{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f2\fbidi \fmodern\fcharset0\fprq1{\*\panose 02070309020205020404}Courier New;}
{\f3\fbidi \froman\fcharset2\fprq2{\*\panose 05050102010706020507}Symbol;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}
{\f39\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\f40\fbidi \froman\fcharset0\fprq2{\*\panose 00000000000000000000}Cambria;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhimajor\f31502\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0302020204030204}Calibri Light;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f42\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f43\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\f45\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f46\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f47\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f48\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\f49\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f50\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f62\fbidi \fmodern\fcharset238\fprq1 Courier New CE;}{\f63\fbidi \fmodern\fcharset204\fprq1 Courier New Cyr;}
{\f65\fbidi \fmodern\fcharset161\fprq1 Courier New Greek;}{\f66\fbidi \fmodern\fcharset162\fprq1 Courier New Tur;}{\f67\fbidi \fmodern\fcharset177\fprq1 Courier New (Hebrew);}{\f68\fbidi \fmodern\fcharset178\fprq1 Courier New (Arabic);}
{\f69\fbidi \fmodern\fcharset186\fprq1 Courier New Baltic;}{\f70\fbidi \fmodern\fcharset163\fprq1 Courier New (Vietnamese);}{\f432\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\f433\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}
{\f435\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\f436\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\f437\fbidi \fswiss\fcharset177\fprq2 Calibri (Hebrew);}{\f438\fbidi \fswiss\fcharset178\fprq2 Calibri (Arabic);}
{\f439\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\f440\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\f442\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\f443\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}
{\f445\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\f446\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\f449\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\f450\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}
{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \fswiss\fcharset238\fprq2 Calibri Light CE;}{\fhimajor\f31529\fbidi \fswiss\fcharset204\fprq2 Calibri Light Cyr;}
{\fhimajor\f31531\fbidi \fswiss\fcharset161\fprq2 Calibri Light Greek;}{\fhimajor\f31532\fbidi \fswiss\fcharset162\fprq2 Calibri Light Tur;}{\fhimajor\f31533\fbidi \fswiss\fcharset177\fprq2 Calibri Light (Hebrew);}
{\fhimajor\f31534\fbidi \fswiss\fcharset178\fprq2 Calibri Light (Arabic);}{\fhimajor\f31535\fbidi \fswiss\fcharset186\fprq2 Calibri Light Baltic;}{\fhimajor\f31536\fbidi \fswiss\fcharset163\fprq2 Calibri Light (Vietnamese);}
{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31573\fbidi \fswiss\fcharset177\fprq2 Calibri (Hebrew);}{\fhiminor\f31574\fbidi \fswiss\fcharset178\fprq2 Calibri (Arabic);}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}
{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}
{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;\red255\green255\blue255;\red0\green0\blue128;\red0\green128\blue128;\red0\green128\blue0;
\red128\green0\blue128;\red128\green0\blue0;\red128\green128\blue0;\red128\green128\blue128;\red192\green192\blue192;\red79\green129\blue189;}{\*\defchp \fs22\loch\af31506\hich\af31506\dbch\af31505 }{\*\defpap \ql \li0\ri0\sa160\sl259\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }\noqfpromote {\stylesheet{\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext0 \styrsid15410327 Normal;}{\s1\ql \li0\ri0\sb240\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel0\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \ab\af0\afs28\alang1025 
\ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext20 \slink15 \sunhideused \spriority9 \styrsid15410327 heading 1;}{
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\sbasedon1 \snext20 \slink16 \sunhideused \sqformat \spriority9 \styrsid15410327 heading 2;}{\s3\ql \li0\ri0\sb240\sa120\keep\keepn\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \ab\af0\afs26\alang1025 
\ltrch\fcs0 \b\i\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon2 \snext20 \slink17 \sunhideused \sqformat \spriority9 \styrsid15410327 heading 3;}{
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\sbasedon0 \snext0 \slink18 \ssemihidden \sunhideused \spriority9 \styrsid15410327 heading 4;}{\*\cs10 \additive \sunhideused \spriority1 \styrsid15410327 Default Paragraph Font;}{\*
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\b\i\f0\fs26\lang3081\langfe0\langnp3081 \slink3 \slocked \spriority9 \styrsid15410327 Heading 3 Char;}{\*\cs18 \additive \b\i\f39\fs24\cf17\lang3081\langfe0\langnp3081 \slink4 \slocked \ssemihidden \spriority9 \styrsid15410327 Heading 4 Char;}{
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\snext19 \sqformat \spriority18 \styrsid15410327 Num List 1;}{\s20\ql \fi-879\li879\ri0\sb240\sa240\widctlpar\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls14\outlinelevel0\adjustright\rin0\lin879\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext20 \sqformat \spriority14 \styrsid15410327 Paragraph - Numbered;}{\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0 
\rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext21 \sqformat \spriority15 \styrsid15410327 Indent1;}{\s22\ql \fi-601\li2761\ri0\sb240\sa240\widctlpar
\jclisttab\tx2160\wrapdefault\aspalpha\aspnum\faauto\ls9\ilvl1\outlinelevel1\adjustright\rin0\lin2761\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
\sbasedon19 \snext22 \sqformat \spriority19 \styrsid15410327 Num List 2;}{\s23\ql \fi-601\li3481\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\ilvl2\outlinelevel2\adjustright\rin0\lin3481\itap0 \rtlch\fcs1 \af0\afs24\alang1025 
\ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \sbasedon22 \snext23 \sqformat \spriority20 \styrsid15410327 Num List 3;}{\s24\ql \li720\ri0\sb120\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0 
\rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon0 \snext24 \ssemihidden \sqformat \spriority0 \styrsid15410327 Quote 1;}{
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\sbasedon24 \snext25 \ssemihidden \sqformat \spriority0 \styrsid15410327 Quote 2;}{\s26\ql \li2160\ri0\sb120\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon25 \snext26 \ssemihidden \sqformat \spriority0 \styrsid15410327 Quote 3;}{
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\sbasedon19 \snext27 \sqformat \spriority34 \styrsid15410327 List Paragraph;}{\s28\ql \li0\ri0\sl-360\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext28 \slink29 \spriority25 \styrsid15410327 Body Text;}{\*\cs29 \additive \f0\fs20 \slink28 \slocked \spriority25 \styrsid15410327 Body Text Char;}{
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\sbasedon21 \snext30 \sqformat \spriority16 \styrsid15410327 Indent2;}{\s31\ql \li2880\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\ilvl2\outlinelevel2\adjustright\rin0\lin2880\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \sbasedon30 \snext31 \sqformat \spriority17 \styrsid15410327 Indent3;}{\s32\ql \fi-601\li2761\ri0\sb240\sa240\widctlpar
\jclisttab\tx2160\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl1\outlinelevel1\adjustright\rin0\lin2761\itap0\contextualspace \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 
\sbasedon36 \snext32 \spriority22 \styrsid15410327 List Bullet 2;}{\s33\ql \fi-601\li3481\ri0\sb240\sa240\widctlpar\jclisttab\tx2880\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl2\outlinelevel2\adjustright\rin0\lin3481\itap0\contextualspace \rtlch\fcs1 
\af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \sbasedon32 \snext33 \spriority23 \styrsid15410327 List Bullet 3;}{\s34\qc \li0\ri0\sb240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 
\rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext34 \sqformat \spriority0 \styrsid15410327 Jurisdiction;}{
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TOC - Arrangment Heading;}{\s36\ql \fi-601\li2041\ri0\sb240\sa240\widctlpar\jclisttab\tx1440\wrapdefault\aspalpha\aspnum\faauto\ls10\outlinelevel0\adjustright\rin0\lin2041\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 \snext36 \spriority21 \styrsid15410327 List Bullet 1;}{\s37\ql \fi-879\li879\ri0\sb240\sa240\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls15\outlinelevel0\adjustright\rin0\lin879\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext20 \spriority13 \styrsid15410327 
Paragraph - No number;}{\*\ts38\tsrowd\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv 
\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af40\afs20\alang1025 \ltrch\fcs0 \f40\fs20\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 \sbasedon11 \snext38 \spriority59 \styrsid15410327 Table Grid;}
{\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext39 \spriority12 \styrsid15410327 
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\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ANALYSIS
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\ltrch\fcs0 \insrsid3279573 Title
\par 1. Short Title
\par 2. Interpretation
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\par 4. Board of Directors
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\ltrch\fcs0 \insrsid1391349\charrsid207084 PART II - CAPITAL 
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\ltrch\fcs0 \insrsid1391349\charrsid207084 PART III - THE FUNCTIONS}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084\charrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 POWERS AND FUNDS OF THE}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid207084\charrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 BANK
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\ltrch\fcs0 \insrsid2828079 17. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Functions of Bank
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\par 24. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Reserve Fund and Allocation of Net Profit
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\ltrch\fcs0 \insrsid1391349\charrsid207084 PART IV - ACCOUNTS AND ANNUAL}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084\charrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7144716\charrsid207084 REPORT}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084  
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\ltrch\fcs0 \insrsid7144716 25. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Financial Year }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7144716 
\par 26. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Accounts and Audit }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7144716 
\par 27. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Annual Report
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\ltrch\fcs0 \insrsid1391349\charrsid207084 PART V - MISCELLANEOUS 
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\ltrch\fcs0 \insrsid7144716 28. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Taxation }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7144716 
\par 29. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Rules
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\insrsid207084 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15410327\charrsid207084 
\par }\pard\plain \ltrpar\s39\qc \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7144716 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 1978, No. 11
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5730480 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 An Act to establish the Cook Islands Development Bank 
\par }\pard \ltrpar\s39\qr \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5730480 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (18 December 1978
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BE IT ENACTED by the Legislative Assembly of the Cook Islands in Session assembled, and by the authority of the same, as follows:
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 1\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid5730480 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Short Title}{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid5730480\charrsid5730480 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5730480 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 This Act may be cited as the Cook Islands}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5730480  }{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 Bank Act }{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 1978.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid207084  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 2\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid5730480 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Interpretation}{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid5730480\charrsid5730480 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5730480 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In this Act, unless the context otherwise}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5730480  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 requires -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid5730480 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 "Board" means the Board of Directors of the Cook Islands Development Bank
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid6975393 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
"Commitment fee" means a fee imposed on the allocated but the unwithdrawn portion of the principal of any loan
\par {\listtext\tab}"Bank" means the Cook Islands Development }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ank
\par {\listtext\tab}"economic development" means the development, in conformity with the priorities of national development goals made by the Government from time to time, of
\par {\listtext\tab}}\pard\plain \ltrpar\s30\ql \li2160\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\ilvl1\outlinelevel1\adjustright\rin0\lin2160\itap0\pararsid6975393 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 agriculture, livestock, forestry and fishing;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 manufacturing and processing industries;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 engineering, construction, transport and tourism;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 (d) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 commercial activities;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6975393 (e) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 housing.
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid6975393 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 "financial assistance" means any -
\par {\listtext\tab}}\pard\plain \ltrpar\s30\ql \li2160\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\ilvl1\outlinelevel1\adjustright\rin0\lin2160\itap0\pararsid2447464 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 equity participation in a company;
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 loan; or
\par {\listtext\tab}(c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464 ) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 guaranteeing of finance.
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid2447464 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 "the Minister" means the Minister of Finance or such other Minister or Associate Minister as he may in writing appoint
\par {\listtext\tab}"recipient" means any body, to whom the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15410327  Bank makes available financial}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  assistance.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2447464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 PART I - ESTABLISHMENT AND ADMINISTRATION OF THE COOK ISLANDS DEVELOPMENT BANK 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 3\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid2447464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Cook Islands Development Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2447464 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) There shall be a Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 called the Cook Islands Development }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15410327 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ank.
\par (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank shall be a body corporate with perpetual succession}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2447464  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 and a common seal and shall be capable of acquiring, ho
lding, and disposing of real and personal property, suing and being sued and, subject to the provisions of this Act, of doing and suffering all such other acts and things as body corporates may lawfully do and suffer.
\par (3)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank shall be the successor to the National Development}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid680339  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Corporation established under the National Development Corporation Act 1975.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid680339 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (4)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 On the commencement of this Act -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid680339 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid680339 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Every director of the National Development Corporation shall retire from office; and

\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7549535 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 All real and persona
l property that immediately before the commencement of this Act was vetted in the National Development Corporation shall, without conveyance, transfer, or assignment, vest in the Cook Islands Development Bank for the estate and interest of the National De
velopment Corporation subject to all liabilities, charges, obligations, and trusts affecting the property; and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7549535 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 All the contracts, debts, and liabilities of the National Development Corporation immediately be
fore the commencement of this Act (including every guarantee and indemnity continuing to have effect, immediately before the commencement of this Act) shall become the contracts, debts, and liabilities of the Cook Islands Development Bank.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7549535 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (5)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Registrar of the Land Court shall, on written application}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid7549535  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 by the Co}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7549535 o}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 k Islands Development }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7549535 B}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 ank substitute upon any documents of estate or interest or upon any register for the name of the National Development Corporation the name of the Cook Islands Development Bank.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5199275 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (6)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In the financial year ending with the 31st day of March}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7549535  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 1979 the Cook Islands Development Bank and the National Development Corporation shall be deemed to be the same body corporate for th}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid5199275 e}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084  purposes of section 27}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5199275 
 o}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
f this Act, so that one set of accounts and one general report may be prepared delivered to the Minister, and laid before the Legislative Assembly by the Cook Islands Development Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 4\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid10556107 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Constitution of Board }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10556107 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10556107 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) There shall be a Board of Directors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10556107  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 of the
 Bank consisting of not less than 3 nor more than }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid10556107 5}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
 persons who shall be appointed by the Minister.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11952611 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
The Minister shall appoint}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
Chairman who shall be one of the directors appointed under subsection (1) of this section.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 At least two of the persons 
appointed as directors under subsection (1) of this section shall be appointed out of the private business sector.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The appointment of directors and chairman shall be publicly notified in the Cook }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid11952611\charrsid207084 Islands}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  }{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \insrsid1391349\charrsid207084 Gazette
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 5\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid7015883 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Terms of Office of Appointed Directors }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11952611 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8286122 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) Except as otherwise}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8286122  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
provided by this Act, every appointed director shall hold office for one year commencing on the date of publication of notice of appointment in the Cook Islands Gazette.
\par Provided that directors may from time to time be reappointed for further terms by the Minister.
\par (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 A member of the Board who is not an employee of the Public}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Service or any ad-hoc body of the Government shall be paid from the funds of the Bank such remuneration and allowances as the Board may from time to time determine.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 6\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid9379142 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Alternate Directors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9379142 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) In any case }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 i}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 n which the Minister }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 i}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
satisfied that any Director is incapacitated by illness, absence, or other sufficient cause from performing the duties of his office, the Minister may appoint an alternate to act for that Director during his incapacity.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In the case of the incapacity of the Chairman his alternate}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 m}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15410327 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
y or may not be one of the other Directors, and if the alternate of the Chairman is one of the other Directors some other person may be appointed to act as the alternate of that Director.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Any alternate appointed under this section shall, while he}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 acts as such, be deemed to be a Director.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 No appointment of an alternate and no acts done by him as}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9379142  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 such, and no act done by the Board while any alternate is acting as such, shall in any proceedings be questioned on the ground that the occasion for his appointment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9399141 
 had not arisen or had ceased.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 7\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid9399141 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Extraordinary Vacancies}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9399141 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9399141 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) Any appointed director including}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9399141  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 the Chairman may at any tim}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid15410327 e be removed from office by the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  Minister for disability, bankruptcy, neglect of duty or mis-conduct proved to the satisfaction of the Minister.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid868962 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 An appointed director may at any time resign his office by}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid868962  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 delivering a notice in writing to that effect to the Minister.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 If any Director dies or resigns, or is removed from office,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 his office shall become vacant and the vacancy shall }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 e deemed to be an extraordinary vacancy.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 An extraordinary vacancy shall be filled by the appointment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 of a person in the same manner as the appointment of the vacating member.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 (5) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Every person appointed to fill and extraordinary vacancy}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 shall be appointed for the residue of the term for which the vacating member was appointed.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1463172 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 6}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The powers of the Board shall not be affected by any}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1463172  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 vacancy in the membership thereof.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 8\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid1463172 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Meetings of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172\charrsid207084 Board}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1463172 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The first meeting of the Board shall}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463172  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
be held on a day to be appointed in that behalf by the Chairman.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10633733 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10633733 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
Subsequent meetings of the Board shall be held at intervals of not less than one month at such times and places as the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10633733  b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
oard from time to time appoints.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10633733 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Chairman of the Board, or an}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10633733 y}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084  two Directors may at any time call a special meeting of the Board.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10633733 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 At all meetings of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 oard
 the quorum necessary for the transaction of business shall be three.
\par (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604 5}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
The Chairman shall preside at all meetings of the Board at}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 which he is present.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604 (6) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In the absence of the Chairman from any meeting, the members present shall elect one of their number to preside at that meeting.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604 (7) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
At any meeting of the Board the Chairman or other person presiding shall have a deliberative vote and, in the case of equality of votes, shall also have a casting vote.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15608604 (8) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 A resolution in writing signed or assented to by
 letter or telegram, by all members of the Board shall be as valid and effectual as if it had been passed at a meeting of the Board duly called and constituted.
\par (9}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12871555 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Subject to the provisions of this Act and of any regulations}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid12871555  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 thereunder, the Board may regulate its procedures in such manner as it thinks fit.
\par (10) A Director shall not vote or take part}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12871555  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
in the discussion of any matter before the Board or before any committee thereof in which he has directly or indirectly a pecuniary interest apart from any interest in common with the public.
\par Any Director who knowingly offends against this subsection shall commit an offence and be liable on conviction to a fine not exceeding $2}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038 50}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 .00.

\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 9\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid1075038 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Committees}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1075038 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Board may from time to time by resolution}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 appoint, dischar
ge, alter, continue or reconstitute a committee or committees, consisting of two or more }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038\charrsid207084 members}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
, to advise the Board on such matters as are referred to any committee by the Board.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Any person may be appointed to be a member of any committee}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 appointed under this section notwithstanding that he is not a member of the Board.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Subject to the provisions of this Act, of any regulations,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1075038  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 or of any general or special directions of the Board, any such committee may regulate its procedure in such manner as it thinks fit.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2230628 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Board may delegate to any committee appointed under this section such of its powers as it thinks fit.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 10\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid2230628 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Directions by Minister}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2230628 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2230628 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Minister may from time to time give the Ban}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15410327 k}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  in writing such general directions as he thi
nks fit as to the policy to be followed by the Bank in the exercise of the functions or powers of the Bank.
\par (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank shall, in the exercise of its functions and powers,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5139410  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 give effect to any written directions given to it by the Minister under subsection (1) of this section.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5139410 {\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid1391349\charrsid207084 (}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid5139410 3}
{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid1391349\charrsid207084 A copy of every direction given by the Minister to the }{
\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid5139410 B}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid1391349\charrsid207084 ank}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \insrsid5139410  }{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 under this section in any financial year shall be included in the annual report of the Bank for that year laid before the Legislative Assembly under section 27 of this Act.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 11\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid5139410 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 General Manager and Deputy General Manager }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5139410 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5139410 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Board shall employ at such remuneration and on such terms and conditions as it may determine a General Manager who may be a Director who shall perform s
uch duties as may from time to time be prescribed by the Board.
\par (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 If the general manager is not also a director of the Board}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5139410  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 then he shall attend all Board meetings unless his presence at any meeting is excused by the Chairman or when any matter in which he is directly or indirectly privately interested is to be considered at such meeting.
\par (3)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Board may confer on the General Manager any of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7238637  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 powers exercisable by it, on such terms and subject to such restrictions as it thinks fit, and may from time to time revoke, withdraw, or vary any power so conferred or any such terms or restrictions.
\par (4)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Board may employ a Deputy General Manager at such}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7238637  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 remuneration and on such terms and conditions as it may determine, who shall perform such duties and exerc
ise such powers as the Board may from time to time prescribe, including in the absence of the General Manager, those of the General Manager.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 12\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid7238637 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Other }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7238637\charrsid207084 Employees}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7238637 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7238637 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Board may engage at such remuneration on such terms and conditions and in such number as it may determine, other employees for the conduct of the business of the Bank.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6651153 {\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 (2)}{\rtlch\fcs1 
\af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid207084  }{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 Any person in the publ}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6651153 ic service may be appointed to b}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 e}{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6651153  }{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
an officer or employee of the Bank but no such person shall be entitled to hold office concurrently as an officer or employee of the Bank and as a public servant except -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid6651153 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6651153 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In the case of a person subject to the }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid6651153\charrsid207084 Public}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  Service Act 1975 with the consent of the Public Service Commissioner; and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6651153 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In any other case with the consent of the Minister}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6651153  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 of the Crown to whose control he is subject.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6651153 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (3)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Any person who was an officer of the Public Service and who}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid6651153  }{\rtlch\fcs1 \af0\afs11 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
is employed by the Bank, may at any time within one year after his appointment as an officer or employee of the Bank, elect to resume employment in
 the Public Service and, in any such case, notwithstanding the provisions of any enactment to the contrary, his employment in the Public Service shall be deemed to have continued without interruption:
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Provided that this subsection shall not }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \insrsid1391349\charrsid207084 apply }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 to any pe
rson whose employment by the Bank is terminated for misconduct or neglect of duty:
\par Provided also that no person shall be entitled to receive any salary as a member of the Public Service in respect of any period during which he was employed by the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 13\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid1525072 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Consultant and Specialist Personnel}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1525072 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1525072 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) Without limiting in any way the provisions of sections 11 and 12 of this Act, the Board may from time to time appoint consultants, advisers and such specialist personnel as it thinks necessary or }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1525072\charrsid207084 appropriate}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2706281 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ssis
t the General Manager or the Bank generally or specifically and such persons shall be retained upon such terms and conditions as the Board thinks fit.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 14\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid1525072 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Personal Liability}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1525072 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1525072 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 No member of the Board or employee shall be personally liable for any act or default done or made by the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2821521 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 o}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2821521 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 rd or by any director or employee in good faith in the course}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2706281 
 of the operations of the B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3110129\charrsid207084 ank.}{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid207084 
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2821521 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 PART }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2821521 I}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2706281 I}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  - CAPITAL
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 15\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid2821521 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Authorised Capital}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2821521 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid87263 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The initial authorised capital of the Bank shall be four million dollars ($4,000,000.00) divided into four}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid87263  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 hundred shares each having a par value of ten thousand dollars ($10,000.00}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid87263 )}{\rtlch\fcs1 \af0\afs12 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 .
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid87263 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
The Board may from time to time, by resolution, recommend to the Minister that the share capital of the Board be increased, and in such case the High Commissioner on the advice of t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid87263 h}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 e Minister may by Order in Executive Council increase the share capital of the Bank to such amount as may be prescribed in the order.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid87263 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The share capital of the Bank shall not be increased otherwise than in accordance with subsection (2) of this section.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 16\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid87263 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Subscription of Shares}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid87263 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid752777 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Bank shall not allot any of its unissued shares to any person other than Her Majesty the Queen or a nominee holding the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid752777\charrsid207084 shares}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  on behalf of Her Majesty.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid752777 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
For the purposes of subsection (1) of this section the Minister may hold and subscribe for shares on behalf of Her Majesty and any statutory body in which the Government of the day holds a controlling interest or ad-hoc body of Government may be a nominee
 of Her Majesty for the purpose of subscribing for and being allotted shares on Her behalf.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid752777 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The shares of the Bank shall not be pledged or encumbered in any manner whatsoever and sh}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid752777 a}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ll not without the prior approval of the Minister be transferred or assigned and then only, on such terms and conditions as he in his absolute discretion may impose.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid752777 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The liabilities of the shareholders shall be limited to the unpaid portion of the par value of shares for which they have subscribed.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5783237 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 PART III - THE FUNCTIONS POWERS & FUNDS OF THE BANK
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 17\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid5783237 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Functions of Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5783237 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5783237 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The general functions of the Bank shall be to provide finance for the establishment, development, extension or assistance of indus
try and economic development in the Cook Islands and to encourage and promote investment in the economic development of the Cook Islands and to provide technical assistance or advice and to generally foster economic development.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6910661 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Without limiting the generality of subsection (1) of this}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 section the Bank shall have the following particular functions -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid6910661 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
To provide financial assistance on such terms and conditions as the Board thinks fit, to persons engaged or about to be or intending to be engaged in any economic development in the Cook Islands.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
To provide such advisory and technical services either with or without remuneration of fee to the Bank as the Board considers desirable or expedient in the interests of the community and its economic development.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 To assist in obtaining and placing foreign investment for the purpose of economic development.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (d) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
To administer on such terms and conditions as may be approved by the Board such special funds as may from time to time be placed }{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid207084 at }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 the disposal of the Bank.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (e) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 To study and promote investment opportunities for economic development in the Cook Islands.
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\nowidctlpar\wrapdefault\nocwrap\nooverflow\aspalpha\aspnum\faroman\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid11100811 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6910661 (f) }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 To do all other matters and things incidental to or}{\rtlch\fcs1 \af0\afs17 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid207084\charrsid6910661  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid6910661 connected with the foregoing.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 18\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid6176950 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Powers of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7938754 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid6176950 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14222889 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The bank shal}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14222889 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  have all such }{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 
\insrsid1391349\charrsid207084 powers,}{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid14222889  }{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid1391349\charrsid207084 ri}{\rtlch\fcs1 \af0\afs14 \ltrch\fcs0 \insrsid14222889 ghts, }{\rtlch\fcs1 \af0\afs12 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 and authorities as may reasonably be necessary or expedient to carry out}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid14222889  }{\rtlch\fcs1 
\af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 its functions, and in particular, and without limiting the generality of}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid14222889  }{
\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 the foregoing provisions of this subsection but subject to the provisions}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid14222889 
 }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 of this Act, it may from time to time do all or any of the following things -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid14222889 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14222889 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Sell, purchase or subscribe for shares debentures, bonds}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid8224329  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 or other securities including securities which the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8224329 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
ank has issued or guaranteed or make loans, with or without security, or acquire any other interest.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4942824 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Finance the purchase, sale, or hire of machinery, plant,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4942824  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 equipment, materials, goods, and articles of every description by means of any arrangement wh
atsoever, including but without limiting the generality of the foregoing, the purchase and resale and hire thereof or such terms as the Board thinks fit; and discount hire purchase or conditional sale agreements or hire agreements, and lend money on the s
ecurity of a mortgage or an assignment of any such agreement.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4942824 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
Execute, make, draw, accept, endorse, discount, issue and negotiate cheques, promissory notes, bills of exchange, bills of lading, bankers and other drafts, warrants, bonds, debentures, coup
ons and other negotiable or transferable instruments, and buy, sell, or otherwise deal in the same, and accept deposits of money.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (d) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Underwrite or subunderwrite issues of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004\charrsid207084 securities}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 , give and receive guarantees, or participate with others in any such activities.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (e) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
Participate, in the discretion of the Board, in the management of enterprises to whose finances it has contributed whether by loan or otherwise.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (f) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Organise, participate in, or act as agent for consortium arrangements for the assistance of economic development.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (g) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Act as agent for the Government of international financial institutions in the financing of economic development.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (h) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Borrow funds and place funds not immediately required on deposit with any bank.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (i) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Take such steps as may be necessary to protect or recover its financial interest in any business.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (j) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Make such charges for the provision of its services as the Board thinks fit.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004 (k) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Acquire such assets as may be requisite}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12267004  for}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084  the operation of the Bank.
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid2706281 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid12267004 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Borrow money requi}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid2706281 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 ed by it for the purpose of meeting}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 any of its }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid11303753 obligations}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  of discharging any of its functions under this Act provided that t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2706281 h}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 e aggregate of the liabilities of the Bank outstanding at any one time, including bonds and debentures if any, issued by the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 ank, shall not exceed three times the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753  a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 mount of its paid-up share capital and reserves.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 19\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid11303753 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Funds}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11303753 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The funds of the Bank shall consist of -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid7560921 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (a)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
Such sums of Money as may be received by the Bank under}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 section fifteen.
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid15861615 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (b)}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Such sums of money as the Bank may acquire by virtue}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 of grants or raised by means of loans.
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid4079892 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (c)}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Such sums of money as may be appropriated for it by}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11303753  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
the Legislative Assembly, and
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12791885 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (d)}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Such other sums of money as may accrue to it in the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 course and on account of its business except the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid12791885 
funds referred to in paragraph (d) of section seventeen.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12791885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The special funds shall be kept separate from the other}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid12791885  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 funds specified in subsection (1).
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 No charge or lieu created on any special fund shall operate}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
as a charge or lien upon the funds of the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 20\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid12791885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Application of Funds}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12791885 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The funds of the Bank shall be applied towards -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12791885 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The payment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 of salaries, fees, remuneration, allowances}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 and expenses due and }{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 
\insrsid1391349\charrsid207084 payable }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 to the members of the Board and the employees of the Bank.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The repayment of sums raised by way of loan by the Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12791885  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 and }{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid207084 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 payment of interest thereon.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5401475 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Providing financial assistance in accordance with the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5401475  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 provisions contained in this Act.
\par {\listtext\tab}(d)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The payment of rates, taxes, insurance premiums and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5401475  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 other outgoings.
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid2781138 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (e)}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The payment of such dividends as the Board may authorise,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9112164  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 and
\par {\listtext\tab}}\pard \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid5401475 {\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid9112164 (f)}{
\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid207084\charrsid9112164  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid5401475 All}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  other payments necessary for or incidental to the}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9112164  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid9112164 business of the Bank authorised under this}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9112164  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid9112164 Act.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 21\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid9112164 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Financing of Projects}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9112164 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9112164 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank shall provide f
inancial assistance to or otherwise support only those projects which are economically and financially viable and technically feasible and in the exercise of its functions the Bank shall evaluate each proposal after having regard to the economic worth of 
the industry concerned, its usefulness to the Cook Islands economy, the extent to which it will be owned or effectively controlled by persons domiciled in the Cook Islands, and the prospects of its becoming profitable within a reasonable time.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 22\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid5983138 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Principles and Limits on Financing}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5983138 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5983138 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Bank may alone or in conjunction with other domestic or foreign investors provide or participate in providing financial assistance in aid of development investment.
\par (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In providing financial assistance the Bank shall -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid5983138 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5983138 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Maintain }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 a }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 reasonable diversification in its investments}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7873242  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
among all sectors of economic activity in the Cook Islands, and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5983138 (b)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2503620  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Maintain }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 a }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 satisfactory balance between }{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid207084 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 dates of}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid7873242  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 maturity or its own obligations and those of the loans it grants.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7873242 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7873242 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 The Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084\charrsid207084 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 s financial assistance shall in the cases of a}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid7873242  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
single recipient or several recipients who are associated with each other in a community of material financial interests, not exceed twenty per centum of the Bank}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid207084\charrsid207084 '}{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 s paid-up shares capital and reserves.
\par }\pard \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12800365 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (4)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 In the }{\rtlch\fcs1 \af0\afs15 \ltrch\fcs0 \insrsid1391349\charrsid207084 case }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 of funds invested by the Bank }{\rtlch\fcs1 \ab\af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 equity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 participation -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid12800365 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
The aggregate of the amounts so invested shall not exceed twenty per centum of the aggregate of the Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084\charrsid207084 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 s paid-up share capital.

\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank shall limit such participation, in any 
recipient or in recipients associated with each other in a community of material financial interests, to a maximum of ten per centum of the Bank}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084\charrsid207084 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 s paid-up share capital and to a maximum of twenty-five p}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2503620 er}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084  centum of the share capital of such recipient, and

\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 (c) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
ank shall seek to rotate its funds by selling such participations to other investors wherever it ca}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 n do so on satisfactory terms.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 23\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid12800365 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Short-Term Investment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12800365 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Bank may invest all or any part of its funds not immediately required for the purpose stated in this Act in good and sound investment.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 24\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid12800365 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Reserve Fund and Allocation of Net Profit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12800365 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12800365 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Bank shall provide against any anticipated losses by establishing and maintaining a reserve fund to whi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11959261 ch}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084  shall be allocated at the end of each financial year of the Bank -
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid11959261 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11959261 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Not less than fifty per centum of the net profit of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid11959261  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Bank of that year until the total sum standing to the credit of such reserve fund shall amount to a sum equal to the paid-up share capital of the Bank.
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11959261 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Not less than ten per centum of the net profit of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11959261  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid1391349\charrsid207084 Bank of that year if the total sum standing to the credit of such reserve fund exceeds a sum equal to the paid-up share capital of the Bank.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11959261 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Board shall determine annually on the allocation of the }{\rtlch\fcs1 \af0\afs12 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 net profit of the Bank after providing for the Reserve Fund.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11959261 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 PART IV - ACCOUNTS AND ANNUAL REPORT 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 25\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid883460 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Financial Year }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid883460 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid883460 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The financial year of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7430108 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
ank shall be the period of twelve months beginning on the 1st April in each year.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 26\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid8398893 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Accounts and Audit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398893 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The Board shall cause true and full accounts and records to be kept of all the transactions with which the Bank is concerned, and the books of account and records shall be kept at the}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid8398893  }{\rtlch\fcs1 \af0\afs12 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 principal place of business of the Bank.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893 (2) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The accounts of the Bank for each financial year shall be}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 audited by an independent person who publicly carries on the profession of accountant.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893 (3) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The auditor shall be appointed by the Minister.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893 (4) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 For the purpose of audit, the auditor shall at all}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8398893  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 reasonable times have access to all books and records relating to the assets, liabilities, income and expend}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13727377 i}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
ture of the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 27\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid13727377 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Annual Report}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13727377 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13727377 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13727377 e}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
 Board shall not later than three months after the end of each financial year, submit to the Minister a report of
 its operations, including the annual statement of its accounts for that year certified by the auditor and to be laid before the Legislative Assembly.
\par }\pard\plain \ltrpar\s45\qc \li0\ri0\sb240\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 PART V - MISCELLANEOUS 
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 28\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Taxation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid538601 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The income and revenue of the Bank shall not be subject to taxation under any law.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 29\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Rules}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid538601 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The Board may make such rules, consistent with the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid538601  }{\rtlch\fcs1 \af0\afs13 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 
provisions of this Act, as it considers necessary or appropriate to further the objects and functions of the Bank.
\par {\listtext\pard\plain\ltrpar \s46 \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \b\dbch\af0\insrsid1391349\charrsid207084 \hich\af0\dbch\af0\loch\f0 30\tab}}\pard\plain \ltrpar\s46\ql \fi-879\li879\ri0\sb240\sa120\widctlpar
\jclisttab\tx879\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin879\itap0\pararsid538601 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid1391349\charrsid207084 Repeals and Savings}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid538601 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9700168 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (1) The following enactments are repealed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7430108  -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 
\par {\listtext\tab}}\pard\plain \ltrpar\s21\ql \li1440\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\outlinelevel0\adjustright\rin0\lin1440\itap0\pararsid9700168 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9700168 (a) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The National Development Corporation Act 1975, and
\par {\listtext\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9700168 (b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 The National Development Corporation Amendment Act 1976.
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9700168 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 (2)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid207084  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1391349\charrsid207084 Without limiting the provisions of the Acts Interpretation}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid9700168  }{\rtlch\fcs1 \af0\afs13 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084 Act 1924, it is hereby declared that the repeal of the National Development A
ct 1975 shall not effect any document made or anything whatsoever done under the provisions of that Act or any amendment thereof, and every such document or thing so far as it is subsisting or in force at the time of the repeal of that Act and could have 
been made or done under this Act shall continue and have effect as if it shall have been made or done under the }{\rtlch\fcs1 \af0\afs13 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9700168\charrsid207084 corresponding}{\rtlch\fcs1 \af0\afs13 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1391349\charrsid207084  provisions of this Act and as if that provision were in force when the document was made or the thing done.}{\rtlch\fcs1 \af0\afs13 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid1391349 
\par }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7430108 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid7430108 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7430108\charrsid207084 
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\sb240\sa240\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9700168 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \insrsid1391349\charrsid9700168 This Act is administered by the Cook Islands Development Bank
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \expnd0\expndtw-3\insrsid8398893\charrsid9700168 RAROTONGA, COOK ISLANDS: Printed under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \expnd0\expndtw-3\insrsid9700168 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\expnd0\expndtw-3\insrsid8398893\charrsid9700168  authority of the Cook Islands Government, by T. KAPI, Government Printer - 1978}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \insrsid8398893\charrsid9700168 
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