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{\title COOK ISLANDS}{\author blake_r}{\operator blake_r}{\creatim\yr2003\mo12\dy11\hr10\min44}{\revtim\yr2004\mo3\dy4\hr8\min55}{\version70}{\edmins100}{\nofpages16}{\nofwords4931}{\nofchars28108}{\*\company USP}{\nofcharsws32974}{\vern16469}}
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{\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 \fs20\cf1\lang5129\langfe5129\cgrid\langnp5129\langfenp5129 {
\b\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4017032 COOK ISLANDS
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4017032 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid12023362 OFF-SHORE BANKING}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7891256  ACT}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4017032 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12547356\charrsid4736753 Title
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid677154\charrsid12272154 PART I
\par PRELIMINARY}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid12272154 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Short Title
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Interpretation
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid677154\charrsid12272154 PART II
\par LICENSING OF OFF-SHORE}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid12272154 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3820200 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Off-shore Banking
\par 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Licensee to be body corporate
\par 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Applications for licenses
\par 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Application for license
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 Decision of Board
\par 8.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 License may be subject to conditions
\par 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 Refund of fee
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 10.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 Notification of changes}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 11.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 License not transferrable
\par 12.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Cancellation or suspension of license
\par 13.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 [Repealed]
\par 14.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Appeal against cancellation, or suspension
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14101034 {\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 15.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 
 Class off-shore banking licenses
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 16.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Licence fee
\par 17.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Asset backing
\par 18.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 [Repealed]
\par 19.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Annual report and Audit
\par 20.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753  Class off-shore banking licenses
\par 21.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 Currency stipulation in licenses
\par 22.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9854209  }{\fs24\lang2057\langfe5129\langnp2057\insrsid677154\charrsid4736753 License fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid677154 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 23. [Repealed]
\par 24. Asset backing
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15930774 25. Annual report and Audit}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 25A. Permitted business}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 25B. License fees
\par 25C. Deposit required from }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753  class bank licensee
\par 25D.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Share capital
\par 25E.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 [Repealed]
\par 25F.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Annual report and Audit
\par 25G.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Secrecy
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6241197 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid12272154 PART III
\par TAXATION
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15930774 {\fs24\lang2057\langfe5129\langnp2057\insrsid15930774\charrsid4736753 26.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15930774  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid15930774\charrsid4736753 Profits and dividends}{\fs24\lang2057\langfe5129\langnp2057\insrsid15930774 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6241197 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6241197\charrsid12272154 PART IV
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4017032 {\fs24\lang2057\langfe5129\langnp2057\insrsid6241197 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 27.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Keeping of accounting records
\par 28.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Inspection
\par 29.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Supply of information}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 30.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Use of information by Board and others
\par 31.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Breaches of professional secrecy
\par 32.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Breach of secrecy by officer or employee deemed to be breach by licensee
\par 33.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Banking hours
\par 34.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Penalty
\par 35.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid4736753 Winding up
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4143122 {\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 36.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 Relationship of this Act
\par 36A.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 Power of exemption
\par 36B.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 Prohibitions by minister}{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 37.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 Regulations
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid4143122\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid15930774 -------------}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid11303732\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
An Act to establish and regulate Off-Shore Banking in the Cook Islands and matters related thereto.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \qr \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1 December 1981
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid7891256 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:
\par }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16124107 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid12272154 PART I}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12915925\charrsid12272154 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid12272154 PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 1. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Short title}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 - This Act may be cited as the Of}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f-Shore Banking Act 1981.
\par 
\par 2. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Interpretation }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 - In this Act, unless the context otherwise requires,-
\par 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Banking business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means the business of banking in all its customary branches and departments
 including that of a Savings Bank and without limiting the generality of the foregoing also includes borrowing receiving or taking up money at interest or otherwise on current account, savings account, deposit account or other account and which according 
a
nd subject to arrangement is repayable on the cheque, draft, order or authority of the customer; lending giving credit at interest or otherwise with or without security to any person, company or corporation; discounting, buying, selling and dealing in bil
ls of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, script, hire purchase agreements, and other instruments and securities whether }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154\charrsid4736753 
transferable}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or negotiable or not; granting and issuing letters of credit and circular notes; buying, selling and dealing in bullion and specie; dealing in foreign or overseas exchanges
}{\fs24\lang2057\langfe5129\langnp2057\insrsid16400991 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 acquiring, holding, issuing on commission, debentures, debenture stock, bonds, obligations, securities and investments of all kinds; negotiati
ng of loans and advances; becoming surety for the payment of money or performance of contracts or obligations by any person, company or corporation; receiving money and valuables on deposit or for safe custody or otherwise; collecting and transmitting mon
e
y and securities; managing property and transacting all kinds of agency business commonly transacted by bankers; carrying on such other business outside the customary scope of the business of banking as the Board may from time to time authorise or approve
;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Chairman}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means Chairman of the Board;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Dollar}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means a unit of the currency of the United States of America;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Holder}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means, in relation to a licence, the person to whom it was issued;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means a licence granted pursuant to Part III of this Act;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Licensee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means any body corporate holding a current valid licence pursuant to the provisions of this Act;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid16400991 Member}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid16400991  means a member of}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  the Board;}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Minister}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means the Minister of Finance;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Monetary Board}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means the Monetary Board established by the Monetary Board Act 1981;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Off-Shore banking business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 , means any banking business transacted exclusively with, on behalf of, or in respect of, the following persons;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \fi-687\li2127\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2127\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\tab }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (i) An international company incorporated pursuant to the provisions of the International Companies Act 1981-82;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(ii) A foreign company registered pursuant to the provisions of the International Companies Act 1981-82;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (iii) An international partnership registered pu
rsuant to the provisions of the International Partnership Act 1984;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(iv) An international trust registered pursuant to the provisions of the International Trusts Act 1984;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) any other person -
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 (i) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
who is not a resident of and is not domiciled in the Cook Islands; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ii) does not engage in a trade or business within the Cook Islands;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid16400991 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and may include
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) Receiving foreign funds through}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(i) The acceptance of foreign money deposits payable upon demand or after a fixed period or after notice;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(ii) The sale or placement of foreign bonds, certificates, notes or other debt obligation or other foreign securities; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (iii) Any other similar activity involving foreign money or foreign securities; and

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (d) Either in whole or in part using the foreign funds so acquired for
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (i) Loans, advances, and investments; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(ii) The activities of the person carrying on that business for the account of or at the risk of that person; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (e) Any other activity which may, by regulation, be declared to be an act
ivity related or ancillary to an activity described in paragraph (c) or paragraph (d) of this definition;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16400991 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 To reside}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  shall have the same meaning as it is defined in the Constitution; and }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 residence}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  and }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 resident}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  shall have the corresponding}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 meanings;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16124107 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Secretary}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means Secretary of the Board.
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid3154591 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid3154591 [Amended Act 1989/263]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16124107 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid12272154 PART II}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid5663103\charrsid12272154 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10227873 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid12272154 LICENSING OFF-SHORE BANKS
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 3. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Off-shore banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - A perso
n shall not transact any off-shore banking business or hold himself out as transacting any off-shore banking business, in the Cook Islands, unless that person holds a valid off-shore banking licence issued under this Part.
\par 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5661043 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 4. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
Licensee to be body corporate}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - Subject to this Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 ,}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  no person other t}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an a bo}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 y corporate shall be granted a licence and in the case of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class off-shore banking licence the licensee shall be an international company re}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
istered under the provisions of the International Companies }{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid8981680  1981-82}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or a foreign company }{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 reg}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
istered under the provisions }{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid8981680  that Act.}{\fs24\lang2057\langfe5129\langnp2057\insrsid8981680\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1530846 {\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 [}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid8981680 
Amended Act 1984-85/30]}{\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 5. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Applications for }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 licences}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A body corporate which}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 wishes to carry on off-shore }{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 b}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 ki}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ng business in the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Cook Islands}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may apply to}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Secretary f
or one of the classes of licence specified in subsection (2) of this section.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) There shall be th}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 classes}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of off-shore banking licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5661043 {\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 (a) An }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 
class off-shore banking licence;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5661043 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5661043 {\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 (b) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 
class }{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 off-shore banking licence;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5661043 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6100053 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761  A }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 class}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 off-}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 hore}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 bankin}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 g }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid9125761 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid9125761 {\fs24\lang2057\langfe5129\langnp2057\insrsid9125761\charrsid9125761 [}{\fs24\lang2057\langfe5129\langnp2057\insrsid5661043\charrsid9125761 Amended}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9125761  Act }{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761 1984-85/30}{\fs24\lang2057\langfe5129\langnp2057\insrsid9125761\charrsid9125761 ]}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9125761 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 6. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Application for licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 An application for a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licence shall be made}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 e }{
\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 M}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 onetary Board in the prescribed form, and shall be accompanied by}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9725022  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) A ce
rtified copy of the Act, charter, deed of settlement, memorandum of association and articles of as}{\fs24\lang2057\langfe5129\langnp2057\insrsid3820200 sociation of the body corporate,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 or other document or documents by which the body corporate is constituted; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) Such fee as may be fixed by regulation; and}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) Such evidence as the Secretary may require -
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701707\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(i) That the laws of the jurisdiction under which the body corporate is incorporated have been complied with; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ii) Of the nature and character of the body corporate}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s business; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (iii) Of the financial standing of the body corporate; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (iv) Of the stock ownership of the body corporate; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid9725022 (v) O}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
f the shareholding and management of the body corporate; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (vi) }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 W}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 here}{\fs24\lang2057\langfe5129\langnp2057\insrsid9725022  the licence applied for is an }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class off-shore banking licence, that the provisions of section 19 of this Act have been complied with; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (vii) An address for service within the Cook Islands; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (viii) Such references as the Secretary may require; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ix) Such other information as may be required by regulation.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid12739019\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(2) In addition to the documents, information, and evidence which shall accompany an application under subsection (1) of this section, an applicant shall, if required to do so by the Secretary, furnish such additional doc
uments, information, or evidence as the Secretary may require.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 7. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Decision of Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - (1) }{
\fs24\lang2057\langfe5129\langnp2057\insrsid9725022 W}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 here an application for a licence is}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ma}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 e to t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 he S}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
ecretary, he shall refer that application to the Board, which shall after due consideration of that application either grant a }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 li}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 cence or reject the application, or defer the application and direct that such enquiries as it considers necessary be made.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) In making its decision under subsection (1) of this section, the }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 Board }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shall have re}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ard }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 to }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 whether the licence is to the advantage of the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 people of}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Cook}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Islands}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and to the effect that the}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 grant}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 f }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 that}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licence would}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 have on the stability and balan
ced development}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Cook Islands economy.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) Where the Board rejects an}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 application}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9725022 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
the Board need not give the applicant any reason for such rejection.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 8. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 Licence may be}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 subject}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 t}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357 o}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357 c}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 onditions}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357  - }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 (1) The board}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  may on}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  granting }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licenc}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 e }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 any}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 
 time after granting }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a licence impose such terms a}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 nd conditions as it might think f}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 it}{\fs24\lang2057\langfe5129\langnp2057\insrsid9725022  and without the }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 generality of the foregoing }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 it}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
may include such terms and conditions as to the name of a licensee and the offshore banking business}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  t}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 hat}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be
}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 conducted by a licence.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6839027 {\fs24\lang2057\langfe5129\langnp2057\insrsid3820200 (2) If terms and }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
conditions are imposed under subsection (1) the Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may, from time to time, vary or revoke any of those terms or conditions or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 impose any additional conditions.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6839027 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9725022 {\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid9725022 [Amended Act 198}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9725022 4-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 9: }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11156745 Refund of fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - Where an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11156745  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 application for a licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 is rejected, any app}{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 li}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 catio}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  fee, less}{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 prescribed administration charge, may be refunded.
\par 
\par 10. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11156745 Notification of changes}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - (1) The holder of a licence shall, wit}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 in}{\fs24\lang2057\langfe5129\langnp2057\insrsid6174438  3 }{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 months af}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ter }{\fs24\lang2057\langfe5129\langnp2057\insrsid6174438 the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 making of an alteration in}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Act, charter, d
eed of settlement, memorandum of association, articles of association or other document by which the licensee was constituted a body corporate, furnish to the S}{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 ecretary particulars in writing }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of the alteration verified by a statutory declaration made by a senior officer of the body corporate authorised to do so.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) The holder of a licence shall forthwith notify the Secretary, in writing, of any material change in the particulars set out in the application for issue of licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11156745  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or in the documents, informat
ion, or evidence accompanying that application or in any documents, information, or evidence, if any, given under section 6(2) of this Act.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 11. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11156745 Licence not transferable}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 - (1) In this section }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 transfer}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  in relation to a body corporate, shall include -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11156745 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a)
 The sale, transfer, or other disposition whatsoever of the shares in the capital of the body corporate, or any issue or }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid4736753 allotment}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  of any new shares in the capital of the body corporate, or the happening of any other matter or event whatsoever, the effect 
of which is to transfer directly or indirectly the effective ownership, management, and control of the body corporate; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid11156745\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11156745 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(b) Any of the events referred to in paragraph (a) of this subsection occurring to any holding company of the body corporate or any holding company of any holding company of the body corporate.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) The holder of a licence shall not transfer the licence and any such purported transfer shall be void and of not effect.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 N}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 otwithstandin}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  subsection (2) the licensee of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6174438 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class off-shore }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  licence may transfer that licence with the written approval of the Board.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6839027 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (4) A transfer of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class off-shore banking licence by a licensee other than in accordance with the provisions of subsection (3) shall be void and of no effect.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6839027 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5318121 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid6174438 [Amended Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 12. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11156745\charrsid11156745 Cancellation or suspe}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11156745 nsion of licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid11156745 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1) The Board may cance}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 suspend a licence were it is of}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
the opinion that a licensee or}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a director or}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 officer}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 icensee:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) has failed to}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 omply}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 with or breaches a condition upon which a}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
icence was granted pursuant to section}{\fs24\lang2057\langfe5129\langnp2057\insrsid5392601  8}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5392601  or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) has contra}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
v}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ened}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a provision}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 this}{\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Act; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) ha}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 
s contravened a provision of}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  any other Act;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid5318121\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14379874 {\fs24\lang2057\langfe5129\langnp2057\insrsid15228713 (d) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 has co}{
\fs24\lang2057\langfe5129\langnp2057\insrsid15228713 m}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 mitted or}{\fs24\lang2057\langfe5129\langnp2057\insrsid15228713  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 is likely}{\fs24\lang2057\langfe5129\langnp2057\insrsid15228713  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to commit a criminal offence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid15228713  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 prescribed}{\fs24\lang2057\langfe5129\langnp2057\insrsid5392601  by the law of the Cook Islands,}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or by any other jurisdiction beyond the Cook Islands}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 bei}{
\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 g a jurisdiction to which the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 ,}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  director or officer is subject, and that offence is relevant to the business of the licensee,}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874  or in the }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 absolute discretion of the Board is prejudic}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
al to the reputation of the Cook Islands.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid14379874\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3820200 (2) W}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 here the Board cancels or suspends a licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 it shall }{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
ive notice to the licensee within 7 days of its decision by delivering such notic}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  to the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid14379874  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 registered office of the licensee and su
ch licence shall be deemed to have been cancelled or suspended as the case may be as from the date of service.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) A licence cancelled or suspended pursuant to this section shall forthwith be forwarded to the Secretary by the person who was immediately pr
ior to cancellation or suspension the licensee.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6839027 {\fs24\lang2057\langfe5129\langnp2057\insrsid13763412 (4) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
decision of the Board to cancel or suspend a licence shall not be questioned in any way or in any Court except upon the }{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874 grounds provided in Section 14.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6839027 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6839027 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13763412 [Ame}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874\charrsid13763412 
nded Act 1984-85/30]}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13763412 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13763412 {\lang2057\langfe5129\langnp2057\insrsid13763412 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15737681 13. -}{\fs24\lang2057\langfe5129\langnp2057\insrsid13763412 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13763412 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13763412 [Repealed Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid14379874\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 14.}{\fs24\lang2057\langfe5129\langnp2057\insrsid14379874  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid14379874\charrsid14379874 App}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid14379874 eal against cancellation or suspension}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid14379874  - (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10427351 
A licensee aggrieved by}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  cancellation or suspension of a licence may within 14 day}{\fs24\lang2057\langfe5129\langnp2057\insrsid14248636 s of service of notice, appeal}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  against that cancellation or suspension to a Judge of the High Court upon the grounds that the provisions of either paragraphs (a) (b) (c) or (d) of section 12 have not been contravened.
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) Every appeal, unless otherwise ordered by the Court shall be heard in camera and no details of the proceedings shall be published by any person without leave of the court.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 
\par (3) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 prima facie case shall be deemed to have been established upon the produc
tion of a certificate signed by the Secretary as to the reasons for suspension or cancellation of the licence.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (4) Every determination or order of the Judge in respect of or in connection with proceedings commenced pursuant to this section shall be final and conclusive and withou}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6839027 t appeal, whether to the Court }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
of Appeal of the Cook Islands or to Her Majesty the Queen in Council or otherwise, and shall not be questioned in any way.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2837258 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid6839027 [Amended Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10833660 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6555712\charrsid1796954 A}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6555712\charrsid1796954  }{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid1796954 CLASS L}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12876976\charrsid1796954 I}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid1796954 CENCES
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 15. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12716497 A}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12716497  Class}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 off}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357 -}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 shore }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid13648357 bankin}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13648357 g licences}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1) An }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class off-shore banking licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 hall }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 subject}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  to }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
this Act, be valid for a period of 5 years from the date of gr}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 anting}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 I}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 
f t}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 he}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 holder}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}
{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 cla}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
s off-shore banking licence shall}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 s}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ubject}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357 u}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
bsection}{\fs24\lang2057\langfe5129\langnp2057\insrsid13648357  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 (4) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of this}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 
 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 se}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 tion}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12716497 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 transact only o}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 ff-shore banking business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12716497 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) The holder of}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976  class}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  off}{\fs24\lang2057\langfe5129\langnp2057\insrsid12876976 -shore banking licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12716497 shall, subject to compliance with the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 provisions }{\fs24\lang2057\langfe5129\langnp2057\insrsid12716497 
of the Entry, Residence and Departure Act 1971-72, be }{\fs24\lang2057\langfe5129\langnp2057\insrsid14248636 pe}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 rmitt}{\fs24\lang2057\langfe5129\langnp2057\insrsid14248636 e}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to maintain}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 p}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 ermanent}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  establishmen}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 t }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 within the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Cook }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 I}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 slands.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (4) The}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  holder of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 cl}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 as}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 s}
{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 li}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 cence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ap
}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 ply}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  to the Board to}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 establish a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12716497 company to transact on-shore banking business pursuant to}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
 the Banking Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid12716497  1969.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 16. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13312269 Licence fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Th}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 e }
{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 fee payable in relation to}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n application }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 r }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an 
}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 class off-shore banking licence and of any renewal thereof shall be}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 fixed}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 by}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 regulation.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 17. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13312269 Asset }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 backing }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 An applicant for and a holder of an }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class O}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 ff}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -Shore banking licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 s}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 hall}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13312269 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
a) Where the applicant or holder, as the case may be, is not a body corporate incorporated under any Act for the time being in}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
force}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 relating to the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 incorporation of international companies, have at all relevant times, a surplus of tang}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ble}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 assets over liabilities in an amount of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 not less}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 than $10,000,000 or, an equivalent amount in a curr}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 ency approved by the Board; and}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13312269 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Where the applicant or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 holder,}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 as the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 case}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may be, is a body corporate incorporated under}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 any}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 for the time being in}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 force relating}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to the incorporation of international companies}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 have}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 at }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 all }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 relevant times}{\fs24\lang2057\langfe5129\langnp2057\insrsid11429073  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13312269 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ) A paid-up capital of not less tha}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 n $10,000,000 or an equivalent }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 amount in}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  a currency }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 approved by the Board; or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13312269 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ii) A bank guarantee in a form and from a bank acceptable to}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Board of that applicant}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s or that holder}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s obligations in an }{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 amount of not less than $}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 10,000,000 or an equivalent amount in a currency approved by the Board.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11429073 {\fs24\lang2057\langfe5129\langnp2057\insrsid11429073 18.-}{\fs24\lang2057\langfe5129\langnp2057\insrsid11429073\charrsid11429073 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11429073 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid11429073 [}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11429073 
Repealed Act 1989/26]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 19. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid14287805 Annual Report }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and Aud}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13312269 it}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13312269  - (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 The holder}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  of an }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  class off-shore bankin}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 g licence shall submit to the Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 within 6 months of the end of its financial year audited accounts in the form prescribed by regulation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) For the purposes of section (1), the audit shall be carried out by a competent auditor approved for the purpose by the Board.
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10833660 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid1796954 B}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid1796954  CLASS LICENCE}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2104366 S}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid1796954 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 20. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11034565 B}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid11034565  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11034565 Cla}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11034565\charrsid11034565 s}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11034565 s off-shore bankin}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid11034565 g }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11034565 licences}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  
}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 A }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 class }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ff}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 h}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ore }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 ba}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
king }{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 ha}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ll}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 u}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 
bject}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954  to this Act, }{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 be v}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 alid for}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  period }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954  1 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
year}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 from the}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 date of}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 granting, and may be}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  renewed upon application}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 (2) T}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 he ho}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 lder of}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  cl}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ass off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shore banking licence shall}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 tr}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 an}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}
{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ct only }{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 off-shore b}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 anking business, and such business}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shall}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
transacted }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 only in}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 currencies}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  s}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pecified}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  in }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 the licence.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 
\par 
\par (}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 The}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  ho}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 lder of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  c}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 la}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 s }{
\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 ff-}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 shore banking }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
licence shall only trans}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 act business }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 through a }{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 Trustee }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Compan}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 y, registered under the Trustee }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Companies}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Act 1981 unless that licence holder applies}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 for and receives the p}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565 rior written permission of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Board to}
{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 maintain a}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
permanent establishment in the Cook Islands and}{\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 the Board }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11034565  grant that permission upon }{\fs24\lang2057\langfe5129\langnp2057\insrsid1796954 such terms and conditions}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  as it thinks fit.
\par 
\par 21}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9657264 Currency sti}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid9657264\charrsid9657264 p}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9657264 ulation in}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid9657264\charrsid9657264  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9657264 licences}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - A }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 off-shore}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  b}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 k}{\fs24\lang2057\langfe5129\langnp2057\insrsid3700319 ing licence shall s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 peci}{\fs24\lang2057\langfe5129\langnp2057\insrsid11303732 
f}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 y -}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3700319 O}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ne}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  currency;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) Two, three, four or}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 five currencies; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) No restriction on the number of currencies}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (other than New Zealand currencies), -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid9657264\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 in which the licensee may conduct its off-shore banking business.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 22. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9657264 Licence fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 - The fee payable in relation to an application for}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 B}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class off-shore banking licence shall be fixed by regulation.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9657264 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 23.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid2104366 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3700319\charrsid3700319 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3700319 {\fs24\lang2057\langfe5129\langnp2057\insrsid9657264\charrsid3700319 [Repealed Act 1989/26]}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid3700319 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid7743563 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 24. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid7743563 Asset Ba}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13312269\charrsid7743563 n}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid7743563 king}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - An applicant fo}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 r}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nd a holder of a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7743563  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class o}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657264 ff-shore}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  banking licence shall}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8212341  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) Whe
re the applicant or holder, as the case may be, is not a body corporate incorporated under any Act for the time being in force relating to the incorporation of international companies, have at all relevant times a surplus of tangible assets over liabiliti
es in an amount of not less than $2,000,000 or an equivalent amount in a currency approved by the Board; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid16011695\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(b) Where the applicant or holder, as the case may be, is a body corporate incorporated under any Act for the time being in force relating to the incorporation of international companies, have at all relevant times -
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(i) A paid-up capital of not less than $2,000,000 or an equivalent amount in a currency approved by the Board; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid16011695 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ii) A bank guarantee in a form and from a bank acceptable to the Boar
d of that applicant}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s or that holder}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s obligations in an amount of not less than $2,000,000 or an equivalent amount in a currency approved by the Board.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid4094432\charrsid4094432 
\par }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 25. }{\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 Annual}{\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{
\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 Report}{\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  and}{\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid13309453\charrsid4094432  }{
\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 Audi}{\fs24\ul\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 t}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  - }{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 (1) The }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 h}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 old}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 er }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 of}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid2368737 a }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 B}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  cl}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 a}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 s}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 s}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 off-s}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 h}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 ore }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 b}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 a}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 n}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 k}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 i}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 ng}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  lic}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 ense}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 shall}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 submit to the Board within 6}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 months of the}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 e}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 n}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 d}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  o}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 f its}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 fina}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432 n}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 cial}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4094432  y}{
\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4094432 ear audited accounts in the form prescribed by regulations.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) For the purposes of section (1), the audit shall be carried}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 out}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2368737 by a competent }{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 
auditor approved for that }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 p}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 ur}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pose}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 by the}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
Boar}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 d.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2368737 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid2368737 C}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid2368737  }{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid2368737 CLASS}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6904374\charrsid2368737  }{\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid2368737 LICENCES}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid2368737 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25A}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid6904374 Permitted business}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1) Subject to subsection (2) and subject}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  t}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o such terms an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2368737 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  conditions as may }{\fs24\lang2057\langfe5129\langnp2057\insrsid2368737 be imposed pursuant to section }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 8 an}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 nternational}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  company}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 gra}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 te}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 class off-shore b}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nking licence s}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 all transact}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16011695  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 only}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of
}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -shore ban}{\fs24\lang2057\langfe5129\langnp2057\insrsid16011695 king}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  business.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 (2) U}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nless otherwis}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 e exempted by the B}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 oard}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 
'}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class bank licensee, its of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 ficers and employees, }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shall}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 not}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 issue any cheque or draft}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 drawn}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 on
}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the licensee.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 (3) Unless otherwise }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 exempted}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  by the Board, all business }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 transa}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ted by}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid2368737  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
class bank licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  shall }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be done with the knowledge of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 resident director as defined in section 2 of the International}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
Companies}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Act 1981-82}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 .}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (4) Unless otherwise exempted either i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 part or in whole by the Board, every document issued by or on behalf of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class bank licensee shall have endorsed thereon}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a notice as sha}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 ll be prescribed by regulation.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2368737 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid2368737 [Added Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3498511\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25B}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid3498511 Licence fees}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - There shall be paid in respect to a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class banking licence an annual licence fee as ma}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13116565 y be prescribed by }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 regulation.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13116565 {\fs24\lang2057\langfe5129\langnp2057\insrsid13116565 [}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511\charrsid13116565 Added Act 1984-85/30]}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13116565 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25C}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11544029 Deposit required from }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11544029 C}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12272154 '
}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11544029  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid3498511 class bank licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1) Every }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 li}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 cense}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 f
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 
'}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 b}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 king licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  shall }{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 d}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 epos}{\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 it }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 with the Government of the Cook }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3498511 I}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 slands the sum of $10,000.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16603036 (2) S}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ubject to subsection (3) a deposit shall be refunded:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(a) on the expiration of 6 months from the date of service of written notice advising the Secretary that the licensee has ceased to carry on}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 off-shore banking business; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) if the Board is}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  satisfi
ed }{\fs24\lang2057\langfe5129\langnp2057\insrsid16603036 that within }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 that }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 period referred t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 o }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 in}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  paragraph }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) the licensee has}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 not}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 carried on}{\fs24\lang2057\langfe5129\langnp2057\insrsid16603036  off-shore banking business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) if}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Board is satisfied that all }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 liabilities }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the licensee are}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  fully liquidated or otherwise provided for}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 .

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par (3) A deposit }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 may}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1707533 be forfeited }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 by order of the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Board where}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
lass}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1707533 off-}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shore banking licence is cancelled pursuant to section 12}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 
\par (4) Every deposit shall be paid}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nto}{\fs24\lang2057\langfe5129\langnp2057\insrsid16343170  and form part}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of the public account}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 until }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 efunded in}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 accordance}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  with subsection }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) sha}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 ll be }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 deemed to}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
 p}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 rope}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ty of the Government o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 f the Cook Islands.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (5) Notwithstanding}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6685373 y}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  provision of any enactment to the contrary, the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Government}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the
}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Cook }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 I}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 slands shall be entitled}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
to receive all income payable or derived from any deposit and notwi}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 thstanding the refund of that }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
deposit such income shall remain the}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 prope}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 r}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ty of the Government of}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Cook Islands.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12075074 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid12075074 [Added Ac}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032\charrsid12075074 
t 1984 85/30]}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010\charrsid12075074 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25D}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Share capital}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 Notwithstanding }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 provisions of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 I}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nternational Compani}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 es Act 1981-82 a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  class }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
bank licensee shall have}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a paid up share c}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pital of not less}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  than $100,000.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10093130 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid10093130 [Added Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16401402 25E. -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16401402 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid16401402 [Added Act 1984-85/30. Repealed Act 1989/26]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25F}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010 Annual Report and Audit}{\fs24\lang2057\langfe5129\langnp2057\insrsid6425475  - Notwithstanding section 117 }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 of t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 he Internationa}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  Companies Act 1981-82 a }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class bank licensee shall furnish to the Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 within 6 months of the end of each financial year audited accounts in such form a}
{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 s may be approved by the Board.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6425475 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid6425475 [Added Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13585010\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 25G }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010 Secrecy}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - Notwithstanding any pr}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9600260 ovisions to the contrary the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  B}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o
ard may in its absolute discretion order that the affairs accounts and records of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 C}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 class bank licensee be either in part or in whole disclosed to such person or persons as it may determine where the Board is of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pinion that a licensees}{\fs24\lang2057\langfe5129\langnp2057\insrsid9600260  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) has contravened or is likely to contravene section 25A; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(b) should have its licence cancelled pursuant to paragraph (d) of subsection (1) of section 12; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13585010 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) has contravened or is likely to contravene section}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  25E.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid9600260 {\fs24\lang2057\langfe5129\langnp2057\insrsid9600260\charrsid9600260 [Added Act 1984-85/30]
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid10701708 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10701708 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6373105\charrsid2104366 PART III
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6373105 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6373105\charrsid2104366 TAXATION}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6373105\charrsid2104366 

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid6373105\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 26. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010 Profits and dividends}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 - Notwithstanding anything c}{\fs24\lang2057\langfe5129\langnp2057\insrsid8130242 ontained in any other enactment; -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (1) No income tax, nor any}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 other direct, or i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 nd}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 irect tax or impost,}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 sha}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 l be levied in the Cook Islands upon the profits}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
gain}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  of}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 icensee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or}{\fs24\lang2057\langfe5129\langnp2057\insrsid8130242  upo}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 n a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ny}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 interest earned}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 by a licensee or paid to a deposi}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 tor by a licensee, in respect}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  of t}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 he off-shore }{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 banking i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 t does }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 rom within the Cook Islands.
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) No income tax, nor any other dir}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ct or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  indirect tax or impost,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  shall be levied in the Cook Islands in respect of any div}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 idends or earnings, or upon any }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 nterest earned by licensee }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or paid to a depositor by a }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 licensee, attributable to the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
shares or securities of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid13585010  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 that are beneficially owned by another licensee or by a person who is}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 not a residen}{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 t of the C}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ook Islands.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid10701708 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10701708 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8130242\charrsid2104366 PART IV
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8130242 {\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8130242\charrsid2104366 MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid8130242\charrsid10701708 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 27. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid13585010 Keeping of accounting records}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 - (1) In this section}{\fs24\lang2057\langfe5129\langnp2057\insrsid6904374 ,-}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Accounting records}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
, in relation to a body corporate includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts of the body corporate are made up:
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Accounts}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  means profit and lose accounts and balance sheets, and includes notes (other than}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6904374  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 directors}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  reports) attached to, or intended to be read with, any of those profit and loss accounts or balance sheets.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) The holder of a licence shall -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(a) Keep such accounting records as correctly record and explain the transactions and financial posit}{\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 ion of the body corporate; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(b) Keep its accounting records in such a manner as will enable true and fair accounts of the body corporate to be prepared from time to time; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(c) Keep its accounting records in such a manner as will enable the accounts of the body corporate to be conveniently and properly audited.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid13312269 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 28. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid9774951\charrsid9774951 Insp}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid9774951 ection}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - (1) In th}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 is section }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 
Inspector}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  means a p}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 erson appointed, in writing, by 
the Board, for the purposes of this section.
\par 
\par (2) An Inspector upon production}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of proof of his appointment, shall,}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 durin}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 g }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 normal office}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 hours of the lice}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 nsee, have the right to inspect:}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 The lic}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 ensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 s accounting records; }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) The licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s }{\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 register of shares}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 ; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 

\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid9774951\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6904374 {\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 c) Th}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 e licens}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ee}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 record}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  
}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 tran
}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 sactions; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1911393 {\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 (d) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Any other record }{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 k}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ept by the }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 l}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 icense}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 e in the}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  cour}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 se of its off-shore banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 b}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 usi}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ess}{\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 ; 
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1911393 {\fs24\lang2057\langfe5129\langnp2057\insrsid1911393 (e) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 The premises}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9774951  where the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 lice}{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 nsee }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 carries on his }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ff-shore banking business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid11934008\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9774951 29. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid9774951\charrsid9774951 Supply}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid11934008\charrsid9774951  of information}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  (1) The holder}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of a licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 shall furnish to t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Boar
}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008 d}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  such information}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 in}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 respect of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 its overseas banking business conducted in the}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Cook}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  I}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 slands as the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
directs.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) A direction u}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 der}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 this}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
section shall not require information to be furnished with respect to the affairs of}{\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11934008  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 individual customer.
\par 
\par 30. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11817516 Use of information by Board and others}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - No member of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11884641  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Boar}{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516 d }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nor the Secretary nor an }{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516 Inspector }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
appointed under section 28 of this Act, shall reveal any information}{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to any}{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516 
 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 person other than to an officer of the Crown for the purposes of enabling him to carry out his duties as such officer of the}{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Crown, and any such officer}{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
of the Crown to whom such information is revealed shall similarly not reveal it to any person other than such a person as is referred to herein.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 31. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11817516 Breaches of professional secrecy}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid11817516 
 - (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Every person commits an offence who, -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) Divulges any information, in the Cook Islands or elsewhere, in relation to -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (i) Any off-shore banking business in the Cook Islands; or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
(ii) The transfer of monies and property into or out of the Cook Islands in the course of any off-shore banking business; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (iii) The account of any person with a licensee or any item of such an
 account or the fact of any person having, or having had such an account, -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
which he has become aware of in his capacity as an officer, employee, or authorised agent of a licensee, or as an officer or employee of an auditing company; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11817516 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) Attempts to i
nduce others to breach professional secrecy in relation to any such matters.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid11817516\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) An offence under subsection (1) of this section may be committed either during or after the termination of the official or employment relationship or the exercise of the profession.

\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) Notwithstanding subsection (1) of this section, it shall not be an offence under this section to divulge}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 such information -
\par 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) To an Inspector}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pursuan}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 t }{\fs24\lang2057\langfe5129\langnp2057\insrsid11884641 to section }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 28 of this Act if directed to do so by the Board pursuant }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 to s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
ecti}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n }{\fs24\lang2057\langfe5129\langnp2057\insrsid12591018 2}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 9}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
thi}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s Ac}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 t;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) To the person on }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 whose }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 behalf the off-shore}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 banking business }{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
being }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 ca}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 rried out; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (c) In t}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 h}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 e Cook Isla}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ds}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13710178 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  to}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 an
}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 officer or employee of the same}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 li}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ensee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid13710178 in }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the per}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 fo}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 rmance of }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 s }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 duties as an officer or employee; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (d) To an officer or employee}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 b}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ank or other such f}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nanc}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
al}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 institut}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 on}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 outs}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 de the Cook }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 I}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 sl}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 nds, if}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 all}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4017032  }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 t}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 e }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 perso}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 con}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 erned in}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
banki}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 ng}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  business or in whose name the accou}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 n}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 t}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 stands, consent}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  in writing to his doing so; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 (e) }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 To an}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 officer or employee o}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 f}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  the licensee outside the Cook Islands}{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  so long}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 as the}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 names}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of the pers}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 ons }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 concerned}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 in}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 banking business and any information which }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 might}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 identify them and}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the names in which accounts stand and the balances therein}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 are not divulged;}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (f) With}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the prior written}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  approval }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  Minister }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to the Government}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of or}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a public officer of any other}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 country}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 provided}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 such information }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 is }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 used only as part of -
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (i) An amount representing the total assets of the licensee in 
the Cook Islands; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
\par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (ii) An amount representing the total sum of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
monies transferred to the Cook Islands from that country or from the Cook Islands to that country and the currencies in which such monies were transferred, -}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16534888 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 and the amounts of individual 
banking transactions, the names in which accounts stand, and the balances therein are not divulged.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (4) For the purposes of subsection (3)(d) of this section, all the persons concerned in off-shore bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 
ing business and in whose names}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  accounts stand shall be deemed}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
to have consented to an officer or employee of a licensee divulging to an officer or employee of a bank or other such financial institution outside the Cook Islands such information of the off-shore banking business being carried out as is essent
ial to the carrying out of that banking business, but the consent deemed to be given pursuant to this subsection shall not apply to any other particulars.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (5) Nothing in this section shall prevent the High Court from requiring any person to give evidence or produce documents in any proceedings in the Court of any facts}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 relevant in those proceedings which the person could otherwise be required to give or produce.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 32. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Breach of secrecy by officer or employee deemed to}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be breach by licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - For the pu}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pose}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 s of se}{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 ction 3}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 1 }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 t}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
is Act, an offence by an officer or employee of a licensee or of an auditing company, as the case may be, or by a person after termination of his employment as an officer or employee of a licensee or of an auditing company, as the case
 may be, whether such offence occurs in the Cook Islands or elsewhere, shall be deemed also to be an offence by that licensee or by that auditing company.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) Notwithstanding subsection (1) of this section an offence}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 under}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  section 31 of this Act by a person after terminatio}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 n }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  t}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 he}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 off}
{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 al}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 r}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 em}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 p}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 loyment}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  r}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 elationship or the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 exercise}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 profession }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 with}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 a licensee or an}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 auditing}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 company shall }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ot be deemed also to}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 be an offence by the licensee or by the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 auditing company}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  where the licensee or auditing }{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 c}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ompany}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 as the case may be}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  c}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 de}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 m}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
onstrate, on the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 balance }{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 of prob}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 abilit}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 es, that }{
\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 t has }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 taken}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  all reasonable}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 steps to pr}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753 ev}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ent an offence b}{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888 y }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 pers}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 o
}{\fs24\lang2057\langfe5129\langnp2057\insrsid4017032 n.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 33}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753 . }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid16534888 B}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ank}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid16534888  h}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ours}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 holder}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of an}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '
}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid12272154 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  class off-shore banking}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 licence shall}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 maintain}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 suc}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 h}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 hours for the conduct of}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 his off-shore bank}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 g }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 busi}
{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ess}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
as are prescribed by}{\fs24\lang2057\langfe5129\langnp2057\insrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 regulation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16534888\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 34}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 P}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 enalty}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - Every person}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 who commits an}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 offence}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
against this Act, where no other penalty }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 is }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 provided}{\fs24\lang2057\langfe5129\langnp2057\insrsid9527803 ,}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  shall be liable}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 upon}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 convic}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ion to }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 mprisonment}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 for a term not exceeding}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  1}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  year, or to}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 a fine}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 $10,000}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 00, or both.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 35. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Winding U}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 p}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 The provisions}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the Companies Act 1971-72 relating to}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 winding-up}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 of companies,}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
shall apply to companies licensed}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 under this}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Act, as}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 those companies were incorporated under}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 the}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Companies Act 1971-72.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 36. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 Relationship }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
of this Act to other Acts}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - Where the}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
provisions o}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 this}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  Act con}{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 fl}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ict with }{
\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 e provisions of any other Act, then the provisions of this Act shall prevail.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 36A }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Power of exem}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12349440\charrsid4736753 p}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 tion}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - (1) T}{\fs24\lang2057\langfe5129\langnp2057\insrsid15094789 he Minister of Finance may on his }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 own mot}{\fs24\lang2057\langfe5129\langnp2057\insrsid15094789 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
on or pursuant to an application in writing lodged with the Registrar by a licensee or body corporate, exempt that licensee or}{\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid4736753  body}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  corporate from all or any of the provisions of this Act and any regulations made under this Act and may imp}{\fs24\lang2057\langfe5129\langnp2057\insrsid15094789 
ose such terms and conditions as}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 he thinks fit as a condition under which that exemption is granted. An exemption so granted may be revoked or varied by the Minister of Finance at any time.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) In dealing with an application under this section the Minister of Finance shall not be required to act judicially and his decision shall in all cases be final.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) Any exemption or condition imposed pursuant}{\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid4736753  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 to subsection (1) of this section, shall take effect as from the date }{\fs24\lang2057\langfe5129\langnp2057\insrsid12547356\charrsid4736753 t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 o be decided by the Minister of Finance in his discretion.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15094789 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid15094789 [Added Act }{\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid15094789 
1984-85/30]}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid15094789 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid6179206\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 36B}{\fs24\lang2057\langfe5129\langnp2057\insrsid12547356\charrsid4736753 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10430341 Prohibitions by }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Minister}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  - (1) The Minister of Finance s
}{\fs24\lang2057\langfe5129\langnp2057\insrsid10430341 hall}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  have an absolute right of his own motion or otherwise and without assigning reasons to make an order:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12547356 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (a) prohibiting the licensing of any body corporate;}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12547356 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (b) directing any licensee to cease carrying on}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 its business or part of its business immediately or within such time as may be specified in the order.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (2) An order made under this section may be revoked or varied by the }{\fs24\lang2057\langfe5129\langnp2057\insrsid15011017 M}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 inister of Finance.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 (3) In making an order under this section the Minister of Finance shall not be required to act judicially and such order shall be final.
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16084549 {\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid16084549 [Added Act }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid16084549 
1984-85/30]}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid16084549 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 37. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 Regulations}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
 - The High Commissioner may by Order in Executive Counc}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 il}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753  make regulations prescribing all matters that by this A}
{\fs24\lang2057\langfe5129\langnp2057\insrsid15865923 ct are required or permitted to}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 
prescribe by regulation or that are necessary for carrying }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid3345046\charrsid4736753 ut or giving full effect to the purposes or provis
ions of this Act and for the due administration thereof.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1530846 {\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 ------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid862599 
----}{\fs24\lang2057\langfe5129\langnp2057\insrsid1530846\charrsid4736753 
\par }}