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{\*\rsidtbl \rsid786982\rsid4797695\rsid5641747\rsid6637340\rsid7753503\rsid10628275\rsid11027411\rsid11287417\rsid12215031\rsid13065936\rsid14951578\rsid15278356}{\*\generator Microsoft Word 10.0.4219;}{\info{\title COOK ISALNDS}{\author oli_r}
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\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 \fs24\lang5129\langfe5129\cgrid\langnp5129\langfenp5129 {\b\insrsid10628275 COOK ISLA}{\b\insrsid13065936 NDS}{\b\insrsid7753503 
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10628275 {\b\insrsid13065936 
\par }\pard \qc \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\b\insrsid13065936 TRUSTEES COMPANIES AMENDMENT ACT
\par }{\insrsid13065936 1987, No. 8
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\insrsid13065936 
\par }\pard \qc \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\insrsid13065936 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\insrsid13065936 
\par Title
\par 
\par 1. Short title
\par 2. Acting through subsidiary company
\par 
\par }\pard \qc \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid786982 {\insrsid786982\charrsid786982 ------------------------------------}{\insrsid13065936\charrsid786982 
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\b\insrsid786982\charrsid5641747 
\par }\pard \qc \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\b\insrsid13065936\charrsid5641747 1987, No. 8
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\insrsid13065936 
\par }\pard \ql \li720\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid786982 {\ul\insrsid13065936 An Act to amend }{\ul\insrsid786982 the Trustee Companies Act 1981-}{\ul\insrsid13065936 82
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\b\ul\insrsid13065936 
\par }\pard \qr \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11027411 {\insrsid11027411\charrsid11027411 (}{\insrsid4797695 19}{\insrsid11027411  }{\insrsid11027411\charrsid11027411 August 1987
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13065936 {\b\ul\insrsid11027411\charrsid11027411 
\par }{\b\insrsid13065936\charrsid11027411 BE IT ENACTED}{\insrsid13065936  by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:
\par 
\par 1. }{\ul\insrsid13065936 Short title}{\insrsid13065936  }{\insrsid786982 -}{\insrsid13065936 
 This Act may be cited as the Trustee Companies Amendment Act 1987 and shall be read together with and deemed part of the Trustee Companies Act 1981-81 (hereinafter referred to as }{\insrsid786982 "}{\insrsid13065936 the principal Act}{\insrsid786982 "}{
\insrsid13065936 ).
\par 
\par 2. }{\ul\insrsid13065936 Acting through subsidiary company}{\insrsid13065936  }{\insrsid786982 -}{\insrsid13065936  The principal Act is amended by inserting after section 4 of the following section:
\par 
\par }\pard \ql \li720\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13065936 {\insrsid786982 "}{\insrsid13065936 4A. }{\ul\insrsid13065936 Acting through subsidiary company}{\insrsid12215031  }{\insrsid786982 -}{
\insrsid12215031  (1) Notwithstanding section 4 any company duly registered under this Act may for the purpose of or in connection with the undertaking of its own business as a trustee company }{\insrsid6637340 
nominate any wholly owned subsidiary company of that company }{\insrsid12215031 to act as a trustee or nominee.}{\insrsid13065936 
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12215031 {\insrsid12215031 
\par }\pard \ql \li720\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13065936 {\insrsid12215031 (2) Any wholly owned subsidiary company nominated in accordance with subsection (1) sh
all not be required to be registered under this Act to act as a trustee or nominee so long as it remains wholly managed, controlled and owned by a company duly registered under this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12215031 {\insrsid12215031 
\par }\pard \ql \li720\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13065936 {\insrsid12215031 (3) When pursuant to subsection (1) any wholly owned subsidiary comp
any acts as a trustee or nominee, the parent company and the subsidiary company shall be jointly and severally liable and responsible for the performance, compliance and observance by the subsidiary company of all the subsidiary\rquote 
s duties and obligations, which duties and obligations shall be deemed to include such statutory duties and obligations as are imposed upon trustee companies registered under this Act.}{\insrsid786982 "}{\insrsid12215031 
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14951578 {\insrsid12215031 
\par }\pard \qc \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid786982 {\insrsid786982 ------------------------------------------}{\insrsid12215031 
\par }\pard \ql \li0\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12215031 {\insrsid12215031 
\par }\pard \ql \li720\ri0\widctlpar\tx8280\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12215031 {\i\insrsid12215031\charrsid786982 This Act is to be administered by the Cook Islands Monetary Board.
\par }}