}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4158210 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4158210 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The board may from time to time resolve that a specified amount be paid to the Crown by way of dividend from the net gains and profits of the Bank; and, if the Minister agrees to the Pa
yment of that amount, it shall thereupon be paid to the Crown.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4158210 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART VI 
\par CONVERSION OF BANK TO LIMITED COMPANY
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 26\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid4158210 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Limited Company}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4158210 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8287500 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
s Representative, by Order in Executive Council, may provide that the Bank shall, on a day to be specified in such Or
der, be registered as a limited company pursuant to the provisions of the Companies Act, and on the day so specified, the provisions of section 27 to 33 shall come into force.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 27\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid8287500 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Incorporation of Company}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8287500 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12595063 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Notwithstanding anything in the Companies Act or any other enactment or rule of law, the Bank shall form and register under the Companies Act a public company limited by shares that,\_}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12595063 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12595063 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 has the name "Bank of the Cook Islands Limited" or such other name as the Queen}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 s Representative may by Order in Executive Council determine; and,
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid15093076 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12595063 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 has an }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid12595063 authorised}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
 capital divided into such number of shares of having a nominal value of $1.00 each, and,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12595063  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 
has Memorandum and Articles of Association in such form, as the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12595063\charrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 
Queen}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4787769\charrsid8264873 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 s Representative may }{\rtlch\fcs1 \ab\ai\af0\afs16 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 by }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 Order}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12595063\charrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 in Executive Council determine upon the recommendation of the Minister}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12595063\charrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 acting upon the prior recommendation}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12595063\charrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid8264873 of the board.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8410278\charrsid8410278 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8264873 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid8264873 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 There shall be deemed to be alloted shares in the capital of the company having a nominal value}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 equal to the amount of the capital of the Bank, and paid up to the extent of the paid up capital of the Bank.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (3)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The shares}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 shall be}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 alloted}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 to the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Corporation or to such nominees }{\rtlch\fcs1 \ab\ai\af0\afs16 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 as }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 the Corporation may}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
appoint in respect of all or any of the shares, and the expression "Corporation" in section 30 shall include such nominees.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8264873 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Nothing in section 60 of the Companies Act which relates to returns of allotments and prescribes}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid8264873  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 the documents that must be delivered to the Registrar of Companies when shares are allotted for co
nsideration other than cash) shall apply to shares which are deemed to have been allotted pursuant to subsections (2) and (3) of this section.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 28\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid10841926 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Transfer of Undertaking of Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10841926 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) The bank shall be dissolved, and,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid10841926 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
all moneys and real and personal property belonging to the Bank shall be vested in the company; and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 liabilities,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
contracts}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
engagements, and all rights and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid10841926 authorities of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4787769\charrsid10841926  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid10841926 any nature whatever}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid10841926\charrsid10841926  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid10841926 of the Bank shall become liabilities,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid10841926\charrsid10841926  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid10841926 contracts, engagements, rights and authorities of the company.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10841926 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (2) Without limiting the generality of subsection (1) of this section,\_}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid10841926 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10841926 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 all moneys payable to the Bank shall be payable to the company;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid287865 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 all proceedings pending by or against the Bank may be carried on, completed, and enforced by or against the company.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid287865 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (3) All references to the Bank in any security or other document whatever or in any notice or other communication served, given or sent before, on or after the date that this section sha
ll come into force shall, unless the context otherwise requires, be read as references to the company.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 29\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid287865 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Employees }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid287865 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3959217 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Every employee of the Bank shall become an employee of the Company.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3959217 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The terms and conditions of employment of each such employee sh
all, until varied, be identical with the terms and conditions of that employee}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769\charrsid4787769 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
s employment with the Bank and be capable of variation in the same manner.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3959217 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 No such employee shall be entitled to receive any payment or other benefit by reason only of that 
employee ceasing by virtue of this Act to be an employee of the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 30\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid3959217 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Dealings by Corporation }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3959217 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9859002 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Corporation shall}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9859002  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 have the power,\_}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid9859002 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9859002 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
to sell, grant options over, or otherwise deal with shares in the capital of the company on such terms as the Corporation may see fit;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9859002 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
to enter (with or without any such sale or dealing with shares) into any agreement of the nature of a joint venture agreement or an agreement governing the conduct or operations of the company;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9859002 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 to do all other things of any n
ature in respect of shares in the company, or the company, which a private person could do as the holder of such shares.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9859002 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 PART VII 
\par GENERAL
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 31\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid1198246 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 General }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1198246 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1198246 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The provisions of section 20 of this Act, insofar as they relate to assets vested in the Bank pursuant t
o the provisions of Part IV of this Act, shall, with the necessary modifications, apply in respect of assets vested in the company pursuant to the provisions of Part VI, in all respects as if the company rather than the Bank were}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1198246  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 named therein.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 32\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid1198246 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Protection of Name}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1198246 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9902464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
No company or other body shall be incorporated or registered under the name "Bank of the Cook Islands Limited" or under any other name that in the opinion of the Registrar of Companies so resembles that name as to be likely to deceive.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 33\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid9902464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Contracts of the Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9902464 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9902464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Any contract which, if made by private persons, must be by deed shall, if made by the Bank, be in writing under the common seal of the Bank.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11229488 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11229488 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Any contract which, if made by private persons, must be in writing signed by the person to be charged therewith may, if made by the Bank, be either in writing under the common seal of the Bank or in writing signed by any person acting on behalf of, and un
der the express or implied authority of the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12976643 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Any contract which, if made by private persons, may be made orally may, if made by the Bank be made in any manner specified in subsection (2) of this section or orally by any persons acting on behalf of,
 and under the express or implied authority of, the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14183936 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
Notwithstanding any other provision of this section, no contract made by or on behalf of the Bank shall be invalid by reason only that it was not made in the manner provided by this section, if 
it was made pursuant to a resolution of the board or to give effect to a resolution of the board in relation to contracts generally or in relation to that particular contract.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Bank may, by writing under its common seal, empower any person, either g
enerally or in respect of any specified matters, as its attorney to execute documents on its behalf. A document executed by such attorney shall bind the Bank, and if executed as a deed shall have the same effect as if it were under the common seal of the 
bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 34\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid12726736 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Common Seal}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12726736 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
(1) The board shall provide for the safe custody of the common seal of the Bank, which shall only be used by the authority of the board or of a committee of the board authorised by the board in that behalf, and every instrument to which
 the seal is affixed shall be signed by one director and shall be countersigned by a second director or some other person authorised by the board for that purpose.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The board may from time to time alter or replace the common seal of the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 A person dealing in good faith with the Bank shall be entitled to rely on any document if,\_
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12726736 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 that document is sealed with the seal of the Bank; and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 the affixing of the seal appears to}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid12726736 have been witnessed }{\rtlch\fcs1 \ai\af0\afs16 \ltrch\fcs0 \insrsid15741952\charrsid12726736 by }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid12726736 two persons of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid12726736\charrsid12726736  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid12726736 whom one is a director of the Bank; }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12726736 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid12726736 and the Bank shall not be entitled to dispute as against such persons the validity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid12726736 
of that document or of the transaction evidenced thereby, or to allege that the Bank was without power to enter into that transaction,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12726736  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15741952\charrsid4787769 or that any provision of this Act has not been complied with, or that that transaction or the execution of that document was not authorised by the board.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 35\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid9119082 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Secrecy}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9119082 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9119082 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 (1) Every director, auditor, officer, and employee of the Bank shall maintain secrecy in respect of all transactions of the Bank with}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4787769  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 its}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9119082  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 
customers, the state of the account of any customer, the extent of the assets or liabilities of any customer, and all other matters that come to his knowledge in the performance of his duties to, or in the course of his employment by the Ba
nk; and no director, auditor, officer, or employee of the Bank shall communicate any such matter to any person except for the purpose of performing his duties to the customer or the Bank, or when required to do so by the board,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid9119082  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 or by an auditor by written notice.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9119082 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Every director, officer, and employee of the Bank shall, before taking up such office or employment, sign }{\rtlch\fcs1 \ab\af0\afs16 
\ltrch\fcs0 \insrsid15741952\charrsid4787769 a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 declaration to the effect that he will comply with subsection (1) of this section.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9119082 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 Any person who fails to comply with subsection (1
) of this section shall be guilty of an offence against this Act and on conviction shall be liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding one year or to both such fine and imprisonment.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid15741952\charrsid4787769 \hich\af0\dbch\af0\loch\f0 36\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin879\itap0\pararsid9119082 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 Repeal}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9119082 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9119082 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 The Cook Islands Bank Act 1978 is repealed upon the coming into force of Part IV of this Act.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15741952 
\par }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14967402 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid14967402 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14967402\charrsid14967402 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9119082 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid15741952\charrsid4787769 This Act is administered by the Bank of the Cook Islands.
\par RAROTONGA, COOK ISLANDS: Printed under the authority of the Cook Islands Government by T. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15401970\charrsid4787769 KAPI, Government Printer \endash  1987.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15741952\charrsid4787769 
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