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Functions }{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 and powers of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 5. Transitional}{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 banking licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 Crown not liable for debts of Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3303279 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid3303279\charrsid3303279 PART 2 \par DIRECTORS OF THE CORPORATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3303279\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Board of dir}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3303279 ectors \par 8. }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Extraordina}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 ry vacancies}{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 \par 9. }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Chairperson}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 and deputy}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 10.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Meetings an}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3348481 d procedure of board}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 11.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Duties of th}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3348481 e board}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 12.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Personal lia}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3348481 bility of directors}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 13.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Seal}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 PA}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 RT 3 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 ACCOUNT}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 ABILITY BY THE CORPORATION}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 14.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Statement o}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 f corporate intent}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 15.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Annual repo}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 rt \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 16.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Application }{\fs24\lang2057\langfe5129\langnp2057\insrsid7871550 of }{\fs24\lang2057\langfe5129\langnp2057\insrsid7871550\charrsid2559727 Ministry of }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Finance }{\fs24\lang2057\langfe5129\langnp2057\insrsid7871550\charrsid2559727 and Economic }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Management}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid7871550 Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7871550 17. Application of Cook Islands I}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 nvestment Corporation Act \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 18. Accounts and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 audit}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 19. I}{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 nformation to be laid before Parliament \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 PART 4 \par BANK OF THE COOK}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 ISLANDS LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 20}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Bank of the Cook Islands Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 21}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Banking licence \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 22}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Directors}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 PART 5}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 SECURITIES}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 23}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Def}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 in}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 ition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Cook Islander}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 24}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Assignments of money from land vested in trustees \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 25}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Alienation and assignment as security for advances \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 26}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 Charging order may be made \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 27}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 Discharge of charging orders \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 28}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Appointment of receiver to enforce charges \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 PART 6 \par ACCOUNTABILITY BY THE BANK}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 \par }\pard \ql 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7}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 DEVELOPMENT FINANCE LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4591559 32}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Development Finance Limite}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5655967 d \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4591559 33}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Transfer of Ownership \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4591559 34}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Vesting of advances to Development Finance Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 PART 8 \par CIDB FORMER LOANS LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8478 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 35}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 CIDB Former Loans Limited \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 36}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 Transfer of ownership \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 37}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 Vesting of advance to CIDB}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11221255 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 Former Loans Limited \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 PART 9 \par MISCELLANEOUS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8478 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 38. Government Superannuation Fund \par 39. Regulations \par 40. Validation \par 41. Savings \par 42. Consequential amendment to Banking Act \par 43. Repeals and dissolution \par 44. Act to bind Crown \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 ------------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5655967 2003, No. 21 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 An Act to establish Bank of the Cook Islands Holdings Corporation and to provide for the incorporation and establishment of Bank of the Cook Islands Limited \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\i\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5721005 (19 November}{\i\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5721005 2003}{ \i\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid5721005 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3370074 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 by the Parliament of the Cook Islands, in Session assembled and by the authority of the same as follows:}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 Short Title and commencement}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) This Act may be cited as the Bank of the Cook Islands Act 2003. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 This Act shall come into force on 1st December 2003. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 Interpretation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - In this Act, unless the context otherwise requires -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the Bank}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means, the Bank of the Cook Islands Limited, to be established in accordance with section 20 of this Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 banking business}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 shall have the same meaning as in the Banking Act 2003; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 board}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means the board of directors of the Corporation appointed pursuant to section 7; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Cook Islands Investment Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means the Cook Islands Investment Corporation established by the Cook Islands Investment Corporation Act 1998; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means the Bank of the Cook Islands Holdings Corporation established by this Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Court}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means the High Court of the Cook Islands; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Financial Supervisory Commission}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means the Financial Supervisory Commission established by the Financial Supervisory Commission Act 2003; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Financial year}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means a period of 12 months ending 30 June in each year; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Minister}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 means, the Minister appointed to be responsible for the Corporation. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5655967 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 PART 1 \par BANK OF THE COOK ISLANDS HOLDINGS CORPORATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 Bank of the Cook Islands Holdings Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (1) There is hereby established a corporation to be called Bank of the Cook Islands Holdings Corporation which shall in relation to its objectives, functions, powers and duties be subject to this Act.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 On the coming into force of this Act - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 all rights, interests, liabilities and obligations of the Cook Islands Development Bank shall belong to and vest in the Corporation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 all real and personal property (including choses in action) of the Cook Islands Development Bank shall belong to and vest in the Corporation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the Registrar of the High Court shall upon the request of the Corpora tion substitute the name of the Corporation for the Cook Islands Development Bank on any register, document or instrument of estate or interest. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 On the coming into force of this Act - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the assets and liabilities disclosed in the audited balance sh eet of the Post Office Savings Bank as at 30 June 2001 shall and without further authority than this section, transfer to and vest in the Corporation subject to all rights, interests, liabilities and obligations as shall exist immediately before the vesti ng date; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b) all documents and records evidencing the assets and liabilities referred to in paragraph (a) shall be the property of the Corporation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 every acknowledgement given in respect of a liability referred to in paragraph (a) shall be deemed to have been given for the benefit of the Corporation and in the Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s name and all rights, interest, liabilities and obligations thereunder shall co ntinue to have full effect and be enforceable accordingly. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Cor poration shall have perpetual succession and a common seal and shall be capable of suing and being sued and, subject to the provisions of this Act, shall have and may exercise all the rights, powers and privileges, and may incur all the liabilities and ob ligations of a natural person of full age and capacity. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3303279 Functions and powers of the Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The functions of the Corporation shall be -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 to establish Bank of the Cook Islands Limited in accordance with this Act and to exercise the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s rights and powers and to perform its obligations and duties in relation thereto; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 to establish CIDB Former Loans Limited in accordance with this Act and to exercise the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s rights and powers and to perform its obligations and duties in relation thereto;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 to establish Development Finance Limited in accordance with this Act and to exercise the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s rights and powers and to perform its obligations and duties in relation thereto; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 pending establishment of Bank of the Cook Islands Limited and the grant of a banking licence to the Bank pursuant to the Banking Act 2003, to carry out banking business;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (e)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 to manage any assets vested in the Corporation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5655967 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (f)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 to undertake any other matters prescribed in this Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporat ion shall have such powers as are necessary to perform}{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 its functions.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5655967\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid5655967 Transitional banking licence}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Notwithstanding any other provision in any enactment the Corporation shall be deemed to have been granted a banking licence pursuant to the Banking Act 2003 to enable it to carry on banking busin}{\fs24\lang2057\langfe5129\langnp2057\insrsid15363344 ess for the period from the com}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 ing into force of this Act until the Bank is established in accordance with section 20 of this Act and obtains a banking licence pu}{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 rsuant to the Banking Act 2003: \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Provided however that the transitional banking licence deemed to have been granted by this clause shall expire no later than the}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 } {\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 4t}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 h June 2004. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3303279 Crown not liable for debts of Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Crown shall not be liable to contribute}{\fs24\lang2057\langfe5129\langnp2057\insrsid15363344 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 pay or satisfy any sum of money to the Corporation or towards the payment or satisfaction of any debts or liabilities of the Corporation other than any sum that the Crown is liable to contribute by virtue of any guarantee given in writing.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3303279 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3303279 PART 2}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3303279\charrsid3303279 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3303279 DIRECTORS OF THE CORPORATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3303279 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3303279 Board of directors}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) There shall be a board of directors of the Corporation consisting of not more than 7 nor less than 5 directors.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The directors shall be appointed by the Cook Islands Investment}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Corporation. \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15363344 (3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 No person shall be appointed as a director unless that person -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3303279\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 has the qualifications and experience required by section 8(1)(b) of the Banking Act 2003; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 is not a disqualified person as defined in section 2(4) of the Banking Act 2003. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A director appointed under subsection (2) shall be appointed for a term not exceeding 3 years as shall be specified in his or her instrument of appointment, and may from time to time be reappointed. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A director appointed under subsection (2) shall be p aid by the Cook Islands Investment Corporation such remuneration as shall be prescribed by Order in Executive Council. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (6)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A director appointed under subsection (2) may at any time be removed from office by the Cook Islands Investment Corporation for disa bility, neglect of duty, misconduct, or if he or she becomes a bankrupt or makes any arrangement or composition with his or her creditors generally and may at any time resign from office by written notice to the chairperson or chief executive of the Cook Islands Investment Corporation. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (7)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Without limiting subsection (6), the Corporation shall remove from office a director if directed to do so by the Financial Supervisory Commission acting pursuant to section 28 of the Banking Act 2003.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (8)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Where a direct or is removed from office under subsections (6) or (7), that fact and the reasons for removal shall be laid before Parliament in writing by the Minister within 14 sitting days of the date of the director}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s removal. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (9)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The powers of the board shall not be affected by any vacancy in its}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 membership.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 8.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Extraordinary vacancies}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) If a director appointed under section 7(2) dies, resigns from office or is removed from office, the vacancy shall be deemed to be an extraordinary vacancy. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 An extraordinary vacancy shall be filled in the manner provided by and in accordance with sections 7(2) and 7(3).}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Chairperson and deputy}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The chairperson of the board and a deputy chairperson shall be appointed by the Cook Islands investment Corpo ration from amongst the directors appointed under section 7(2) and shall hold office as chairperson and deputy respectively for the duration of their appointment as directors. On all matters to be decided by the board, the chairperson shall have a deliber ative vote and in the case of an equality of votes, a casting vote. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 If the chairperson is absent from a meeting of the board, the deputy chairperson shall preside at that meeting and shall at that meeting have the same voting rights as the chairperson under subsection (1).}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A vacancy in the office of chairperson or deputy chairperson shall be filled in the manner provided in subsection (1). \par \par 10.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Meetings and procedure of board}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) Not less than 3 days notice of every meeting of the board shall be given to every director present in the Cook Islands at the time of giving of the notice: Provided that the Board may by resolution waive the requirement as to the time required by this subsection for the giving of notice. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 At all meetings of the board a majority of the directors (excluding vacancies) but in any event not less than 3 directors shall be a quorum. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Except as provided in subsection (6), no business may be transacted at a meeting of the board if a quorum of directors is not present in person in accordance with subsection (5)(a), and participating in accordance with subsection (5)(b). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Subject to the provisions of this Act and of any regulations prescribed for the purpose, the board may meet as the chairperson (or in the absence from t he Cook Islands of the chairperson, the deputy chairperson) may direct or if a majority of the other directors so require and the board may regulate its procedure in such manner as it thinks fit. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A meeting of the board may be held either - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 by a number of the directors who constitute a quorum, being assembled together at the place, date, and time appointed for the meeting; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 by means of audio, or audio and visual, or electronic communication by which all directors participating and cons tituting a quorum can simultaneously communicate with each other throughout the meeting; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 in the manner provided by both paragraphs (a) and (b). \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (6)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Notwithstanding subsections (2) and (4), business may be transacted by the board by way of written resolution circulated in original or by facsimile to all the directors for the time being present in the Cook Islands and signed by a quorum of the directors.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (7)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The board shall keep minutes of resolutions and proceedings of its meetings, which shall be signed by the chairperson of the next succeeding meeting. A copy of the minutes of every meeting shall be provided to every director. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 11.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Duties of the board}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - It shall be the duty of the board to ensure -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the best performance of the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s objectives and functions; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the proper exercise of the Corporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s powers and duties; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 compliance with the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s duties and policies, are consistent with this Act and every other enactment applicable to the Bank. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 12.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Personal liability of directors}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) A director shall not be personally liable for any act or default done or made by him or her or by the board or by any other directo}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3348481 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 in the course of the operations of the board or the Corporation,}{\fs24\lang2057\langfe5129\langnp2057\insrsid2585291 unless the director acted in ba}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 d faith or without reasonable care.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Each director and officer shall be indemnified by the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 for costs and damages for any civil liability arising from }{\fs24\lang2057\langfe5129\langnp2057\insrsid2585291 any }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 action brought by a third party, if the director or officer }{\fs24\lang2057\langfe5129\langnp2057\insrsid2585291 was }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 acting in good faith and with}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 reasonable care in the course}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 of the operations of the board or the Corporation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 for costs arising from any successfully defended criminal prosecution, if the prosecution arose in the course of the operations of the board or the Corporation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 13.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Seal}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Corporation shall have a common seal which shall remain in the}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 custody of the board and shall only be used in accordance with either the}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 general or specific authority of the directors.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The directors shall keep a register and shall record therein every such authority.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14829920 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid14829920\charrsid14829920 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 PART 3}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid14829920 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 ACCOUNTABILITY BY THE CORPORATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 \par 14.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727\charrsid14829920 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 Statement of corporate intent}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 - (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727\charrsid14829920 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 The board shall on behalf of the Corporation and not later than 1 month before the commencement of each financial year, deliver to the Cook Islands Investment Corporation for approval, a statement of corporate intent, the first statement to be delivered w ithin 45 day}{\fs24\lang2057\langfe5129\langnp2057\insrsid14952159 s after the date of this Act com}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 ing into force, or such longer period as the Cook Islands Investment Corporation may allow. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid14829920 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727\charrsid14829920 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid14829920 The statement of corporate intent shall specify in respect of the next financial}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 year, and insofar as is practicable, for each of the four immediately succeeding financial years - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the objectives of the Corporation in relation to the bank and every other company managed by the Corporation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the nature and scope of the activity to be undertaken in relation to the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s objectives; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 estimates of the current commercial value of the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s shareholding in the Bank and a statement of the manner in which the value was assessed; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the performance targets and other measures by which the performance of the Corporation may be judged in relation to its objectives; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (e)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 what financial resources are required to achieve performance targets; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (f)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 a statement of the principles adopted in determining the annual dividend of the Corporation together with an estimate of the amount that is to be paid to the Cook Islands Investment Corporation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (g)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the intention of the Corporation regarding the management, sale and purchase of assets; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (h)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the accounting policies of the Corporation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 such other matters as are agreed between the Cook Islands Investment Corporation and the Corporation and which are not inconsistent with this Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The statement of corporate intent may from time to time be revised by agreement between the Cook Islands Investment Corporation and the Corporation. \par \par (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporation may require every company owned or managed by the Corporation to submit to the Corporation within such time and at such intervals as the Corporation may require, a statement of corporate intent in such form, as the Corporation may require. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 15.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Annual report}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Within 3 months after the end of each financial year or such extended time as the Cook Islands Investment Corporation may allow, the board shall deliver to the Cook Islands Investment Corporation, a report of the operations of the Corp oration during that financial year, including statements of -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 financial position; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 financial performance;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c) cashflows; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (d) borrowings;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (e) commitments;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (f)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 specific fiscal risks;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (g)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 accounting policies; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (h)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 outputs and outcomes actually achieved; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the information necessary to enable an informed assessment of the operations of the Corporation including a comparison of the performance of the Corporation with the statement of corporate intent; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348481 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (j)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the dividend payable to the Cook Islands Investment Corporation on behalf of the Crown by the Corporation for the financial year to which the report relates, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 together with such other statements as are consistent with generally accepted accounting practice. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 16.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Ap}{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid3348481 p}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 lication of Ministry of Finance and Economic Management Act}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) For the purposes of enabling the Ministry of Finance and Economic Management to comply with its obligations under the Ministry of Finance and Economic Management Act 1995-96, the board shall deliver to the Minis try such fiscal updates, financial reports and statements of responsibility as the Ministry may request from time to time.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Except to the extent provided in this Act, the Ministry of Finance and Economic Management Act 1995-96 shall not apply to the Corporation. For the avoidance of doubt, the Corporation shall have power to borrow.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348481\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 17.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid3348481 Application of Cook Islands Investment Corporation Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Except to the extent provided in this Act, the Cook Islands Investment Corporation Act 1998 shall not apply to the Corporation. \par \par 18.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Accounts and audit}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The Corporation shall cause to be kept and maintained true and full accounting records of all transactions as are necess ary to disclose the financial position of the Corporation at intervals of not less than 3 months or at such other interval as the Cook Islands Investment Corporation may in writing require. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporation shall notwithstanding section 27(f) of the Pu blic, Expenditure Review Committee and Audit Act 1995-96, appoint an independent auditor who shall audit the financial statements of the Corporation in accordance with generally accepted accounting practice. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 19.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Information to be laid before Parliament}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - In respect of each financial year of the Corporation the Minister shall lay before Parliament within 14 sitting days of receiving them - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 the annual report and audited financial statements of the Corporation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 the auditors report. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 PART 4}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid15796699 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 BANK OF THE COOK ISLANDS LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 20.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Bank of the Cook Islands Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The Corporation shall subject to the approval of the Financial Supervisory Commission, cause to be incorporated under the Companies Act 1970-71, a wholly owned subsidiary of the Corporation to be called }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Bank of the Cook Islands Limited}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 for the purposes of undertaking banking business. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporation may transfer to the Bank any of the assets or liabilities transferred to it by virtue of section 4(2), or section 4(3) and such other assets as may from time to time belong to the Corporation, in payment of the capital of the Bank,}{ \fs24\lang2057\langfe5129\langnp2057\insrsid15796699 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 which paid capital shall in any event be paid up to an amount of not less than two million dollars.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The memorandum and articles of association of the bank shall not contain any provision that is inconsistent with the provisions of this Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The provisions of section 336(7) of the Companies Act 1970-71 shall not apply to the name of the Bank to be incorporated pursuant to subsection (1) and the use of the name }{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Bank of the Cook Islands}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 shall not be available to any other company in the Cook Islands whether such company was incorporated before or after the coming into force of this Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Bank shall have such powers as are necessary in order for it to carry on banking business including the power to borrow. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 21.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Banking licence}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Bank shall not later than the 31}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid10624536\charrsid11493624 st}{\fs24\lang2057\langfe5129\langnp2057\insrsid11493624 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 January 2004 apply for a banking licence pursuant to the Banking Act 2003 and in the event that such licence is issued to the Bank, the Bank shall in all respects be subject to the provisions of the Banking Act 2003. \par \par 22.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Directors}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Notwithstanding any pr ovision of the Companies Act 1970-71, the chairperson and directors for the time being of the Corporation shall be the chairperson and directors of the Bank.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 PART 5}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid15796699 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 SECURITIES \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 23.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Definition of }{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid2559727\charrsid15796699 "}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Cook Islander}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2559727\charrsid15796699 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - In this Part, }{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Cook Islander}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 shall have the same meaning as }{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 native}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 as defined in section 2 of the Cook Islands Act 1915. }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 24.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Assignments of money from land vested in trustees}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) For the purposes of securing the repayment of any advance made by the Corporation or the Bank for an y housing or other purpose, it shall be competent for any Cook Islander or descendant of a Cook Islander to give an order on, or an assignment of, the proceeds of the alienation of any land (including compensation money for land taken) whether the land is vested in a trustee or not.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Any such order or assignment shall be valid and enforceable for all purposes, notwithstanding the provisions of section 474 of the Cook Islands Act 1915 or of any other enactment. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 25.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Alienation and assignment as security for advances} {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) Notwithstanding anything in sections 470, 471 and 473 of the Cook Islands Act 1915, it shall be competent for a Cook Islander or descendant of a Cook Islander to alienate any native freehold land and anything growing on or attached to any such land including the rents and profits derived therefrom as security for any advance made by the Corporation or the Bank for any housing or other purpose.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Notwithstanding anything in the Property Law Act 1952 , no power of sale shall be contained or implied in any charge given over an interest in land, other than a leasehold interest, to secure the repayment of an advance made by the Corporation or the Bank for any housing or other purpose. \par \par 26.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Charging order may be made}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) Notwithstanding anything in section 470 of the Cook Islands Act 1915, where a charge on any interest in land or upon the revenues or proceeds of alienation thereof is to be given as security for the repayment of any advance, the Court on proof to its satisfaction that the advance is to be or has been made, may make an order charging the land or any interest therein or any part thereof or any undivided or partial interest therein with repayment of the amount advanced with interest, and suc h instalments and with such directions for giving effect to the charge as the Court thinks expedient.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The certificate of the Corporation or the Bank shall for all purposes be prima facie proof of the amount of the advance and of the rate of interest payable and may be accepted by the Court accordingly. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Court may make a further order varying any former order in respect of any additional advance or by way of apportioning charges in such manner as it thinks expedient or for any other purpose it th inks fit, and every subsequent order shall supersede all prior charging orders in so far as it is inconsistent therewith. Where any charge is apportioned, each portion shall be deemed to be a separate charge. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Every order made under the provisions of t his section shall be registered or recorded, as the case may require, in such manner as the Court directs. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 27.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Discharge of charging orders}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Court may at any time on the application of the Corporation or the Bank, wholly or partially discharge any ch arging order made under section 26 of this Act, whether or not the money secured by the charge has been repaid. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 28.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Appointment of receiver to enforce charges}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) Where a charging order has been made pursuant to this Part in respect of any land or any i nterest therein, or upon the revenues or the proceeds of the alienation thereof, the Court may at any time and from time to time, for the purpose of enforcing that charge, appoint a receiver in respect of the property so charged.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 A receiver appointed under this section shall have all such rights, powers, duties and liabilities as may be expressly conferred or imposed on the receiver by the Court and such other incidental powers as may be reasonably necessary for the exercise of the powers so conferred . A receiver appointed under this section shall not have power to sell any native freehold land, or to lease any such land otherwise than as provided in subsection (3). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Notwithstanding any of the provisions of the Cook Islands Act 1915 as to the alienation of native freehold land, a receiver appointed under this section for the purpose of enforcing a charge may, in the receiver}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s own name and with the leave of the Court, grant leases of any land so charged for a term, on such conditions and for such ren t or other consideration as the Court thinks fit. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 PART 6}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid15796699 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 ACCOUNTABILITY BY THE BANK \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 \par 29.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Annual report}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Within 2 months after the end of each financial year or such extended time as the Corporation may allow, the board shall deliver to the Corporation, a report of the operations of the Bank during that financial }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 year, including statements of - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 financial position; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid15796699 financial performance; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c) cashflows; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (d) borrowings;}{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 (e) commitments; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (f)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 specific fiscal risks;}{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (g)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 accounting policies; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (h)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 outputs and outcomes actually achieved; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the information necessary to enable an informed assessment of the operations of the Bank; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15796699 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 (j) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the dividend payable to the Corporation on behalf of the Crown by the Bank for the financial year to which the report relates, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 together with such other statements as are consistent with generally accepted accounting practice. \par \par 30.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Accounts}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Bank shall cause to be kept and maintained at its principal place of business true and full accounting records of all transactions as are necessary to disclose the financial position of the Bank at intervals of not less than 3 months or at s uch other interval as the Corporation may in writing require.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 31.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 Audit}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Bank shall notwithstanding section 27(f) of the Public Expenditure Review Committee and Audit Act 1995-96, appoint an auditor in accordance with section 41 of the Banking Act 20 03 who shall audit the financial statements of the Bank in accordance with sections 42 and 43 of the Banking Act 2003.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15796699 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 PART 7}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid15796699\charrsid15796699 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid15796699 DEVELOPMENT FINANCE LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid15796699 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 32.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 Development Finance Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The Corporation shall as agent for the Cook Islands Government Property Corporation cause to be incorporated under the Companies Act 1970-71 a company under the name }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 Development Finance Limited}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 with wide objects and powers.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The initial author ised and issued capital of Development Finance Limited shall be equal to the net value of assets that are transferred to it pursuant to subsection (3) and in any event, not be less than ten thousand dollars. All shares shall be subscribed for by the Corpo ration in its name except for one share which shall be subscribed for and held by a nominee of the Corporation determined by the Corporation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporation may transfer and vest in Development Finance Limited any of those assets vested in the Corpora tion by virtue of section 3(2)(a) of this Act as shall be determined by the board and confirmed by the auditor of the Corporation, being loans made by the Cook Islands Development Bank established by the Cook Islands Bank Act 1978, and which remain outsta nding as at the date of the transfer. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 For the purposes of the transfer of the assets in accordance with subsection (3) the value of the assets shall be as determined by the board and confirmed by the auditor of the Corporation. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The value of the as sets which shall be transferred by the Corporation to Development Finance Limited shall be applied in payment of the shares issued by Development Finance Limited and to the extent that the value shall exceed ten thousand}{ \fs24\lang2057\langfe5129\langnp2057\insrsid4064941 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 dollars the excess may be treated as an advance by the Corporation to Development Finance Limited. \par \par 33.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 Transfer of Ownership}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) As soon as practicable the Corporation shall execute an instrument of transfer of the ownership of all the shares in Development Finance Limited to Cook Island s Government Property Corporation and shall direct its nominee in respect of the one remaining share in Development Finance Limited to hold such share for and on behalf of Cook Islands Government Property Corporation.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2) Notwithstanding any other provisi on in any enactment the Corporation is hereby deemed to be the authorised agent of Cook Islands Government Property Corporation to execute the instrument of transfer on behalf of Cook Islands Government Property Corporation as transferee and to request re gistration of the transfer in the register of members of Development Finance Limited. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 34.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 Vesting of advance to Development Finance Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - In the event that an advance by the Corporation to Development Finance Limited is established pursuant to section 35(5) of this Act, upon the transfer of ownership of Development Finance Limited pursuant to section 32(3) of this Act, the advance shall thereupon vest in the Cook Islands Government Property Corporation without any further authority than this section.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4064941 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 PART 8}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid4064941 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 CIDB FORMER LOANS LIMITED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 35.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 CIDB Former Loans Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) The Corporation shall as agent for the Cook Islands Government Property Corporation cause to be incorporated under the Companies Act 1970-71, a company under the name }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 CIDB Former Loans Limited}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 with wide objects and powers.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The initial authorised and issued capital of CIDB Former Loans Limited shall be equal to the net value of assets that are transferred to it pursuant to subsection (3) and in any event not be les s than fifty thousand dollars. All shares shall be subscribed for by the Corporation in its name except for one share which shall be subscribed for and held by a nominee of the Corporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 determined by the Corporation. \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The Corporati on shall transfer and vest in CIDB Former Loans Limited such of those assets vested in the Corporation by virtue of section 3(2)(a) of this Act as shall be determined by the board and confirmed by the auditor of the Corporation to be non-performing loans made by the Cook Islands Development Bank established by the Cook Islands Bank Act 1978, and which remain outstanding as at the date of the transfer. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 For the purposes of the transfer of the assets in accordance with subsection (3) the value of the assets shall be as determined by the board and confirmed by the auditor of the Corporation. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 The value of the assets which shall be transferred by the Corporation to CIDB Former Loans Limited shall be applied in payment of the shares issued by CIDB Former Loans Limited and to the extent that the value shall exceed fifty thousand dollars the excess may be treated as an advance by the Corporation to CIDB Former Loans Limited.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 36.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Transfer of ownership}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - (1) Upon completion of the transfer of assets from the Corporation to CIDB Former Loans Limited in accordance with the provisions of section 35 of this Act the Corporation shall execute an instrument of transfer of the ownership of all the shares in CIDB Former Loans Limited to Cook Islands Government Propert y Corporation and shall direct its nominee in respect of the one remaining share in CIDB Former Loans Limited to hold such share for and on behalf of Cook Islands Government Property Corporation. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (2) Notwithstanding any other provision in any enactment the Corporation is hereby deemed to be the authorised agents of Cook Islands Government Property Corporation to execute the instrument of transfer on behalf of Cook Islands Government Property Corporation as transferee and to request registration of the tran sfer in the register of members of CIDB Former Loans Limited. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 37.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Vesting of advance to CIDB Former Loans Limited}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - In the event that an advance by the Corporation to CIDB Former Loans Limited is established pursuant to section 35(5) of this Act, upon the transfer of ownership of CIDB Former Loans Limited pursuant to section 35(3) of this Act the advance shall thereupon vest in Cook Islands Government Property Corporation without any further authority than this section.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6500107 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 PART 9}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid6500107 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 MISCELLANEOUS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 38.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Government Superannuation Fund}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - A person, who immediately before the commencement of this Act -}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 was an employee of the Post Office Savings Bank; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 was a contributor to the Government Superannuation Fund established under the Government Superannuation Fund Act 1956; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 will after the commencement of this Act become an employee of the Bank, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 shall be entitled to continue to be a contributor to th at Fund upon the same terms and conditions (including benefits) applying to that person as if the persons employment with the Post Office Savings Bank had not been interrupted and the Bank shall be responsible for the employers obligations under that Fund in respect of that person.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 39.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Regulations}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - The Queen}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 s Representative may from time to time by Order in Executive Council, make regulations which are necessary or expedient for giving full effect to the provisions of this Act and for the due administration thereof.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 40.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Validation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Every act performed and every thing done before the commencement of this Act by any director, managing director, other officer or person for or in respect of the Cook Islands Development Bank in anticipation of the coming int o force of this Act, and every loan, agreement, security or other document and all banking business (whether done in the name of the Cook Islands Development Bank or in the name of Bank of the Cook Islands) and which would have been valid if this Act had been in force when the Act or thing had been done or performed, is hereby validated and declared to be and always be validly done. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par 41. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid6500107 Savings}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Upon the coming into force of this Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6500107\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the chairperson and directors appointed to the board of the Cook I slands Development Bank shall, subject to this section, continue as chairperson and directors respectively of the board of the Corporation as if they were appointed under this Act, for the balance of the term for which they were appointed as chairperson a nd directors of the Cook Islands Development Bank; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid6500107 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the managing director and other officers and employees of the Cook Islands Development Bank shall continue to be employed as managing director, officers and employees respectively of the Corporation, a nd upon the Bank being incorporated pursuant to section 20, of the Bank, in the same or a similar position of employment held with the Cook Islands Development Bank upon the same terms and conditions and on terms and conditions to be no less beneficial th an existing terms and conditions of the person upon whom they are imposed. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid11221255 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 42.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid11221255 Consequential amendment to Banking Act}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Section 5 of the Banking Act 2003 is amended by deleting subsection (6).}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11221255\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11221255 43. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid11221255 Repeals and dissolution}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - Upon the coming into force of this Act -}{\fs24\lang2057\langfe5129\langnp2057\insrsid11221255 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11221255 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the Cook Islands Bank Act 1978; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid11221255\charrsid2559727 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11221255 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 the Post Office Act 1959,}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid11221255\charrsid2559727 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 are repealed, and the Cook Islands Post Office Savings Bank is dissolved. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 44.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2559727 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid4064941 Act to bind Crown}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 - This Act shall bind the Crown.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10624536 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4064941 {\fs24\lang2057\langfe5129\langnp2057\insrsid4064941 ----------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2559727 {\fs24\lang2057\langfe5129\langnp2057\insrsid4064941\charrsid2559727 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6500107 {\fs24\lang2057\langfe5129\langnp2057\insrsid10624536\charrsid2559727 This Act is administered by Bank of the Cook Islands Holding Corporation \par }}