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\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 1994/177 \endash 28 March 1994}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 1 \par PRELIMINARY \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 1 Short title \par 2 Interpretation \par 3 Act to bind the Government}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 2 \par THE NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 4 Establishment of Bank \par 5 Branches and Agencies}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 3 \par FUNCTIONS AND POWERS OF NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 6 Functions of the Bank \par 7 Dealing in foreign exchange \par 8 Foreign exchange gains and losses \par 9 Foreign exchange \par 10 Foreign reserves \par 11 Bank may raise loans \par 12 Lender of last resort \par 13 Settlement account services \par 14 Financial sector policy advice \par 15 Government banking business \par 16 Securities registry services \par 17 Bank may require financial institution to}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 supply information \par 18 Failure to supply information \par 19 Requirement that information be audited \par 20 Powers}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 4 \par MANAGEMENT OF NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 21 Board of Directors \par 22 Duties of Board \par 23 Membership of Board \par 24 Term of office of non-executive directors \par 25 Appointment of non-executive directors \par 26 Extraordinary vacancies \par 27 Disqualification of non-executive directors \par 28 Removal from office of non-executive}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 directors \par 29 Meetings of Board \par 30 Directors to disclose interests \par 31 Fees and expenses of non-executive}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 directors \par }{\f0\insrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 5 \par CENTRAL BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 32 Bank to act as Central Bank \par 33 Powers of Central Bank}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 6 \par USE OF WORDS }{\b\f0\insrsid5003775\charrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 BANK}{\b\f0\insrsid5003775\charrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 , }{\b\f0\insrsid5003775\charrsid5003775 "}{ \b\f0\insrsid6030078\charrsid5003775 BANKER}{\b\f0\insrsid5003775\charrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 AND }{\b\f0\insrsid5003775\charrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 BANKING}{\b\f0\insrsid5003775\charrsid5003775 "}{ \b\f0\insrsid6030078\charrsid5003775 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 34 }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 Bank}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 , }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banker}{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 and }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banking}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 \par 35 Certain persons exempt from section 34 \par 36 Power to require change of name or title}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 7 \par REGISTRATION OF BANKS AND PRUDENTIAL \par SUPERVISION OF REGISTERED BANKS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 37 Registration and prudential supervision \par 38 Exercise of powers under this Part \par 39 Register \par 40 Application for registration \par 41 Voluntary removal of name from register \par 42 Offence \par 43 Determination of applications \par 44 Conditions of registration \par 45 Publication of principles \par 46 Cancellation of registration \par 47 Carrying on business in a prudent manner \par 48 Annual fee \par 49 Credit assessment of registered banks \par 50 Public disclosure of financial and other}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 information by registered banks \par 51 Disclosure statements to be signed \par 52 Bank may require disclosure statement to}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 be corrected \par 53 Interpretation \par 54 Content of advertisements by 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}{\f0\insrsid6030078\charrsid5003775 intention to disclose \par 66 Protection of auditors \par 67 Powers to obtain information and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 documents \par 68 Requirements on entering and searching}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 premises \par 69 Investigation of affairs of registered bank \par 70 Powers of person appointed to carry out}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 investigation \par 71 Offences in relation to investigations \par 72 Requirements to be complied with by a}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 person carrying out an investigation \par 73 Confidentiality of information \par 74 Procedure for obtaining warrants \par 75 Effect of warrant \par 76 Effect of proceedings \par 77 Effect of final decision that exercise of}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 powers unlawful \par 78 Decision that exercise of powers under}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 section 69 or 70 unlawful \par 79 Bank may require registered bank to}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 consult \par 80 Bank may give advice and assistance \par 81 Bank may give directions \par 82 Offence to contravene directions \par 83 Offence to disclose giving of notice \par 84 Miscellaneous provisions with respect to}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 notices and directions \par }{\f0\insrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 8 \par FINANCIAL AND OTHER MATTERS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 85 Financial year \par 86 Notional surplus income \par 87 Funding agreements \par 88 Contents of funding agreements \par 89 Funding agreements to be ratified by the}{\f0\insrsid5003775 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}{\f0\insrsid6030078\charrsid5003775 21; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 document}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means a document in any form, whether signed or initialled}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or otherwise authenticated by its maker or not, and includes \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Any writing on any material;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Any information recorded or stored by means of any tape-recorder,}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 computer, or other device; and any material subsequently derived}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 from information so recorded or stored; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Any label, marking, or other writing that identifies or describes}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 any thing of which it forms part, or to which it is attached by any}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 means; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) Any book, map, plan, graph, or drawing; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (e) Any photograph, film, negative, tape or other device in which one}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or more visual images are embodied so as to be capable (with or}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 without the aid of some other equipment) of being reproduced; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 foreign exchange}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) The bank notes or other currency, postal notes or money orders of}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 any country other than Niue, the Cook Islands and New Zealand; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Promissory notes and bills of exchange payable otherwise than in}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 New Zealand currency; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) A right to receive payment otherwise than in New Zealand currency; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) An obligation to make payment otherwise than in Niue currency; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (e) A security in respect of which any amount is payable in a country}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 other than Niue or is payable otherwise than in New Zealand}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 currency; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 Minister}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means the Minister of Finance; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 registered bank}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means a person whose name is entered in the register}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 maintained under section 39; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 security}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means any interest or right to participate in any capital, assets,}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 earnings, royalties, or other property of any person, and includes \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Any interest in or right to be paid money that is, or is to be, deposited}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 w ith, lent to, or otherwise owing by, any person (whether or not}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the interest or right is secured by a charge over any property); and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Any renewal or variation of the terms or conditions of any existing}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 security. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 3 Act to bind the Government}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 This Act shall bind the Government.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 2 \par THE NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 4 Establishment of Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) There is hereby established a Bank to be called the Niue Bank. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Bank shall be a body corporate with perpetual succession and a}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 common seal. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) Without limiting any other provision of this Act, the Bank shall, in the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 exercise of its functions and powers under this Act, have the rights, powers and}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 privileges of a natural person.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) The common seal of the Bank shall be judicially noted in all courts and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 for all purposes.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (5) The common seal shall be used only with the authority of the Board}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 and every instrument to which the seal is affixed shall be signed by the Minister}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or a person appointed by the Board for that purpose. \par }{\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 5 Branches and agencies}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank may establish branches and agencies and appoint agents in Niue}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or elsewhere.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 3 \par FUNCTIONS AND POWERS OF NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 6 Functions of the Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall have the following functions and purposes \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) To act as a Central Bank under Parts 5 to 8; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) To act as an International Commercial Bank under Part 9; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15598172 {\f0\insrsid6030078\charrsid5003775 (c) To administer the Acts prescribed by regulations made under this}{\f0\insrsid15598172 }{\f0\insrsid6030078\charrsid5003775 Act. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 7 Dealing in foreign exchange}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 For the purposes of performing its functions and fulfilling its obligations}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 under this Act or any other Act, the Bank may deal in foreign exchange with such}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 persons, including the Crown, and on such terms and conditions as the Bank thinks}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 fit with the concurrence of Cabinet.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 8 Foreign exchange gains and losses}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank shall pay into the Niue Government Account any exchange}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 gains (whether realised or unrealised) made by the Bank as a result of dealing in}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 foreign exchange under section 7. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Minister shall upon the appropriation of the Assembly, pay to the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 Bank out of the Niue Government Account the amount of any exchange losses}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 (whether realised or unrealised) incurred by the Bank as a result of dealing in}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 foreign exchange under section 7.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 9 Foreign exchange}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall advise the Minister and Cabinet on \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Foreign exchange rate systems; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) The management of foreign reserves; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) The operation of the foreign exchange market; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) Any other matters relating to foreign exchange. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 10 Foreign reserves}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Minister in concurrence with Cabinet shall in consultation with}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the Bank, determine the level at which, or the levels within which, foreign reserves}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 shall be maintained for the purpose of enabling the Bank to exercise the powers}{\f0\insrsid6633648 '}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 conferred by this Act.}{ \f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Bank shall hold and maintain foreign reserves of that level or within}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 those levels and, for that purpose, but without limiting the power of the Bank}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 under this Act, may in concurrence with Cabinet \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Acquire and deal in foreign currency; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Deal in foreign currency on behalf of the Crown; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Appoint any person to acquire and deal in foreign currency on}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 behalf of the Crown or the Bank.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 11 Bank may raise loans}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank may, if it appears to be necessary or expedient in the public interest}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 to do so, raise loans from any person, organisation, or government, either within}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or outside Niue, upon such terms and conditions as may be prescribed by Act.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 12 Lender of last resort}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall, if the Bank considers it necessary for the purpose of}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 maintaining the soundness of the Niue financial system, and only with the prior}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 approval of Cabinet, act as lender of last resort for the financial system.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 13 Settlement account services}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank may provide settlement account services for financial institutions}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 on such terms and conditions as may be determined by agreement.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 14 Financial sector policy advice \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall advise Cabinet and the Minister on matters relating to the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 operation of the Niue financial system.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 15 Government banking business \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank may, under an agreement with the Minister, undertake all or}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 part of the banking business of the Government. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Any such agreement may provide for the Bank to charge for the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 provision of banking services. \par }{\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 16 Securities registry services}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank may provide securities registry services for any person}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 including services in connection with \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) The issue, registration, exchange, transfer, or replacement of}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 securities;}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) The calling and acceptance of tenders or applications for securities; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) The making or receiving of payment in respect of any security. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Securities registry services may be provided for such remuneration,}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 and on such terms and conditions, as may be agreed by the Bank and the person}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 for whom they are provided.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 17 Bank may require financial institution to supply information \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) For the purposes of enabling the Bank to carry out the functions and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 exercise the powers conferred on it by this Part, the Bank may, by notice in writing}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 to any financial institution, or by notice in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette}{\f0\insrsid6030078\charrsid5003775 , require the institution or, as}{\f0\insrsid5003775 }{ \f0\insrsid6030078\charrsid5003775 the case may be, institutions of a certain class, to supply to the Bank such}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 information and data relating to the business of the institution or institutions of}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the relevant class for such periods, and in such form, as may be specified in the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 notice.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Without limiting subsection (1), a notice may require information and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 data to be supplied relating to the assets and liabilities, income and expenditure}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 (including interest rates charged and payable), fees and charges, obligations and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 commitments, and risk exposures of, and classes of transactions entered into by,}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 that institution or class of institutions and any associated person and, where}{\f0\insrsid5003775 }{ \f0\insrsid6030078\charrsid5003775 specified, in consolidated form, in respect of business carried on in Niue or}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 elsewhere and whether as principal, broker, agent, or intermediary. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) Any notice given under this section may, by a subsequent notice, be}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 revoked, varied, or amended by the Bank. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) Information and data required to be supplied under this section shall}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 be supplied to the Bank at such place in Niue and at such time as are specified in}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the notice. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (5) A financial institution shall not be required to supply data or information}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 under this section relating to the affairs of a particular customer or client. \par }{\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 18 Failure to supply information}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Every financial institution commits an offence if, without lawful justification}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or excuse, it \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Fails to comply in any respect with any of the provisions of section}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 17 or of any requirements of the Bank under that section; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Supplies any information or data which it is required to supply}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 under section 17 which is false or misleading in any material}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 particular.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 19 Requirement that information be audited}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Where the Bank believes that any information or data supplied by a}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 financial institution under section 17 is, or may be, inadequate or inaccurate, it}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 may, by notice in writing to that financial institution, require that information or}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 data to be audited by an auditor approved by the Bank. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every financial institution commits an offence if without lawful}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 justification or excuse, it fails to comply with a requirement under subsection (1).}{ \f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 20 Powers}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Without limiting section 4 or any other provision of this Act, the Bank, has}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 power, whether in Niue or elsewhere, to \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Carry on the business of banking; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Issue securities; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Give a fixed or floating charge over all or any part of the undertaking}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 or property of the Bank;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) Enter into agreements or arrangements and obtain assurances}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 necessary or desirable for carrying out its functions and exercising}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 its powers; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (e) Carry on any business or exercise any powers, not inconsistent with}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 any other function of the Bank, which can be conveniently carried}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 on, or exercised in conjunction with its functions and the exercise}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 of its powers; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (f) Do any act or perform any function or duty imposed upon it or}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 required to be done under any other Act.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 PART 4 \par MANAGEMENT OF NIUE BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 21 Board of Directors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 There shall be a Board of Directors of the Bank.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 22 Duties of Board}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Subject to this Act, the Board of the Bank shall \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Keep under constant review the performance of the Bank in carrying}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 out its functions; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Ensure that the Bank carries out the functions imposed on it by this}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Ensure that the resources of the Bank are properly and effectively}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 managed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) Direct the exercise of powers granted to the Bank by this Act. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 23 Membership of Board}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Board shall consist of 3 members. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Board shall comprise \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) The Minister; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Two non-executive directors to be appointed by Cabinet. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) The validity of the acts of the Board is not affected by any vacancy in its}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 membership.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 24 Term of o}{\b\f0\insrsid5003775 ffice of non-executive director}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every non-executive director appointed under this Act shall be}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 appointed for terms not exceeding 2 years. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) A non-executive director may be reappointed.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) A non-executive director may, at any time, resign office by notice in}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 writing to the Minister.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 25 Appointment of non-executive directors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 In considering the appointment or reappointment of a person to the office}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 of non-executive director of the Bank, Cabinet shall have regard, in relation to}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 that office, to \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) That person\rquote s knowledge, skill and experience; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) The likelihood of any conflict between the interests of the Bank and}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 any interests which that person has or represents. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 26 Extraordinary vacancies}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) If a non-executive director dies, or resigns or is removed from office,}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 that office shall become vacant and the vacancy shall be deemed to be an}{ \f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 extraordinary vacancy. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) A non-executive director shall be deemed to have resigned from office}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 if that director \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Is prohibited by section 27 from holding office as a director; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Fails, without the Board\rquote s consent, to attend 3 consecutive meetings}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 of the Board. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) The manner of filling an extraordinary vacancy shall be the same}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 manner as prescribed by section 23. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) A person who is appointed to fill an extraordinary vacancy shall be}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 appointed for the residue of the term of the vacating director. \par }{\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 27 Disqualification of non-executive directors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 No person shall be appointed, or reappointed to the office of non-executive}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 director of the Bank, or hold that office, if that person \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Is an employee of a registered bank; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Is an undischarged bankrupt; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Has been convicted of any offence of dishonesty or any other offence}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 if that other offence is punishable by imprisonment for a term of 3}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 years or more; or}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (d) Is a mentally disordered person. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 28 Removal from office of non-executive directors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Cabinet may, on the advice of the Minister, remove a non-executive director}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 of the Bank from office if Cabinet is satisfied that the director \endash \par }{\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Is unable, or has failed, to perform the duties of a director of the}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 Bank}{ \f0\insrsid5003775 ;}{\f0\insrsid6030078\charrsid5003775 or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) Has been guilty of misconduct; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (c) Has obstructed, hindered, or prevented the Board from discharging}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the responsibilities of the Board.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 29 Meetings of Board}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Board of the Bank shall meet at least 3 times in each year. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Minister shall convene and preside at meetings of the Board. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) If the Minister is absent from a meeting, the non-executive directors}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 shall convene a meeting in the Minister\rquote s absence. \par }{\f0\insrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) }{\f0\insrsid5003775 \par \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (a) Decisions of the Board shall be made by a majority of the votes of}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 the directors present. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (b) If only 2 of the directors are present, the decision must be}{\f0\insrsid5003775 }{\f0\insrsid6030078\charrsid5003775 unanimous.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (5) Subject to this section, the Board may regulate its own procedure.}{\f0\insrsid6030078 \par }{\f0\insrsid5003775\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 30 Directors to disclose interests}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5003775\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A director who is interested in a contract or proposed contract with the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Bank, or in the exercise or proposed exercise by the Bank of a power, shall }{ \f0\insrsid5647601\charrsid5003775 declare that}{\f0\insrsid6030078\charrsid5003775 interest at every meeting of the Board at which that contract or proposed}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 contract, or the exercise or proposed exercise of the power is considered by the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Board. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) A director who is interested in a contract or proposed contract or in the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 exercise or p roposed exercise of a power shall not be entitled to vote on a resolution}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 that relates to the contract or proposed contract or the exercise or proposed exercise}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 of the power.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 31 Fees and expenses of non-executive directors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall pay the non-executive directors such fees as the Minister}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 after considering any recommendation by the Board, determines.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\b\f0\insrsid6030078\charrsid9709452 PART 5 \par CENTRAL BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 32 Bank to act as Central Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall act as the Central Bank of Niue under Parts 6 to 8.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 33 Powers of Central Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 In discharging its functions under section 32, the Bank shall have the powers}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 prescribed in sections 7 to 19.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\b\f0\insrsid6030078\charrsid9709452 PART 6 \par USE OF WORDS }{\b\f0\insrsid5003775\charrsid9709452 "}{\b\f0\insrsid6030078\charrsid9709452 BANK}{\b\f0\insrsid5003775\charrsid9709452 "}{\b\f0\insrsid6030078\charrsid9709452 , }{\b\f0\insrsid5003775\charrsid9709452 "}{ \b\f0\insrsid6030078\charrsid9709452 BANKER}{\b\f0\insrsid5003775\charrsid9709452 "}{\b\f0\insrsid6030078\charrsid9709452 AND }{\b\f0\insrsid5003775\charrsid9709452 "}{\b\f0\insrsid6030078\charrsid9709452 BANKING}{\b\f0\insrsid5003775\charrsid9709452 "}{ \b\f0\insrsid6030078\charrsid9709452 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 34 }{\b\f0\insrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 Bank}{\b\f0\insrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 , }{ \b\f0\insrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 banker}{\b\f0\insrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 and }{\b\f0\insrsid5003775 "}{\b\f0\insrsid6030078\charrsid5003775 banking}{\b\f0\insrsid5003775 "}{ \b\f0\insrsid6030078\charrsid5003775 \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (1) Except as otherwise provided in this Part, no individual or body}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 (whether incorporated or not) shall be formed or registered, carry on any business,}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 trade, or occupation under any name or title that includes the words }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 bank}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 ,}{ \f0\insrsid9709452 }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banker}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 or }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banking}{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 , or any of those words as part of any other word. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person or body who contravenes subsection (1) commits an}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 offence and is liable on conviction to a fine not exceeding 50 penalty units in the}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 case of an individual or to a fine not exceeding 50 penalty units in the case of a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 body corporate. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) For the purposes of this section and section 35, a reference to the words}{\f0\insrsid9709452 }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 bank}{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 , }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banker}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 or }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banking}{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 includes a reference to a translation of those words}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in another language.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 35 Certain persons exempt from section 34}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Nothing in section 34 applies to \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) The Bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) A registered bank under this Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) Any body (whether incorporated or not) that is formed or registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in a country other than Niue under a name or title that includes the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 words }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 bank}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 , }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banker}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 or }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banking}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 , or any of those words as}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 part of any other word, that is authorised for the time being by the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Bank to use those words, or any of those words as part of any other}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 word, in connection with the establishment or operation of a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 representative office in Niue; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) A subsidiary of a registered bank that is authorised for the time}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 being by the Bank to use those words, or any of those words as part}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 of any other word; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (e) [Spent] \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (f) Any bank carrying on business in Niue at the time this provision is}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 enacted. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Nothing in section 34 prevents a body (whether incorporated or not)}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 being formed or registered, or carrying on any business, trade or occupation, under}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 a name or title that includes the words }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 bank}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 , }{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 banker}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 or }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 banking}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 where}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 those words signify \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Any geographic place name; or}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) The name of any town or road; or}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) The surname of any person.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) An authorisation or consent under this section may be given subject to}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 such conditions as the Bank thinks fit. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (4) The Bank may, by notice in writing to the person to whom the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 authorisation or consent has been given \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Revoke the authorisation or consent; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Vary, alter, or remove any condition of the authorisation or consent}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 or add a further condition to it.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 36 Power to require change of name or title}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Where the Bank is satisfied that a person has contravened, or is}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 contravening, section 34 it may, by notice in writing to that person and whether or}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 not that person has been convicted of an offence against that section, require that}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 person to change its name or title. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person to whom a notice has been given under subsection (1)}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 shall comply with the notice within 4 weeks after receiving it or within such longer}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 period as the Bank may allow. \par }{\f0\insrsid9709452 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\b\f0\insrsid6030078\charrsid9709452 PART 7 \par REGISTRATION OF BANKS AND PRUDENTIAL SUPERVISION OF REGISTERED BANKS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 37 Registration and prudential supervision}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall under this Part \endash }{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Register banks; and}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Undertake prudential supervision of registered banks.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 38 Exercise of powers under this Part}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The powers conferred on the Cabinet, the Minister and the Bank by this}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Part shall be exercised for the purposes of \endash }{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Promoting the maintenance of a sound and efficient financial}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 system; or}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Avoiding significant damage to the financial system that could result}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 from failure of a registered bank.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 39 Register}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank shall maintain a register of persons to be known as }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 banks}{ \f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 . \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) The register shall be available for public inspection at the head office of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the Bank during normal business hours.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 40 Application for registration}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) No person who is not registered as a bank under this Act shall carry on}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 banking business in Niue.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Applications to be registered as a registered bank shall be \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Made in such manner as may be specified by the Bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Accompanied by payment of such fee as may be determined by the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Bank and approved by the Minister by notice in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette}{\f0\insrsid6030078\charrsid5003775 . \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every person who makes an application under this section shall furnish}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 to the Bank such information as may be required by the Bank to assist in}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 determining the application.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 41 Voluntary removal of name from register}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A registered bank may, by notice in writing, require the Bank to remove}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the name of that registered bank from the register on a date specified in the notice,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 not being a date earlier than 14 days, or such shorter period as the Bank may}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 agree to, after the date the notice is given. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) The registered bank shall, within 7 days of giving that notice, give public}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 notice of the fact that it had given the notice to the Bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Bank shall remove the name of the registered bank from the register}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 on the date specified in the notice and shall give notice of the removal in the name }{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette}{\f0\insrsid6030078\charrsid5003775 . \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (4) Except with the consent of the Bank, a registered bank shall not give}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 notice under subsection (1) if \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) A notice has been given to that registered bank under section}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 67(1)(c)(i); or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) A person has been appointed under section 67(1)(c)(ii) to exercise,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in relation to that registered bank, the powers conferred by that}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 paragraph; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) A person has been appointed under section 69 to carry out an}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 investigation of the affairs of that registered bank; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (d) A notice is in force under section 79 in relation to that registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (5) The Bank may refuse to remove the name of a registered bank from the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 register if \endash \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) A notice has been given to the registered bank under section}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 67(1)(c)(i); or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) A person has been appointed under section 67(1)(c)(ii) to exercise,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in relation to that registered bank, the powers conferred by that}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 paragraph; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) A person has been appointed under section 69 to carry out an}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 investigation into the affairs of that registered bank; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) A notice is in force under section 79 in relation to that registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 bank.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 42 Offence}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) No person other than a registered bank shall carry on banking business}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in Niue or use any name, title, style, or designation or use any description which}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 represents or implies that that person is a registered bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person who contravenes subsection (1) commits an offence and}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 is liable on summary conviction \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) In the case of an individual, to a fine not exceeding 50 penalty units;}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) In the case of a body corporate, to a fine not exceeding 500 penalty}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 units. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) No person referred to in section 35(1) can be guilty of an offence under}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 this section.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 43 Determination of applications}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank shall not register any person as a registered bank unless it is}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 satisfied that the business carried on, or proposed to be carried on, by the applicant}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 consists of, or to a substantial extent consists of, or will to a substantial extent,}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 consist of, the borrowing and lending of money, or the provision of other financial}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 services, or both. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) In determining an application under section 40, the Bank shall have}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 regard to \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) The incorporation and ownership structure of the applicant; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) The size of the applicant\rquote s business or proposed business; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) The ability of the applicant to carry on its business or the proposed}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 business in a prudent manner; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) The standing of the applicant in the financial market; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (e) In any case where the applicant is a body corporate incorporated}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 outside Niue or an unincorporated body having its head office or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 principal place of business outside Niue, the law and regulatory}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 requirements relating to the licensing, registration or authorisation}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 of banks of the country in which that body is incorporated or in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 which that unincorporated body has its head office or principal}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 place of business and their application to any registered bank having}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 its head office or principal place of business in Niue; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (f) In any case where the applicant is a subsidiary of any body corporate}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 incorporated outside Niue, the law and regulatory requirements}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 relating to the licensing, registration, or authorisation of banks of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the country in which the body corporate which the Bank considers}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 exercises ultimate control of the applicant is incorporated and their}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 application to any registered bank having its head office or principal}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 place of business in Niue;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (g) Such other matters as may be prescribed in regulations. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) For the purposes of subsection (2)(g), Cabinet may on the advice of the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Minister given under a recommendation of the Bank, make regulations prescribing}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 additional matters to which the Bank shall have regard in considering applications}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 for registration. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (4) The Bank shall give notice in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette }{\f0\insrsid6030078\charrsid5003775 of the registration of any person}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 as a registered bank under this section.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 44 Conditions of registration}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A person may be registered as a registered bank unconditionally, or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 subject to such conditions as the Bank may specify. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Bank may by notice in writing to a registered bank \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) In a case where the bank has been registered unconditionally or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 has been deemed to have been registered, impose conditions of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registration; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Vary or remove any condition, whether imposed on the registration}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 of the bank or under paragraph (a), or add to any such condition. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Bank shall not \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Impose conditions of registration under subsection (2)(a); or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Vary or add to conditions of registration under subsection (2)(b)}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 unless the registered bank is given notice in writing of the Bank\rquote s}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 intention to do so, has a reasonable opportunity to make}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 submissions to the Bank, and the Bank has regard to those}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 submissions.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) The Bank may specify conditions that relate to any of the following}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 matters \endash \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (a) The matters to which the Bank is required to have regard under}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 section 43 in determining an application for registration including}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 any matters prescribed by regulations made under that section; and \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (b) The matters referred to in section 43 including any matters}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 prescribed by regulations made under that section.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 45 Publication of principles}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall publish the principles on which it }{\f0\insrsid5647601\charrsid5003775 acts, or}{\f0\insrsid6030078\charrsid5003775 proposes to act \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) In determining applications for registration; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) In imposing, varying, removing, or adding to conditions of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registration.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 46 Cancellation of registration}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Cabinet may on the advice of the Minister given in accordance with a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 recommendation of the Bank, cancel the registration of a registered bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Bank shall not make a recommendation under subsection (1) unless}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 it is satisfied \endash }{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) That the registered bank was registered on information that was}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 false or misleading in a material particular; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) That the registered bank has suffered a material loss of standing in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the financial market since being registered; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) If the registered bank is a body corporate \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (i) that an order has been made for the winding up of that body}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 corporate; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (ii) that a resolution has been passed for the voluntary winding}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 up of that body corporate; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (iii) that a receiver has been appointed in respect of that body}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 corporate; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) If the registered bank is a partnership \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (i) that the partnership is dissolved; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (ii) that, if a member of the partnership is a body corporate, an}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 event referred to in paragraph (c) has occurred in relation to}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 that member; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (iii) that a member of the partnership is adjudged bankrupt or has}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 made a composition or arrangement with that member\rquote s}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 creditors; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (e) That a condition of registration has not been complied with; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (f) That the registered bank has not carried on its business in a prudent}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 manner; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (g) That the registered bank has been involved in any illegal activity or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 has been knowingly involved in the laundering of the proceeds of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 sale of any prohibited narcotic substances or the laundering of the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 proceeds gained from any other serious criminal activity, whether}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 that sale or laundering or other serious criminal activity occurred}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in Niue or elsewhere; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (h) That the registered bank has failed to comply with an obligation}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 imposed under this Act. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Bank shall not make a recommendation under subsection (1)}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 unless \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) The registered bank is given not less than 14 days\rquote notice in writing}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 of the Bank\rquote s intention to consider making the recommendation;}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) The registered bank has a reasonable opportunity to make}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 submissions to the Bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) The Bank has regard to those submissions. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (4) A copy of any written submission made by the registered bank shall be}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 sent to the Minister together with any recommendation by the Bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (5) The Bank shall, as soon as practicable after the making of an order in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Cabinet cancelling the registration of a registered bank, give notice in writing to}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the bank stating the grounds on which the Bank\rquote s recommendation was made. \par }{\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 47 Carrying on business in a prudent manner}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) In \endash }{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Having regard, under section 43(2)(c) to the ability of an applicant}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 for registration as a registered bank to carry on its business or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 proposed business in a prudent manner; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Determining under section 46(2)(f) that a registered bank has not}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 carried on its business in a prudent manner, the Bank shall confine}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 its consideration to the following matters \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (i) Capital in relation to the size and nature of the business or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 proposed business; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (ii) Loan concentration or proposed loan concentration and risk}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 exposures or proposed risk exposures; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (iii) Separation of the business or proposed business from other}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 business and from other interests of any person owning or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 controlling the applicant or registered bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (iv) Internal controls and accounting systems or proposed internal}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 controls and accounting systems; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (v) Such other matters as may be prescribed in regulations. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Cabinet may, on the advice of the Minister given in accordance with a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 recommendation of the Bank, make regulations prescribing additional matters}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 for the purposes of subsection (1). \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Board shall issue, in such manner as the Board may determine,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 guidelines for the purpose of interpreting any of the matters referred to in}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 subsection (1)(b)(i).}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 48 Annual fee}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every registered bank shall pay to the Bank an annual fee of such}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 amount as may be determined by the Bank, approved by the Minister, and notified}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette}{\f0\insrsid6030078\charrsid5003775 . \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Without limiting subsection (1) \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Different fees may be determined for different classes of registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 banks; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) In determining fees the Bank may have regard to the anticipated}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 costs of the Bank in exercising the powers conferred by this Part. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 49 Credit assessment of registered banks}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank may by notice in writing to all registered banks or to all}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 members of any class of registered banks, require each of those banks \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) To undergo an independent assessment of its credit worthiness or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 financial stability by a person or organisation nominated or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 approved by the Bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) To publish the results of that assessment in such manner as the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Bank directs. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every registered bank shall comply with a notice given under this}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 section. \par }{\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 50 Public disclosure of financial and other information by registered banks \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank shall, by notice in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette}{\f0\insrsid6030078\charrsid5003775 , prescribe the information which,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 on the approval of the notice by Cabinet under subsection (5), shall be published}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 by all registered banks or any specified class of registered banks. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) The information shall be contained in a document to be known as a}{\f0\insrsid9709452 }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 disclosure statement}{\f0\insrsid5003775 "}{ \f0\insrsid6030078\charrsid5003775 and shall be published in the manner and on such occasions}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 as shall be specified in the notice. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (3) Without limiting the information which may be prescribed, a notice}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 under subsection (1) may prescribe information relating to \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Directors, principal officers, secretaries, auditors, bankers, and}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 solicitors;}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Incorporation and ownership structure;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) Financial and accounting systems and controls;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) Assets and liabilities including asset and liability maturities;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (e) Income and expenditure;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (f) Fees and charges including interest rates charged and payable;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (g) Capital structure;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (h) Loan concentrations and risk exposures;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (i) Liquidity;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (j) Obligations and commitments including contingent liabilities;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (k) Foreign exchange and interest rate exposures;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (l) Pending proceedings and arbitrations;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (m)}{\f0\insrsid5647601 }{\f0\insrsid6030078\charrsid5003775 Acquisitions.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (4) Without limiting subsection (1) or subsection (3), a notice under}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 subsection (1) may \endash }{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Prescribe information that is required to be contained under normal}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 accounting principles in financial statements;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Require the publication of financial statements and notes to those}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 statements for any period or periods specified in the notice; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) Require financial statements and information to be published in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 consolidated form; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (d) Require financial information which is required to be published to}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 be take n from audited financial statements; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (e) Require financial statements and information which are required}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 to be published to be audited and to be accompanied by an auditor\rquote s}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 report.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (5) The Cabinet may, by order \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) In a case where a notice under subsection (1) prescribes information}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 to be published by all registered banks, approve that notice, and on}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the coming into force of that order, every registered bank shall}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 publish that information in the form and in the manner prescribed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) In a case where a notice under subsection (1) prescribes information}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 to be published by a specified class of registered banks, approve}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 that notice, and on the coming into force of that order, every}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registered bank which is a member of that class shall publish that}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 information in the form and in the manner prescribed. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (6) A registered bank shall not be required to publish information relating}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 to the affairs of any particular customer or client of the bank. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (7) The Bank shall consult with the Government before it prescribes}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 information which shall be published and the manner in which it shall be}{ \f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 published, under this section, by registered banks or any specified class of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registered banks. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (8) If the auditor\rquote s report required under subsection (4)(e) is qualified in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 any way, this may constitute a reasonable ground for the exercise of those powers}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 conferred on the Bank by sections 79 to 84. \par }{\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 51 Disclosure statements to be signed}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Every disclosure statement which a registered bank is required to publish}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 under section 50 shall be dated and shall be signed \endash \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (a) In the case of a body corporate, by every director of the body}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 corporate or by that director\rquote s agent authorised in writing; and \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (b) In the case of a partnership, by every member of the partnership or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 by that member\rquote s agent authorised in writing. \par }{\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 52 Bank may require disclosure statement to be corrected \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 Where the Bank considers that a disclosure statement published by a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registered bank \endash \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (a) Contains information that is false or misleading; or \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (b) Does not contain information which it is required to contain,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 whether or not the information contained in the disclosure statement}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 is false or misleading as a result of the omission;}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the Bank may, by notice in writing to the registered bank, require the registered}{\f0\insrsid9709452 }{ \f0\insrsid6030078\charrsid5003775 bank to \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (i) publish a disclosure statement that does not contain false or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 misleading information; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (ii) publish a disclosure statement that contains the information}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 that was omitted; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (iii) take such other corrective action as the Bank may specify in}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the notice. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid9709452 \par }{\b\f0\insrsid6030078\charrsid5003775 53 Interpretation}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 For the purposes of sections 54 to 60 \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 advertisement}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 means a form of communication \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) That is to be, or has been, distributed to any person by any means;}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) That is authorised or instigated by or on behalf of a registered bank}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 or prepared with the co-operation of, or by arrangement with, a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 registered bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) That contains, or refers to, an offer of debt securities by a registered}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 bank, or is reasonably likely to induce persons to subscribe for debt}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 securities of the registered bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 debt security}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 in relation to a registered bank, means any interest in or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 right to be paid money that is, or is to be, deposited with, lent to, or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 otherwise owing by, that registered bank (whether or not the interest}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 or right is secured by a charge over any property), and includes \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) A debenture, debenture stock, bond note, certificate of deposit, and}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 convertible note; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (b) Any renewal or variation of the terms or conditions of any existing}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 debt security; and}{\f0\insrsid9709452 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9709452 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (c) Any security that is declared by Cabinet, to be a debt security for}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 the purposes of this Act.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 54 Content of advertisements by registered banks}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every advertisement by a registered bank shall comply with the}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 requirements prescribed by regulations made under this Act. \par }{\f0\insrsid9709452 \par }{\f0\insrsid6030078\charrsid5003775 (2) This section shall come into force on a date to be appointed by order of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 Cabinet.}{\f0\insrsid6030078 \par }{\f0\insrsid9709452\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 55 Regulations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Cabinet may, on the advice of the Minister given in accordance with a}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 recommendation of the Bank, make regulations for the following purposes \endash \par }{\f0\insrsid9709452 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid9709452 {\f0\insrsid6030078\charrsid5003775 (a) Regulating advertising and advertisements by registered banks}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 including \endash }{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid9709452\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (i) prescribing the information, statements, certificates, documents,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 or other matters that shall or shall not be contained in, or}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 endorsed on, or attached to, advertisements; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (ii) prohibiting or restricting the use in advertisements of prescribed}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 words, information, statements, sounds and images, graphics,}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 or other matters; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid9709452 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (iii) prescribing requirements as to the layout or presentation of}{\f0\insrsid9709452 }{\f0\insrsid6030078\charrsid5003775 advertisements and the size of printing used in advertisements}{\f0\insrsid9709452\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 \endash and different matters may be prescribed, prohibited, restricted,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 specified, or required in respect of different classes of}{\f0\insrsid5703448 }{ \f0\insrsid6030078\charrsid5003775 advertisements;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Prescribing offences in respect of the contravention of or }{\f0\insrsid5703448 non-compliance }{\f0\insrsid6030078\charrsid5003775 with any regulations made under paragraph (a), and}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 prescribing the fines, not exceeding, in the case of an individual 50}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 penalty units, and in the case of a body corporate, 500 penalty units,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 that may be imposed in respect of any offence.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Bank shall consult with Cabinet before it makes a recommendation}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 under subsection (1).}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 56 Offence to advertise in contravention of regulations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) If an advertisement that does not comply with the requirements}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 prescribed by regulations made under this Act is distributed to any person \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The registered bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Every person holding office as a director of the registered bank at}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the time the advertisement was distributed \endash }{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 commits an offence. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) A registered bank that commits an offence against this section is liable}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 on conviction to a fine not exceeding 500 penalty units. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) An individual who commits an offence against this section is liable on}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 conviction to a fine not exceeding 50 penalty units. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (4) It is a defence to a prosecution for an offence against this section by a}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 person referred to in subsection (1)(b) if the defendant proves that the}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 advertisement was published without the defendant\rquote s knowledge and consent. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (5) This section shall come into force on a date to be appointed by order by}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 Cabinet. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 57 Bank may prohibit advertisements by registered banks}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Where, at any time, the Bank is of the opinion that an advertisement \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Is likely to deceive, mislead, or confuse with regard to any matter}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 that is material to an offer of debt securities by a registered bank to}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 which it relates; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Is inconsistent with the most recent disclosure statement published}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 by the registered bank; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) Does not comply with regulations made under this Act \endash }{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the Bank may make an order prohibiting the distribution of that advertisement or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 any advertisement which relates to the offer of those securities. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Any order may be made on such terms and conditions as the Bank}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 thinks fit. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) Where the Bank makes an order under this section \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) It shall forthwith notify the registered bank that the order has been}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 made and the reasons for making it; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) It may notify any other person that the order has been made and}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the reasons for making it. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (4) Every person who contravenes an order made under this section}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 commits an offence and is liable on conviction to a fine not exceeding 50 penalty}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 units. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (5) It is a defence to a charge under subsection (4) if the defendant proves}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 that the advertisement was distributed \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Without the defendant\rquote s knowledge; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Without the defendant\rquote s knowledge of the order. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (6) At any time after an order has been made under this section, the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered bank shall be entitled to appear and be represented before the Bank}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and the Bank, if it is satisfied that the order should not continue in force, may}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 revoke the order. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (7) This section shall come into force on a date to be appointed by order by}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 Cabinet. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 58 Offences in relation to disclosure statements and advertisements}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse, it fails to publish information that is required to publish in a disclosure}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 statement under section 50. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Where a disclosure statement that includes information that is false or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 misleading is published by a registered bank, the registered bank and every person}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 holding office as a director of the registered bank at the time of publication of the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 disclosure statement, commits an offence.}{ \f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) Where an advertisement that contains information that is false or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 misleading is distributed, the registered bank and every person holding office as}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 a director of the bank at the time of distribution of the advertisement, commits an}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 offence. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (4) A registered bank that commits an offence against this section is liable}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 on conviction to a fine not exceeding 500 penalty units. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (5) An individual who commits an offence against this section is liable on}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 conviction to imprisonment for a term not exceeding 2 years, or to a fine not}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 exceeding 50 penalty units. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (6) It is a defence to a prosecution for an offence against subsection (2) or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 subsection (3), if the defendant proves that the information was immaterial or, in }{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the case of an individual, that the defendant had reasonable grounds to believe}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and did, up to the publication of the disclosure statement, or the distribution of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the advertisement, as the case may be, believe that the information was true. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (7) This section shall come into force on a date to be appointed for the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 order by Cabinet.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 59 Civil liability}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Subject to section 60, the following persons are liable to pay}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 compensation to any person who sustains a loss by reason of subscribing for any}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 debt security issued by a registered bank in reliance on false or misleading}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 information contained in a disclosure statement or an advertisement, namely \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The registered bank; and}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Every person holding office as a director of the registered bank at}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the time of publication of the disclosure statement or the distribution}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of the advertisement, as the case may be.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) This section shall come into force on a date to be appointed by order by}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 Cabinet.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 60 Defences}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A person is not liable under section 59 in relation to false or misleading}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 information that is included in a disclosure statement or an advertisement if that}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 person proves that \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The disclosure statement was published or the advertisement was}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 distributed without his or her knowledge or consent, and on}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 becoming aware of the publication or distribution he or she}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 forthwith gave notice to the Bank that it was published or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 distributed without his or her knowledge or consent, and also gave}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 reasonable public notice that it was published or distributed without}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 his or her knowledge or consent; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) After publication of the disclosure statement or the distribution of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the advertisement and before the securities were subscribed for, he}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or she, on becoming aware of the false or misleading information,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 withdrew his or her consent to the disclosure statement or the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 advertisement, forthwith gave notice to the Bank of the withdrawal}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of that consent, and also gave reasonable public notice of the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 withdrawal of the consent; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) He or she had reasonable grounds to believe and did, up to the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 time of the subscription for the securities, believe that the statement}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 was true. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) This section shall come into force on a date to be appointed by order by}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 Cabinet. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 61 Supply of information for purposes of prudential supervision \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (1) For the purposes of this Part, the Bank may, by notice in writing to any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered bank or by notice in the }{\i\f0\insrsid6030078\charrsid5003775 Gazette }{\f0\insrsid6030078\charrsid5003775 applying to any specified class of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered banks, require the bank, or as the case may be, banks of that class, to}{\f0\insrsid5703448 }{ \f0\insrsid6030078\charrsid5003775 supply to the Bank such information, data, and forecasts relating to the business,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 operation, or management of the bank o r banks of that class and for such periods}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and in such form as may be specified in the notice. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Without limiting subsection (1), a notice may require information and}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 data to be supplied relating to the financial and accounting systems and controls,}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 assets and liabilities, income and expenditure (including interest rates charged}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and payable), fees and charges, obligations and commitments and risk exposures}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of, and transactions entered into by, that registered bank or class of registered}{\f0\insrsid5703448 }{ \f0\insrsid6030078\charrsid5003775 banks and any associated person and, where specified, in consolidated form, in}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 respect of business carried on in Niue, or elsewhere and whether as principal,}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 broker, agent or intermediary. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) A notice given under this section may, by a subsequent notice, be}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 revoked, varied or amended by the Bank. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (4) Information, data, and forecasts required to be supplied under this}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section shall be supplied to the Bank at such place in Niue and at such time as}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 may be specified in the notice. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (5) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse it \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Fails to comply in any respect with any of the provisions of this}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section or with any of the requirements of the Bank under this}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Supplies any information or data which it is required to supply}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 under this section which is false or misleading in a material}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 particular. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 62 Requirement that information be audited}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank may, by notice in writing to a registered bank, require any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 information and data which that bank is required to supply under section 61 to be}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 audited by an auditor approved by the Bank. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse, it fails to comply with this section.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 63 Bank may require report on financial and accounting systems \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Bank may, by notice in writing to a registered bank, require that}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered bank to supply the Bank with a report, prepared by a person approved}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 by the Bank, on the financial and accounting systems and controls of that registered}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 bank. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse, it fails to comply with this section. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 64 Disclosure of information to Bank by auditors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Every person who holds, or at any time has held, office as required by any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 enactment, as an auditor of a registered bank, shall disclose to the bank information }{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 relating to the affairs of that registered bank obtained in the course of holding that}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 office if, in the opinion of that person \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The registered bank is insolvent or is likely to become insolvent or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 is in serious financial difficulties; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) The disclosure of that information is likely to assist, or be relevant}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 to, the exercise by the Bank of its powers under this Part. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 65 Auditor to inform registered bank of intention to disclose \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 Every auditor shall, before disclosing any information to the Bank under}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section 64 take reasonable steps to inform the registered bank of the intention to}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 disclose the information and the nature of the information. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 66 Protection of auditors \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (1) No civil, criminal, or disciplinary proceedings shall lie against any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 auditor arising from the disclosure in good faith of information to the Bank under}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section 64. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) No tribunal, body, or authority, having jurisdiction in respect of the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 professional conduct of any auditor, shall make any order against, or do any act in}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 relation to, that person in respect of such disclosure. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) No information received by the Bank under section 64 shall be}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 admissible in evidence in any proceedings against the auditor concerned. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (4) Nothing in subsection (3) shall limit the admissibility of any information}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 obtained in any other way.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 67 Powers to obtain information and documents}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Where the Bank has reasonable cause to believe \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) That any information or data supplied to the Bank by a registered}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 bank under section 61 is false or misleading in a material particular;}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) That a registered bank has failed to comply with any requirement}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 to supply information, data, or forecasts under section 61; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) That a registered bank has failed to comply with section 63, it may\endash }{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (i) by notice in writing to that registered bank, require that}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered bank to supply to the Bank, within the time specified}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 in the notice, such information and data relating to the business,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 operation and management of that registered bank as may be}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 specified in the notice; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (ii) appoint, in writing, any person to enter and search any premises}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and inspect, remove, and take copies of, any documents or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 extracts from documents relating to the business, operation,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and management of that registered bank in the possession, or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 under the control, of any person, and, where necessary, require}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the reproduction in usable form of any information recorded}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or stored in those documents. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person commits an offence who, without lawful justification or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 excuse, hinders, obstructs, or delays, in the conduct of any inspection under this}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section, any person duly authorised to make such inspection. \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) It fails to comply with any requirement of the Bank under subsection}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 (1)(c)(i); or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) It supplies any information or data required to be supplied under}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 subsection 1(c)(i) which is false or misleading in a material}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 particular.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 68 Requirements on entering and searching premises}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) No person appointed under section 67(1)(c)(ii) shall enter and search}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 any premises, or inspect, remove, or take copies of any documents, or extracts}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 from documents, in the possession of, or under the control of, any person, or require}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the reproduction in usable form of any information recorded or stored in any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 documents, unless \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The occupier of the premises, or the person who has possession of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the documents, agrees; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) That person obtains a warrant under section 74. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person authorised to enter and search any premises under a}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 warrant obtained under section 74 on first entering those premises, and, if}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 requested, at any subsequent time, produce \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Evidence of that person\rquote s authority to enter the premises; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Evidence of that person\rquote s identity. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 69 Investigation of affairs of registered bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Where the Bank is satisfied that it is necessary or desirable for the purpose}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of determining whether or not to exercise the powers conferred under section 79}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 that an investigation of the affairs of any registered bank should be carried out,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the Bank may appoint, in writing, any person to carry out an investigation of the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 affairs of that registered bank.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 70 Powers of person appointed to carry out investigation}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Any person appointed under section 69 may, for the purposes of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 carrying out an investigation of the affairs of a registered bank \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) By notice in writing, require that registered bank, or any officer or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 employee of that registered bank, or any other person, to \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (i) supply any information or data relating to the business,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 operation, and management of the registered bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (ii) produce for inspection any documents of, or relating to, the}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 business, operation and management of that registered bank}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 in the custody, or under the control, of that registered bank,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 officer, employee, or person; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (iii) where necessary, reproduce in usable form any information}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 recorded or stored in such documents; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Take copies of any documents produced for inspection under}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 paragraph (a); \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) Require any officer or employee of that registered bank, or any other}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 person, to answer any question relating to the business, operation,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 and management of that registered bank.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Subject to section 72, any person appointed under section 69 may, for}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the purposes of carrying out an investigation of the affairs of the registered bank,}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 at any time \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Enter and search any premises;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Inspect, remove and take copies of any documents, or extracts from}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 documents, relating to the business, operation and management of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 that registered bank in the possession, or under the control, of any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 person;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) If necessary, require any person to reproduce in usable form any}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 information recorded or stored in those documents.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 71 Offences in relation to investigations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every person commits an offence who, without lawful justification or}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 excuse \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) Hinders, obstructs, or delays any person appointed to carry out an}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 investigation under section 69, in carrying out that investigation;}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) Refuses to answer any question put to him or her by that person}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 under section 70; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (c) Supplies any information required to be supplied under section 70}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 which is false or misleading in a material particular. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every registered bank commits an offence if, without lawful justification}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 or excuse \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) It fails to comply with any requirement of a person appointed to}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 carry out an investigation under section 69; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) It supplies any information or data required to be supplied under}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 section 70(1) which is false or misleading in a material particular. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) A statement made by any person in answer to any question by a person}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 appointed under section 69 to carry out an investigation into the affairs of a}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 registered bank shall not be admissible in criminal proceedings against the maker}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of the statement. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 72 Requirements to be complied with by person carrying out investigation \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (1) Any person who exercises any powers conferred by section 70(1) shall,}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 if requested, produce the instrument of that person\rquote s appointment under section \par 69.}{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) No person who exercises any powers conferred by section 70(2) shall}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 enter and search any premises, or inspect, remove and take copies of any}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 documents or extracts from documents, or require the reproduction in usable form}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of any information recorded or stored in documents, unless \endash \par }{\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (a) The occupier of the premises, or the person who has possession of}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 the documents, agrees; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5703448 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5703448 {\f0\insrsid6030078\charrsid5003775 (b) That person obtains a warrant under section 74. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every person authorised to enter and search any premises under a}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 warrant obtained under section 74 shall, on first entering those premises and, if}{ \f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 requested, at any subsequent time, produce \endash \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (a) Evidence of that person\rquote s authority to enter the premises; and \par }{\f0\insrsid5703448 \par }{\f0\insrsid6030078\charrsid5003775 (b) Evidence of that person\rquote s identity. \par }{\b\f0\insrsid5703448 \par }{\b\f0\insrsid6030078\charrsid5003775 73 Confidentiality of information}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5703448\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) This section applies to \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Information, data, and forecasts supplied or disclosed to, or obtained}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 by \endash }{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) the Bank;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid5703448\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) a person appointed under section 67(1)(c)(ii) or section 69 \endash }{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 under, or for the purposes of, or in connection with the exercise}{\f0\insrsid5703448 }{\f0\insrsid6030078\charrsid5003775 of powers conferred by this Part; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5703448 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Information and data derived from or based upon information, data,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 and forecasts referred to in paragraph (a); \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Information relating to the exercise, or possible exercise, of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 powers conferred by this Part.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Information, data, and forecasts to which this section applies shall not}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 be published or disclosed by the Bank, any officer or employee of the Bank, or a}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person appointed under section 67(1)(c)(ii) or section 69, except \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) With the consent of the person to whom the information relates; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) To the extent that the information is available to the public under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any Act, or in a public document; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) In statistical or summary form arranged in such a manner as to}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 prevent any information published or disclosed from being}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 identified by any person as relating to any particular person; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) For the purposes of, or in connection with, the exercise of powers}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 conferred by this Part; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (e) In connection with any proceedings for an offence against this Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (f) To any central bank, authority, or body in any other country which}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 exercises functions corresponding to or similar to those conferred}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 on the Bank under this Part for the purposes of the exercise by that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 central bank, authority, or body of those functions; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (g) To any person whom the Bank is satisfied has a proper interest in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 receiving su ch information. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) No information, data, or forecasts shall be published or disclosed under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 subsection (2)(f) or (g) unless the Bank is satisfied that satisfactory provision exists}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 to protect the confidentiality of the information, data, or forecasts published or}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 disclosed.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (4) No officer or employee of the Bank and no person appointed under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 section 67(1)(c)(ii) or section 69 shall use any information, data, or forecasts to}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 which this section applies for a purpose not connected with the purpose for which}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 such information, data, or forecasts was, or were, supplied, disclosed, or obtained. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (5) No person to whom any information, data, or forecasts to which this}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 section applies is or are published or disclosed under subsection (2)(d) shall publish, }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 disclose, or use such information, data, or forecasts except \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) For the purposes of, or in connection with the exercise of powers}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 conferred by, this Part; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Under such conditions as may be specified by the Bank. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (6) No person to whom any information, data or forecasts to which this}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 section applies is or are published or disclosed under subsection (2)(a) or subsection \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2)(g) shall publish, disclose or use such information, data, or forecasts unless the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 publication, disclosure, or use is \endash }{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Authorised by the Bank; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Necessary or desirable in connection with the exercise of any}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 function or power conferred by any enactment. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (7) Every person who contravenes this section commits an offence. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (8) Nothing in any other Act applies to information, data and forecasts to}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 which this section applies whether or not such information, data, and forecasts}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 has or have been published or disclosed to any person under this section.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 74 Procedure for obtaining warrants}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) If the Court is satisfied, on application in writing, made on oath, that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 there are reasonable grounds for believing \endash }{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) That any information or data supplied to the Bank by a registered}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 bank under section 61 is false or misleading in a material particular;}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) That a registered bank has failed to comply with any requirement}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 to supply information, data, or forecasts under section 61; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) That a registered bank has failed to comply with section 63 \endash }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 it may issue a warrant, in terms of section 75, to a person appointed under section}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 67(1)(c)(ii). \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) If the Court is satisfied, on application in writing made on oath, that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 there are reasonable grounds for believing that it is necessary for the purpose of} {\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 determining whether to exercise the powers conferred under section 79 that an}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 investigation of the affairs of a registered bank should be carried out, it may issue}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 a warrant, in terms of section 75, to a person appointed under section 69. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every warrant issued under subsection (1) shall state whether it is issued}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 under paragraph (a) or paragraph (b).}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 75 Effect of warrant}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every warrant issued under section 74 authorises the person named in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 it, at any time and, if necessary, by force, to \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Enter and search the premises named in it; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Inspect, remove, and take copies of, documents or extracts from}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 documents relating to the business, operation and management of}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 the registered bank in the possession, or under the control, of any}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Where necessary, require any information recorded or stored in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 those documents to be reproduced in usable form. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) The warrant shall continue in force for a period of 6 months or until the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 purpose for which it was granted has been satisfied, whichever is the lesser. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every person named in the warrant shall, as soon as practicable after}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 removing any documents or extracts from documents from any premises, supply}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 a copy of the documents or extracts to the person from whom the documents or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 extracts were removed.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 76 Effect of proceedings}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Where any proceedings in any court in respect of the exercise of any}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 powers conferred by section 67 or section 69 or section 70, until a final decision in} {\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 relation to those proceedings is given, the powers may be, or may continue to be}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 exercised as if no such proceedings had been commenced, and no person shall be}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 excused from fulfilling any obligation under those sections by reason of those}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 proceedings. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) This section shall apply notwithstanding any other Act or rule of law. \par }{\b\f0\insrsid12802620 \par }{\b\f0\insrsid6030078\charrsid5003775 77 Effect of final decision that exercise of powers unlawful \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 In any case where it is declared in a final decision given in any proceedings}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 in respect of the exercise of powers conferred by section 67 that the exercise of any}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 powers conferred by that section is unlawful, to the extent to which the exercise of}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 those powers is declared unlawful \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) The Bank shall ensure that forthwith after the decision of the Court}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 is given \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) any information and data supplied by the registered bank under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 section 67(1)(c) is destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) any documents or extracts from documents obtained under an}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 inspection ma de under section 67(1)(c)(i) are returned to the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person previously having possession of those documents or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 previously having them under his or her control and any copies}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 of such documents or extracts are destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (iii) any information derived from or based upon any such}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 information and data or documents or extracts is destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) No information and data supplied by the registered bank under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 section 67(1)(c) and no documents or extracts from documents}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 obtained under an inspection made under section 67(1)(c)(i) shall}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 be \endash }{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) admissible in evidence in any proceedings; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) used in connection with the exercise of any power conferred}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 by section 79.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 78 Decision that exercise of powers under section 69 or 70 unlawful}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 In any case where it is declared in a final decision given in any proceedings}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 in respect of the exercise of powers conferred by section 69 or section 70 that the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 exercise of any powers conferred by those sections is unlawful, to the extent to}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 which the exercise of those powers is declared unlawful \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) The Bank shall ensure that forthwith after the decision of the Court}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 is given \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) Any information or data obtained under section 70(1) is}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) Any documents produced for inspection under section 70(1)(a)}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 are returned to the person previously having possession of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 documents or previously having the documents under his or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 her control and any copies of such documents or extracts from}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 documents are destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (iii) any documents or extracts from documents obtained under an}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 inspection made under section 70(2) are returned to the person}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 previously having possession of those documents or previously}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 having them under his or her control and any copies of such}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 documents or extracts from documents are destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (iv) any information derived from or based upon any such}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 information, documents or extracts is destroyed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) No information or data obtained or documents produced for}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 inspection under section 70(1)(a) and no documents or extracts from}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 documents obtained under an inspection made under section 70(2)}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 shall be \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) admissible in evidence in any proceedings; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) used in connection with the exercise of any power conferred}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 by section 79. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid12802620 \par }{\b\f0\insrsid6030078\charrsid5003775 79 Bank may require registered bank to consult}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) If the Bank has reasonable grounds to believe that \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) A registered bank is insolvent or is likely to become insolvent; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) A registered bank is about to suspend payment or is unable to meet}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 its obligations as and when they fall due; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) The affairs of a registered bank are being conducted in a manner}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 prejudicial to the soundness of the financial system; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) The circumstances of a registered bank are such as to be prejudicial}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 to the soundness of the financial system; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (e) The business of a registered bank has not been, or is not being,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 conducted in a prudent manner; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (f) A registered bank has failed to comply with any requirement}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 imposed by or under this Act or regulations made under this Act;}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (g) A registered bank has been convicted of an offence against this Act;}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (h) A registered bank has failed to comply with a condition of its}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 registration \endash }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 the Bank may, by notice in writing, require the registered bank and any associated}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person of the registered bank, while the notice is in force to consult with the Bank}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 as to the circumstances of that registered bank and methods of resolving any}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 difficulties facing it.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) If the Bank has reasonable grounds to believe that \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) An associated person of a registered bank is insolvent or is likely to}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 become insolvent; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) An associated person of a registered bank is about to suspend}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 payment or is unable to meet its obligations as and when they fall}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 due; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) The affairs of an associated person of a registered bank are being}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 conducted in a manner prejudicial to the soundness of the financial}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 system; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) The circumstances of an associated person of a registered bank are}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 such as to be prejudicial to the soundness of the financial system \endash }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 the Bank may, by notice in writing, require that associated person, the registered}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 bank, and any other associated person of the registered bank while the notice is in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 force to consult with the Bank as to the circumstances of that associated person}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 and methods of resolving any difficulties facing it. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) Every notice under subsection (1) or subsection (2) shall state the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 grounds on which it is given. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (4) A registered bank or an associated person, as the case may be, that fails}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 to comply with a notice under this section commits an offence. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (5) The Bank may, at any time, revoke a notice given under this section.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 80 Bank may give advice and assistance}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) While a notice under section 79(1) is in force in relation to a registered}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 bank or an associated person, the Bank may \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Give advice to the registered bank or associated person concerning}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 its affairs; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Give advice and assistance in connection with the negotiation of}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any sale or other disposition of the whole or any part of the capital}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or business undertaking of that registered bank or associated person; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Give advice and assistance in connection with any scheme for}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 resolving the difficulties of that registered bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) With the consent of the Minister, by notice in writing to the parties,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 approve the sale or other disposition of the whole or any part of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 capital, or business undertaking, of the registered bank or associated}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 person to any person specified in the notice. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (2) While a notice under section 79(2) is in force in relation to an associated}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person of a registered bank or the registered bank, the Bank may \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Give advice to the associated person or the registered bank}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 concerning its affairs; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Give advice and assistance in connection with the negotiation of}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any sale or other disposition of the whole or any part of the capital}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or business undertaking of that associated person or the registered}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Give advice and assistance in connection with any scheme for}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 resolving the difficulties of that associated person; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) With the consent of the Minister, by notice in writing to the parties,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 approve the sale or other disposition of the whole or any part of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 capital, or business undertaking, of the associated person or the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 registered bank to any person specified in the notice. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid12802620 \par }{\b\f0\insrsid6030078\charrsid5003775 81 Bank may give directions}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) While a notice under section 79(1) is in force in relation to a registered}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 bank or an associated person, the Bank may, with the prior consent of the Minister,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 give a direction in writing \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Requiring that registered bank or associated person to carry on}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 business or any part of its business under the direction; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Requiring that registered bank or associated person to cease to carry}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 on its business, or any part of its business in accordance with the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 direction; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Requiring that registered bank or associated person to ensure that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any officer or employee of the registered bank or associated person}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 ceases to take part in the management or conduct of its business}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 except with the permission of the Bank and so far as that permission}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 extends; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) Requiring the registered bank or associated person in general}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 meeting to remove or replace a director; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (e) Requiring the registered bank or associated person to take such}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 other action as may be specified in the notice. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) While a notice under section 79(2) is in force in relation to an associated}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 person of a registered bank or a registered bank, the Bank may, with the prior} {\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 consent of the Minister, give a direction in writing \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Requiring that associated person or the registered bank to carry on}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 business, or any part of its business, in accordance with the direction; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Requiring that associated person or the registered bank to cease to}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 carry on its business, or any part of its business under the direction; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Requiring the associated person or registered bank to ensure that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any officer or employee of the associated person or the registered}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 bank ceases to take part in the management or conduct of its}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 business except with the permission of the Bank and so far as that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 permission extends;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) Requiring that associated person or the registered bank in general}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 meeting to remove or replace a director; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (e) Requiring that associated person or the registered bank to take such}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 other action as may be specified in the notice. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Bank may, with the consent of the Minister, amend or modify a}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 direction given under this section or revoke a direction and give another direction}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 in its place, and may, at any time, revoke a direction. \par }{\b\f0\insrsid12802620 \par }{\b\f0\insrsid6030078\charrsid5003775 82 Offence to contravene directions}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every person commits an offence who, being a registered bank or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 associated person, without lawful justification or excuse, contravenes, or fails to}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 comply with, a direction under section 81.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every person commits an offence who, being an officer or employee of}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 a registered bank or of an associated person, without lawful justification or excuse,} {\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 obstructs, hinders or prevents that registered bank or associated person giving}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 effect to any direction given under section 81.}{ \f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 83 Offence to disclose giving of notice}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Subject to subsections (2) and (3) every person commits an offence who}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 discloses that a notice has been given under section 79 or that a direction has been }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 given under section 81.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Nothing in subsection (1) applies to the disclosure or publication of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 fact that a notice or direction has been given where the disclosure or publication is}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 made \endash }{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) To any professional or financial adviser of the registered bank or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 associated person to which the notice or direction relates; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) With the written consent of the Bank, for the purposes of the sale or}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 other disposition, or the possible sale or other disposition, of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 whole or any part of the capital, or business undertaking, of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 registered bank or associated person;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) By the Bank or with the written consent of the Bank \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) to the public; or}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) to any person who has a proper interest in knowing that the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 notice or direction has been given.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) Nothing in subsection (1) applies to the disclosure or publication of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 fact that a direction has been given under section 81(1)(c) or (d) or section 81(2)(c)}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or (d) for the purpose of giving effect to that direction.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 84 Miscellaneous provisions with respect to notices and directions}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A notice given under section 79 and a direction given under section 81}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 shall be deemed to have been given on delivery to the head office, registered office }{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 or principal place of business in Niue of the registered bank or associated person. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) Where the Bank approves the sale or other disposition under section}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 80 of the whole or any part of the capital, or business undertaking, of a registered}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 bank or any associated person to any person, the provision of any enactment}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 requiring any co nsent, licence, permission, clearance or other authority shall not}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 apply in relation to that sale or disposition.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\b\f0\insrsid6030078\charrsid12802620 PART 8 \par FINANCIAL AND OTHER MATTERS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\b\f0\insrsid12802620\charrsid12802620 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 85 Financial year}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank\rquote s financial year shall end on 30 June in each year or on such other}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 date as the Board may decide.}{\f0\insrsid6030078 \par }{\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 86 Notional surplus income}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 For the purposes of section 90 }{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 notional surplus income}{\f0\insrsid5003775 "}{\f0\insrsid6030078\charrsid5003775 , in relation to a}{\f0\insrsid12802620 }{ \f0\insrsid6030078\charrsid5003775 financial year of the Bank, means the gross income of the Bank in that year, after \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Deducting the amount of income estimated to be paid or applied}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 in meeting the expenditure (other than interest expenditure) of the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 Bank in carrying out the functions and exercising the powers}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 referred to in section 87(1) \endash \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (i) as determined under the relevant funding agreement; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (ii) if a funding agreement has not been ratified under section 89,}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 as determined under the funding agreement applying to the}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 immediately preceding financial year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Deducting the expenditure (other than interest expenditure)}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 incurred by the Bank in respect of that year in carrying out the other}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 functions of the Bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (c) Deducting interest expenditure incurred by the Bank in carrying}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 out any of its functions; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (d) Deducting any provision made under generally accepted}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 accounting practice (other than those taken into account under}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 paragraphs (a) and (b)); \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (e) Deducting any net income derived by the Bank from its other}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 functions as shown in the financial statements of the Bank for that}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 financial year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (f) Adding any net loss incurred by the Bank from its other functions}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 as shown in the financial statements of the Bank for that financial}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 year.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid12802620\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 87 Funding agreements}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid12802620\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Funding agreements shall be entered into by the Minister and the Board}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 which shall specify the amount of income of the Bank to be paid or applied in}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 meeting the expenditure incurred by the Bank in each financial year in carrying}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 out the functions imposed and exercising the powers conferred by this Act and}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 any other Act. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (2) There shall be a funding agreement applying for every financial year}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 and each funding agreement shall apply to a period that comprises 3 consecutive}{ \f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 financial years. \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 (3) The Minister and the Board may by agreement \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (a) Vary the provisions of a funding agreement; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid12802620 {\f0\insrsid6030078\charrsid5003775 (b) Terminate a funding agreement and enter into a new funding}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 agreement. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12802620 {\b\f0\insrsid12802620 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 88 Contents of funding agreements \par }{\f0\insrsid12802620 \par }{\f0\insrsid6030078\charrsid5003775 Every funding agreement shall be in writing and \endash \par }{\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15598172 {\f0\insrsid6030078\charrsid5003775 (a) Shall make provision for the total expenditure to be incurred by}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 the Bank in carrying out the functions and exercising the powers}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 specified in section 87(1); \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid15598172 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15598172 {\f0\insrsid6030078\charrsid5003775 (b) Shall make provision for such items as may under generally}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 accepted accounting practice, properly be taken into account in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 determining the expenditure applicable to those functions and}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 powers; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid15598172 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15598172 {\f0\insrsid6030078\charrsid5003775 (c) May provide for the extent, if any, to which any material change in}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 the nature or extent of the work undertaken by the Bank in respect}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 of any of those functions or powers shall require the total level of}{\f0\insrsid12802620 }{\f0\insrsid6030078\charrsid5003775 expenditure to be redetermined between the Board and the Minister; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid15598172 {\f0\insrsid12802620 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid15598172 {\f0\insrsid6030078\charrsid5003775 (d) May make provision for such other matters, not being matters that}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 are inconsistent with this section, as the Board and the Minister}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 may think fit.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 89 Funding agreements to be ratified by the Assembly}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) On the sitting day immediately following a funding agreement being}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 entered into, or a funding agreement being varied, the Minister shall lay a copy of}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the agreement or the variation before the Assembly. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) No funding agreement, and no variation of a funding agreement, shall}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 be effective for the purposes of this Act unless it is ratified by a resolution of the} {\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Assembly.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 90 Application of surplus income}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The amount by which, in any financial year, the actual net income of}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Bank as shown the financial statements of the Bank for that year exceeds the}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 notional surplus income for that year, calculated under section 86, shall be paid or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 credited to the reserves of the Bank.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5647601 {\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5647601 {\f0\insrsid6030078\charrsid5647601 (2) The amount by which in any financial year the notional surplus income}{\f0\insrsid5770694\charrsid5647601 }{ \f0\insrsid6030078\charrsid5647601 for that year, calculated under section 86, exceeds the actual net income of the}{\f0\insrsid5770694\charrsid5647601 }{\f0\insrsid6030078\charrsid5647601 Bank for that year, as shown in the financial statements of the Bank for that year,}{\f0\insrsid5770694\charrsid5647601 }{\f0\insrsid6030078\charrsid5647601 shall be deducted from the reserves of the Bank. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) An amount equal to the amount of the notional surplus income}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 calculated under section 86 for each financial year shall be paid or credited, at the}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 direction of the Minister, after consultation with the Bank \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) To the reserves of the Bank or to the Niue Government Account; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) To both the reserves of the Bank and to the Niue Government}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Account in proportions determined by the Minister after}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 consultation with the Bank. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (4) In determining the amount of the notional surplus income to be credited}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 to the reserves of the Bank, the Minister shall have regard to \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li540\ri0\nowidctlpar\faauto\rin0\lin540\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) The capital requirements of the Bank; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li540\ri0\nowidctlpar\faauto\rin0\lin540\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) The views of the Board; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li540\ri0\nowidctlpar\faauto\rin0\lin540\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) Any other relevant matters. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 91 Annual report and accounts}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Within 6 months after the end of each financial year the Bank shall}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 deliver to the Minister \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) A report on the operations of the Bank during that financial year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Audited financial statements for that financial year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) The auditor\rquote s report on those financial statements; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (d) A statement of the projected income and expenditure for the next}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 financial year. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) The report referred to in subsection (1)(a) shall contain such information}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 as is necessary to enable an informed assessment to be made of the Bank\rquote s} {\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 performance in carrying out its functions during that year. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) The documents referred to in subsection (1) shall, by virtue of this}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 section, stand referred to the Assembly. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 92 Contents of financial statements}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The financial statements shall be prepared under generally accepted}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 accounting practice and shall include \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) A statement of the Bank\rquote s financial position as at its balance date; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) An operating statement reflecting the income and expenses of the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Bank for that year by reference to the functions carried out by the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) A statement of cash flows reflecting the Bank\rquote s cash flow for that}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (d) A statement of the Bank\rquote s commitments as at the balance date; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (e) A statement of the Bank\rquote s contingent liabilities as at the balance}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 date; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (f) A statement of accounting policies; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (g) Such other statements as are necessary to fairly reflect the financial}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 operations of the Bank for that year and its financial position at the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 end of that year; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (h) Comparative actual figures for the previous financial year for}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 paragraphs (a) to (e) and, where appropriate paragraph (g). \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (2) The financial statements shall show separately\endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) Any payments made by the Bank under section 8(1); and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Any payments made by the Minister to the Bank under section 8(2). \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 93 Management statements \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (1) The financial statements of the Bank shall be accompanied by a}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 management statement signed by the Board.}{\f0\insrsid5770694 \par \par }{\f0\insrsid6030078\charrsid5003775 (2) The management statement shall comprise \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) A statement of the management\rquote s responsibility for the preparation}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 of the annual financial statements and the judgments used in them; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) A statement of the management\rquote s responsibility for establishing and}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 maintaining a system of internal control designed to provide}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 reasonable assurance as to the integrity and reliability of financial}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 reporting; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) A statement that, in the opinion of the management, the annual}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 financial statements for the financial year fairly reflect the financial}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 position and operations of the Bank.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 94 Auditors}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Minister may appoint one or more persons (whether as individuals}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 or as the members of any firm or firms), being persons qualified for appointment}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 as auditors of a company under the Companies Act 1955 (NZ) or Companies Act}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 1993 (NZ) to be the auditor or auditors of the Bank. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) Every appointment shall be for a term not exceeding 2 years, but any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 person appointed as auditor shall continue in office until a successor comes into}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 office. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) Any person appointed as auditor shall be eligible for reappointment. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (4) The auditor or auditors shall be entitled to receive from the funds of}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Bank such fees as the Board determines. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 95 Performance audit}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Cabinet on the advice of the Minister may appoint one or more persons(whether as individuals or as members of any firm or firms) to carry out an}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 assessment of the performance by the Bank of its functions and of the exercise by}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Bank of its powers under this Act. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) As soon as practicable after completing an assessment, the person}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 appointed shall submit a report to the Minister setting out the results of that}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 assessment. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) The report shall by virtue of this section, stand referred to the Assembly. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (4) Any person appointed to conduct an assessment under this section,}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 for the purpose of conducting that assessment \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) Shall have full access to all books and documents that are the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 property of or that are under the control of any person relating to}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Bank or its affairs; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) May require any director, officer or employee of the Bank or any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 other person to answer any questions relating to the Bank or its}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 affairs; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) May, by notice in writing to any person, require that person to}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 deliver any books or documents relating to the Bank or its affairs in}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the possession or under the control of that person and may take}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 copies of them or extracts from them. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (5) Nothing in subsection (4) limits or affects section 74. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (6) The fees of the person appointed to carry out an assessment under this}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 section shall be paid out of the funds of the Bank. \par }{\f0\insrsid5770694 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\b\f0\insrsid6030078\charrsid5770694 PART 9 \par INTERNATIONAL COMMERCIAL BANK \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 96 Bank to act as International Commercial Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 The Bank shall act as an International Commercial Bank under this Part.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 97 Appointment of Board of International Commercial Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The Board shall, on the advice of the Cabinet, appoint a board to}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 administer the functions and powers of the International Commercial Bank. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) This board shall be known as the International Commercial Bank Board. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) The International Commercial Bank Board shall consist of 3 members. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (4) The International Commercial Bank Board shall comprise \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) A Chief Executive to be appointed by Cabinet; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Two non-executive directors to be appointed by Cabinet on the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 advice of the Minister; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid6030078\charrsid5003775 (5) A member of the Board of the Niue Bank shall not be a member of the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 International Commercial Bank Board at any one time. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (6) The members of the International Commercial Bank Board shall be}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 deemed officers of the Bank for the purposes of section 73 and directors for the}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 purposes of section 106. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (7) Sections 24 to 31 shall apply to the operations and membership of the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 International Commercial Bank Board. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 98 Duties of Board of International Commercial Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Subject to this Act, the International Commercial Bank Board shall \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) Keep under constant review the performance of the International}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Commercial Bank in carrying out its functions; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Ensure that the International Commercial Bank carries out the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 func tions imposed on it by this Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) Ensure that the resources of the International Commercial Bank are}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 properly and effectively managed; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (d) Direct the exercise of the powers granted to the International}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Commercial Bank by this Act.}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 99 Powers of the International Commercial Bank}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) The International Commercial Bank shall have the power to enter into}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 such transactions as the Board determines are for the benefit of Niue. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) The International Commercial Bank shall have all the powers associated}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 with a commercial bank including the following \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) The power to incorporate and/or register a company; and \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) The power to give security over its assets and undertaking. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) In discharging its functions under section 96, the International}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Commercial Bank may exercise those powers specified in sections 7 to 19 if the}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Board gives its prior consent to such exercise.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 100 Liabilities of International Commercial Bank not to be charge against}{\b\f0\insrsid5770694 }{\b\f0\insrsid6030078\charrsid5003775 the Niue Government Account}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Any liability or obligation incurred by the International Commercial}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Bank as a result of performing its duties or exercising any power under this Act}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 shall not be a charge against the Niue Government Account. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) The Government Loans Act 1980 shall not apply to any liability or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 obligation incurred by the International Commercial Bank as a result of performing}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 its duties or exercising any power under this Act. \par }{\f0\insrsid5770694 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\b\f0\insrsid6030078\charrsid5770694 PART 10 \par MISCELLANEOUS PROVISIONS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\b\f0\insrsid5770694\charrsid5770694 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid6030078\charrsid5003775 101 Issue of Bank notes}{\b\f0\insrsid5770694 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) It shall not be lawful for any Bank to issue bank notes in Niue. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) Any person who contravenes subsection (1) commits an offence and is}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 liable on conviction to a fine not exceeding 1000 penalty units.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 102 Obligations under this Act not limited}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 An obligation or limitation imposed on a person by any other Act or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 instrument or by any trust or agreement shall not prevent or excuse that }{ \f0\insrsid5770694\charrsid5003775 person from}{\f0\insrsid6030078\charrsid5003775 complying with any provision of this Act or any regulation made under it or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 with any direction, notice, req uirement or condition given or imposed under that}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 provision.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\b\f0\insrsid6030078\charrsid5003775 103 Regulations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Cabinet may make regulations for all or any of the following purposes \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) Providing for those Acts to be administered by the Bank under}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 section 6; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Providing for such matters as are necessary to enable the Minister}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 or the Bank to exercise any powers and functions conferred on the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Minister or the Bank by this Act or by any regulation made for any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 of the purposes of this Act;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) Providing for the granting, refusal and revocation of consents,}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 permissions and exemptions in respect of any matters to which any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations made under this Act relate; and authorising the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 imposition, variation, and revocation of conditions subject to which}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 such consents, permissions and exemptions may be granted; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (d) Providing for the furnishing of information and the production of}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 books or documents to the Minister or the Bank or any other person}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 for any of the purposes of any such regulations (whether or not the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 effect of doing so may be to require the furnishing of information,}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 or the production of books or documents, that will reveal the identity}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 or affairs or any particular person); and providing for the verification}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 of any such information; and providing that any such books or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 documents may be copied, and may be retained or impounded, by}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 any person or persons to whom they are produced; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (e) Authorising the Minister or the Bank or any other person to exercise}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 any discretionary power or authority for the purposes of any such}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (f) Providing for the delegation of any of the powers or functions of}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Minister (including the power of delegation) or the Bank under}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 any such regulations; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (g) Providing for and regulating the issue, registration, transfer, control}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 and redemption of any securities issued by the Bank; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (h) Prescribing forms for the purposes of this Act or of any such}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations, in any case where a form is not prescribed by this Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (i) Providing for and regulating the giving or service of notices for the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 purposes of this Act or of any such regulations, and the effect of}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 such notices; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (j) Prescribing fees to be charged by the Bank in respect of any matter}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 under this Act; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (k) Prescribing offences against any such regulations and prescribing}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 fines not exceeding in respect of any such offence 500 penalty units}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 and, in the case of a continuing offence, 5 penalty units for every}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 day on which the offence has continued; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (l) Providing for such matters as are contemplated by or necessary for}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 giving full effect to this Act and its due administration. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 104 Consents under regulations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) If a transaction is entered into or an instrument is executed without the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 prior consent of the Minister or the Bank required by any regulations made under}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 this Act, the Minister or the Bank, as the case may be, may at any time consent to}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the entry into the transaction or the execution of the instrument. \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (2) Subject to the terms of the consent any transaction or instrument and}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 any relationship or interests created by it which would be invalid or }{ \f0\insrsid5770694\charrsid5003775 unenforceable without}{\f0\insrsid6030078\charrsid5003775 that consent shall, on the giving of that consent, be valid and enforceable}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 as if the consent had been given before the transaction was entered into or the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 instrument executed.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (3) Consent may be given \endash }{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) In respect of such transactions, instruments, or persons or classes}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 of transactions, instruments or persons as the Minister or the Bank}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 may determine or in respect of any specified transaction, instrument}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 or person;}{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Wholly or partly and either unconditionally or subject to such}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 conditions as the Minister or the Bank thinks fit. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (4) A consent to the entry into any transaction or the execution of any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 instrument shall be deemed to be a consent given under the regulations requiring}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 consent. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 105 Offences against regulations}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) Every person commits an offence against this Act who \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) With intent to deceive, makes any false or misleading statement or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 any material omission in \endash }{\f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (i) any offer or declaration made for the purposes of any}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations under this Act; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (ii) any communication with, or application to, the Minister or the}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 Bank or any other person (whether in writing or otherwise) for}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the purposes of those regulations; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Resists, obstructs, or deceives any person who is exercising or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 attempting to exercise any power or function under any such}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (c) Without lawful excuse, acts in contravention of or fails to comply}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 in any respect with any such regulations or any direction, notice,}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 requirement or condition given or imposed under any such}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 regulations.}{ \f0\insrsid6030078 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) Nothing in subsection (1) limits section 103(k). \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 106 Penalties for offences}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 Every person who commits an offence against this Act for which no penalty}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 is provided except in this section is liable on conviction \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) In the case of an individual to imprisonment for a term not exceeding}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 3 months or to a fine not exceeding 50 penalty units; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) In the case of a body corporate, to a fine not exceeding 500 penalty}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 units. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 107 Evidence}{\b\f0\insrsid6030078 \par }{\b\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (1) A copy of a resolution of the Bank certified by the Board to be correct}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 shall in the absence of proof to the contrary be sufficient evidence of the resolution}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 in any proceedings.}{\f0\insrsid6030078 \par }{\f0\insrsid5770694\charrsid5003775 \par }{\f0\insrsid6030078\charrsid5003775 (2) A certificate signed by the Board to the effect that \endash \par }{\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (a) Any approval or consent required under any Act has or has not}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 been given by the Bank, or is or is not for the time being in force; or \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5770694 {\f0\insrsid5770694 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5770694 {\f0\insrsid6030078\charrsid5003775 (b) Any document has been duly signed by or on behalf of the Bank or}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Board \endash }{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 shall in the absence of proof to the contrary be sufficient evidence of the matters}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 stated in it in any proceedings. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5003775 {\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 (3) Any certificate purporting to have been signed by the Board shall, in}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the absence of proof to the contrary, be deemed for all purposes to have been duly}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 signed by the Board. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 108 No action to lie against certain persons \par }{\f0\insrsid5770694 \par }{\f0\insrsid6030078\charrsid5003775 Notwithstanding any other provision of this Act, no action shall lie against}{\f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Government, the Minister, the Bank, the Board, or any director or employee of}{ \f0\insrsid5770694 }{\f0\insrsid6030078\charrsid5003775 the Bank in respect of the performance of their functions or duties under this Act. \par }{\b\f0\insrsid5770694 \par }{\b\f0\insrsid6030078\charrsid5003775 109 }{\f0\insrsid6030078\charrsid5003775 [Spent] \par }}