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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid420865 COOK ISLANDS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid420865 COMPANIES AMENDMENT 1987
\par NO. 15
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 Title}{\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid420865 1. }{\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 Short Title and}{\fs24\lang2057\langfe5129\langnp2057\insrsid420865  commencement
\par 2. Corrupt inducement affecting appointment as liquidator
\par 3. Disqualification of body corporate for appointment as receiver
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 4. Private companies
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid420865 5}{\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid420865 Limited application of Act to banks}{
\fs24\lang2057\langfe5129\langnp2057\insrsid420865\charrsid11691975 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid420865 {\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 ----------------------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1079327 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1079327 {\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 1987, No. 15}{\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid420865 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1906747 {\fs24\lang2057\langfe5129\langnp2057\insrsid1906747 (19 August 1987
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1906747 {\fs24\lang2057\langfe5129\langnp2057\insrsid1906747 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1906747 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1906747\charrsid1906747 An Act to amend the Companies Act 1955 and the Companies Amendment Act 1984
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid1906747 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 BE IT ENACTED by the Parliament of the Cook Islands }{\fs24\lang2057\langfe5129\langnp2057\insrsid737542 in }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
Session assembled, and by authority of the same, as follow}{\fs24\lang2057\langfe5129\langnp2057\insrsid737542 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 :}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 1. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid1079327 Short }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid737542 t}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid1079327 itle and commencement}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - (1) This Act may cited as the Companies Amendment Act 1987 and shall be r}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1906747 ead}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  together with and deemed part of the Companies Act 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid1906747 955}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  (hereinafter referred to as }{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 the principal Act}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 ) an enactm}{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 ent}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  of the Parliament of New Zealand extended}{\fs24\lang2057\langfe5129\langnp2057\insrsid1906747  to the Cook Islands }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 and modified by the Companies Act 1970-71 an enactment of Parliament of the Cook Islands.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2176776 {\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 (2) Sections 2 and 3 of this Act shall be dee}{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 m}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2176776  come into force on the 1st day of January 1985.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 (3) Section 5 of this Act shall be deemed to h}{\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 ave come}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
 into force on the 1st day of April 1971.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid1079327 
\par 2. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1079327\charrsid2176776 Corrupt }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid2176776 inducement }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2176776\charrsid2176776 
affecting appointment as }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid2176776 liquidator}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - Section 324 of }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 
the principal Act is amended by }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 deleting subsection (2) as }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 inserted by the Companies }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 Amendment Act 1984.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 
\par 3. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3348683\charrsid3348683 Disqualification of }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid3348683 body corporate for appointment }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid737542 as }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid3348683 receiver}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - Section 342 of the principal Act is }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 amended by }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 deleting subsection (2) and inserting the}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683  following}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  subsection:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3348683 {\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 (2) Nothing in}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3348683  this section shall disqualify a body}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  corporate from acting }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 
as receiver if that body corporate is }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 qualified for appointment as auditor of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776  company."}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
\par 4. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2176776 Private c}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid3348683 ompanies}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - Sections 353 }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 and 359 of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 principal Act are amended by deleting the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 words }{
\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 twenty-five}{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7491856  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 wherever they appear and substituting the}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683  words }{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 two hundred }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 and fifty}{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  in their place.
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 5. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid3348683 Limited application of Act to banks}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid737542 The }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 principal Act is amended by}{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 inserting after section 457 the }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 following section:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3348683 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3956876 {\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 457A. }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid2176776 Limited ap}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3348683\charrsid2176776 p}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid2176776 lication of Act to banks}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  - }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid737542 In }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 this section the term }{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 bank}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975  shall mean a company }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 licensed }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 pursuant to the provisions of the Banking Act 1969 }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 to carry }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
on banking business.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3956876 {\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 (2) Sections 48A, and 95A to 95D, of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 
principal }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 Act shall not apply to any bank.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3956876 {\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 (3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 S}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 ections 407 to 412 and 457 shall not }{\fs24\lang2057\langfe5129\langnp2057\insrsid737542 apply }{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 w}{
\fs24\lang2057\langfe5129\langnp2057\insrsid737542 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid7894152 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid737542  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
respect to any shares in or debentures of any bank.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1595596\charrsid11691975 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3956876 {\fs24\lang2057\langfe5129\langnp2057\insrsid2176776 ------------------------------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1595596 {\fs24\lang2057\langfe5129\langnp2057\insrsid1595596 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3956876 {\fs24\lang2057\langfe5129\langnp2057\insrsid13389704 This Act is administered by the Justice Department.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3956876 
\par }}