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\rsid16325338\rsid16342440\rsid16414360\rsid16661602\rsid16672894\rsid16676209}{\*\generator Microsoft Word 11.0.5604;}{\info{\title NIUE DEVELOPMENT BANK ACT 1993}{\author sam_f}{\operator freriks_k}{\creatim\yr2009\mo3\dy24\hr15\min58}
{\revtim\yr2009\mo4\dy16\hr10\min31}{\version10}{\edmins64}{\nofpages19}{\nofwords5646}{\nofchars32188}{\*\company USP}{\nofcharsws37759}{\vern24689}}\paperw11906\paperh16838 
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\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain 
\s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9197321 \f35\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\insrsid9197321\charrsid14248555 NIUE LAWS 
\par LEGISLATION AS AT DECEMBER 2006}{\f0\insrsid9197321\charrsid14248555 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid9197321 \f35\fs24\lang2057\langfe1033\cgrid\langnp2057\langfenp1033 {\b\f0\insrsid9197321\charrsid14248555 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 NIUE DEVELOPMENT BANK ACT 1993}{\b\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 1994/189 \endash  6 July 1994}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 1 Short title
\par 2 Interpretation}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 1
\par ESTABLISHMENT AND ADMINISTRATION
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 3 Niue Development Bank
\par 4 Constitution of Board
\par 5 Responsibilities of directors
\par 6 Term of office of directors
\par 7 }{\f0\insrsid15750826\charrsid4535022 Extraordinary}{\f0\insrsid14181604\charrsid4535022  vacancies
\par 8 Meetings of the Board
\par 9 Committees
\par 10 Directives by Cabinet
\par 11 General Manager and other employees
\par 12 Consultant and specialist personnel
\par 13 Personal liability}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 2
\par CAPITAL
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 14 Authorised capital
\par 15 Subscription of shares}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 PART 3
\par FUNCTIONS, POWERS AND FUNDS}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 16 Functions of the Bank
\par 17 Powers of the Bank
\par 18 Operating principles
\par 19 Vesting of property in Bank
\par 20 Funds
\par 21 Application of funds
\par 22 Principles and limits on financing and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 operations
\par 23 Short-term investment
\par 24 Reserve Fund and allocation of net profit
\par }{\f0\insrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 4
\par ACCOUNTS AND REPORTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 25 Financial year
\par 26 Accounts and audit
\par 27 Reports}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 5
\par SECURITIES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 28 Security for advances
\par 29 Securities to be taken in name of Bank
\par 30 Assignment of money as security may be}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 irrevocable
\par 31 Alienation and assignment as security for}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 advances
\par 32 Assignments of money from land vested}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 in trustees
\par 33 Advances to be paid as Bank directs
\par 34 Charging order may be made
\par 35 Discharging of charging orders
\par 36 Appointment of receiver to enforce}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 charges}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 6
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 37 Taxation
\par 38 Contracts of Bank
\par 39 Execution of documents
\par 40 Evidence of documents
\par 41 Penalty for misapplication of loan
\par 42 False statements
\par 43 Disclosure of information
\par 44 Breach of Act or regulations
\par 45 Rules
\par 46 Regulations
\par 47-49 [Spent]}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 ________________
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 To establish the Niue Development Bank
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\par }{\b\f0\insrsid14181604\charrsid4535022 1 Short title}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 This is the Niue Development Bank Act 1993.}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 2 Interpretation}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 In this Act \endash }{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
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 means the auditor appointed under article 60 of the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Constitution;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
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\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022 economic development}{\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022  means development, in conformity
 with the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 priorities of national development goals made by the Government}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 including development of \endash 
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\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) Tourism;}{\f0\insrsid14181604 
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\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) Agriculture, livestock, forestry and fishing;}{\f0\insrsid14181604 
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\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (f) Housing;}{\f0\insrsid14181604 
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\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
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\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) Loan; or}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (c) Hire Purchasing; or}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (d) Leasing;}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022 Minister}{\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022  means the Minister of Finance;}{\f0\insrsid14181604 

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022 permanent Niuean resident}{\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022 
 means any person who has been granted}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 permanent resident status under section 6 of the Entry Residence and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Departure Act 1985;}{
\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022 recipient}{\f0\insrsid4535022 "}{\f0\insrsid14181604\charrsid4535022  means any Government corporate body, or person, or}
{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 organisation, to whom the bank provides financial assistance.}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 1
\par ESTABLISHMENT AND ADMINISTRATION
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 3 Niue Development Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) There is hereby established a Bank called the Niue Development Bank.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The Bank shall be a body corporate with perpetual succession and a}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 common seal and shall be capable of acquiring holding and disposing of real and}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 personal property, suing and being sued and subject to this Act, of doing and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 suffering all such other acts and things as body }{
\f0\insrsid15750826\charrsid4535022 corporate}{\f0\insrsid14181604\charrsid4535022  may lawfully do and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 suffer.}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 4 Constitution of Board}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) There shall be a Board of Directors of the Bank consisting of \endash 
\par }{\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) The Financial Secretary or a person delegated by him in writing as}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
his alternate;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) Four persons from the private sector, of good character and standing,}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
who shall each have expertise in one or more different areas of the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Bank\rquote s operation and who shall be appointed by Cabinet, but shall}{\f0\insrsid4535022  }{
\f0\insrsid14181604\charrsid4535022 not include any Ministers of the Crown or any members of the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Assembly.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Cabinet shall appoint a Chairman who shall be one of the directors}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 referred to in subsection (1).
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The appointment of directors and Chairman shall be publicly notified}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 in such manner as Cabinet deems appropriate.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (4) The Board may elect one of their members to be Deputy Chairman.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (5) No person shall be deemed to be employed in the public service by}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 reason only of his being a member of the Board.
\par }{\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 5 Responsibilities of directors}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Board of Directors shall be responsible to the Cabinet for the proper}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 and efficient operation of the Bank.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Without limiting the generality of subsection (1), the responsibilities of}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 the Board of Directors shall include the responsibility to \endash 
\par }{\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) Ensure that the functions of the Bank are carried out efficiently and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
under proper banking standards;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) Maintain the independence and integrity of the Bank;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (c) Ensure that the Bank complies with this Act, the Bank\rquote s policies}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
and any directions given to the Bank under section 10.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 6 Term of office of directors}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Except as otherwise provided by this Act, every appointed director shall}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 hold office for a period of not less than one year and not more than 2 years}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 commencing on the date of his appointment provided that any director may be}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 reappointed for further terms.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) A member of the Board who is not an employee of the public service or}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 any ad-hoc body of the Government shall be paid from the funds of the Bank such}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 remuneration and allowances as Cabinet may determine.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) Notwithstanding any other provision in this Act every member whose}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 office is terminated by the effluxion of time shall continue to hold office until his}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 successor is appointed.
\par }{\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 7 Extraordinary vacancies}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Any appointed director may at any time be removed from office by the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Minister with the concurrence of Cabinet \endash 
\par }{\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) For disability, bankruptcy, neglect of duty or misconduct proved to}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
the satisfaction of the Minister with the concurrence of Cabinet; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) If that director is absent from Niue for any period exceeding 2}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 months; or

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (c) If the director is absent from 3 consecutive meetings of the Board}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
without leave of absence from the Board.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) An appointed director may at any time resign his office by delivering a}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 notice in writing to that effect to Cabinet.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) If any director dies or resigns, or is removed from office, his office shall}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 become vacant and the vacancy shall be deemed to be an extraordinary vacancy.

\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (4) An extraordinary vacancy shall be filled by the appointment of a person}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 in the same manner as the appointment of the vacating member.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (5) Every person appointed to fill an extraordinary vacancy shall be}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 appointed for the residue of the term for which the vacating member was}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 appointed.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (6) The powers of the Board shall not be affected by any vacancy in its}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 membership, provided that no business shall be transacted by the board if at any}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 time its total membership under clause 4 falls below 3 persons.
\par }{\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 8 Meetings of the Board}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The first meeting of the Board shall be held on a day to be appointed by}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 the Minister.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Subsequent meetings of the Board shall be held at intervals of not more}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 than every 6 weeks, at such times and places as the Board appoints.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The Minister, or the Chairman or any 2 directors may at any time call a}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 special meeting of the Board.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (4) Not less than 3 days notice of every meeting, together with the proposed}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 agenda for that meeting shall be giv
en in writing to every director present in Niue,}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 unless all the directors of the time being in Niue unanimously agree that shorter}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
notice may be given in respect of any particular meeting.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (5) At all meetings of the Board the quorum necessary for the transaction}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 of business other than the adjournment of the meeting shall be not less than 3}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 members holding office.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (6) The Chairman shall preside at all meetings of the Board at which he is}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 present.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (7) In the absence of the Chairman from any meeting, the Vice-Chairman}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 shall preside, provided that if the Vice-Chairman is also absent, then the directors}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 present shall appoint one of their number to be Chairman.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (8) At any meeting of the Board every director shall be entitled to one vote}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 on any matter, provided that the Chairman or other person presiding shall in the}
{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 case of equality of votes, also have a casting vote.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (9) Minutes shall be kept of every meeting of the Board. A resolution in}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 writing signed or assented to by letter or facsimile, by all members of the Board}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 shall be as valid and effectual as if it had been passed at a meeting of the Board}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 duly called and constituted.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (10) Subject to this Act and of any regulations under it, the Board may}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 regulate its procedures in such manner as it thinks fit.
\par }{\f0\insrsid4535022 
\par (11)
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) No director shall vote or take part in the discussion of any matter}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
before the Board or before the committee of it in which he has}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 directly or indirectly a pecuniary interest apart from any interest in}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
common with the public.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) Any director who knowingly offends against this subsection}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
commits an offence and shall be liable on conviction to a fine not}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 exceeding 10 penalty units.}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 9 Committees}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Board may by resolution appoint, discharge, alter, continue or}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 reconstitute a committee or committees, consisting of 2 or more members, to advise}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 the Board on such matters as are referred to any committee by the Board.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any person may be appointed to be a member of any committee}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 appointed under this section notwithstanding that he is not a member of the Board.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) Subject to this Act, of any regulations, or of any general or special}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 directives of the Board, any such committee may regulate its procedure in such}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 manner as it thinks fit.}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 10 Directives by Cabinet}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Cabinet may give the Bank in writing such directives as Cabinet thinks}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 fit as to the policy to be followed by the Bank in the exercise of its functions or
}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 powers, provided that no such directives shall be given in respect of specific loans}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 or loan applications.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The Bank shall, in the exercise of its functions and powers, give effect}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 to any written directives given to it by the Cabinet under this section.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) A copy of every direction given by Cabinet to the bank under this section}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 in any financial
 year shall be included in the annual report of the Bank for that}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 year laid before the Assembly under section 27(1}{\f0\insrsid15750826\charrsid4535022 ) (}{\f0\insrsid14181604\charrsid4535022 b).

\par }{\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 11 General Manager and other employees}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Board shall employ at such remuneration and on such terms and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 conditions as it may determine, a suitably qualified General Manager, who shall}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 perform such duties as may be prescribed by the Board.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The General Manager may be required to attend all Board meetings}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 unless his presence at any meeting is excused by the Board or when any matter in}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 which he is directly or indirectly privately interested is to be considered at such}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 meeting.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The Board may engage at such remuneration on such terms and}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 conditions and in such number as it may determine, other employees as may be}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 essential for the conduct of the business of the Bank.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (4) The Board may in writing delegate to the General Manager or other}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 employee of the Bank such of the powers or functions of the Board including the}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 power of delegation conferred by this section as it may think fit; provided that in}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 no case shall any power \endash 
\par }{\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (i) to acquire land or buildings; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (ii) to sell land or building vested in the Bank be delegated.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (5) Subject to any general or special direction given or conditions imposed}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 by the Board or person to whom any powers are delegated as aforesaid, any person}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 to whom any powers are delegated may exercise those powers in the same manner}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
and with the same effect as if they had been conferred directly by this Act and not}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 by delegation.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (6) Every person purporting to act under any delegation under this section}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 shall be presumed to be acting under the terms of the delegation in the absence of}
{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 proof to the contrary.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (7) Any delegation under this section may be made to a specified person}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 or to persons of a specified class or may be made to the holder for the time being}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 of a specified office or appointment or to the holders of offices or appointments of}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 a special class.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (8) Any delegation under this section may be revoked at any time.
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (9) The delegation of any power by the Board or person shall not prevent}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 the exercise of that power by the Board or as the case may require, by that person.

\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (10) A copy of every delegation made under this section in any financial}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 year shall be included in the annual report of the bank for that year laid before the
}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 Assembly under section 27(1)(b).
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (11)Any person in the public service may be appointed to be an officer or}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 employee of the Bank but no such person shall be entitled to hold office}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 concurrently as an officer or employee of the Bank and as a public servant except \endash 
\par }{\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) In the case of a person who is a member of the public service with}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
the consent of the Public Service Commission; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) In any other case with the consent of the Minister of the Crown to}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
whose control he is subject.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (12)}{\f0\insrsid4535022 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (a) Any person who was an officer of the public service and who is}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
employed by the Bank, may within 3 months after his appointment}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 as an officer or employee of the Bank, elect to resume employment}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
in the public service and, in any such case, notwithstanding the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 provisions of any enactment to the contrary, his employment in the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
public service shall be deemed to have continued without}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 interruption;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (b) This subsection shall not apply to any person whose employment}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 by th
e Bank is terminated for misconduct or neglect of duty.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid4535022 {\f0\insrsid14181604\charrsid4535022 (c) No person shall be entitled to receive any salary as a member of the}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 
public service in respect of any period during which he was}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 employed by the Bank.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 12 Consultant and specialist personnel
\par }{\f0\insrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Without limiting this Act, the board may with the approval of the Minister}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 with concurrence of Cabinet appoint consultants, advisers and such specialist}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 personnel as it thinks necessary or appropriate to assist the General Manager or}{\f0\insrsid2443477  t}{\f0\insrsid14181604\charrsid4535022 he Bank generally or specifically.
\par }{\b\f0\insrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 13 Personal liability}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 No member of the Board or employee of the Bank shall be personally liable}{\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 for any act or default done or made by the Board or by any director or employee}{
\f0\insrsid4535022  }{\f0\insrsid14181604\charrsid4535022 in good faith in the course of the operations of the Bank.}{\f0\insrsid14181604 
\par }{\f0\insrsid4535022\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid14181604\charrsid4535022 PART 2
\par CAPITAL
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid4535022\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 14 Authorised capital}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid4535022\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) [Spent]
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The authorised capital of the Board may be increased to such amount}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 as may be prescribed by Cabinet.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid6622047 (}{\f0\insrsid14181604\charrsid4535022 3) The authorised capital of the Bank shall not be increased otherwise}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 than under this section.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 15 Subscription of shares}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Bank shall not allot any of its unissued shares to any person other}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 than Her Majesty or a nominee holding the shares on behalf of Her Majesty.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) For the purposes of subsection (1) the Minister may hold and subscribe}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 for shares on behalf of Her Majesty and any statutory body in which the}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Government holds a controlling interest or ad hoc of Government may be a}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
nominee of Her Majesty for the purpose of subscribing for and being allotted}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 shares on Her behalf.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The shares of the Bank shall not be pledged or encumbered in any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 manner whatsoever and shall not without the prior approval of Cabinet be}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 transferred or assigned and then, only on such terms and conditions as Cabinet}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 may impose.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (4) The liability of a shareholder shall be limited to the unpaid portion of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the par value of shares for which the shareholder subscribed.
\par }{\f0\insrsid10382412 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\b\f0\insrsid14181604\charrsid10382412 PART 3
\par FUNCTIONS, POWERS AND FUNDS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 16 Functions of the Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The general functions of the Bank shall be \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) To provide finance for the establishment, development, extension}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
or assistance of industry and economic development in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) To encourage and promote investment in the economic}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 development of Niue;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) To provide finance for dwellings and improved housing and}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
improved living conditions in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) To provide technical assistance or advice and to generally foster}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
economic development in Niue.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Without limiting the generality of subsection (1), the Bank shall have}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the following functions \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) To provide financial assistance on such terms and conditions as the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
Board thinks fit, to permanent Niuean residents engaged or about}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 to be or intending to be engaged in any economic development in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Niue;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) To provide such advisory and technical services either with or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
without remuneration or fee as the Board considers desirable or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 expedient in the interest of the community and its economic}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
development;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) To assist in obtaining and placing foreign investment on Niue for}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
the purposes of economic development;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) To administer on such terms and conditions as may be approved}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
by the board such special funds as may be placed at the disposal of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the Bank;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (e) To study and promote onshore investment opportunities for the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
economic development in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (f) With the prior approval of Cabinet to acquire by lease or sublease}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
any land or buildings and to develop the same as a building estate}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 by the erection, construction, alteration, maintenance and}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
improvement of dwelling houses or flats, and gardens, recreation}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 parks and other works and buildings for or for the convenience of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
persons occupying such dwelling houses or flats;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (g) To lease any land in the cause of housing and other urban}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
development, improvements and renewal; provided that the power}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 to sell land contained in here shall not extend to any land acquired}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
by the Government by warrant under section 8 of the Niue}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Amendment Act 1968 No 2 and provided further that this provision}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
shall not be deemed to extend the powers of the Niue Development}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Bank in respect of land beyond such powers as the Niue}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
Development Bank would have had prior to the passing of this}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Act;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (h) To do all matters and things incidental to or connected with the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 foregoing.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The Board shall have such other functions as are conferred on it by this}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Act or by any other enactment.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 17 Powers of the Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Bank shall have all such powers, rights and authorities as may}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 reasonably be necessary or expedient to carry out its functions.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Without limiting the generality of subsection (1) the Board shall have}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the following specific powers \endash }{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Sell, purchase or subscribe for shares, debentures, bonds or other}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
securities including securities which the Bank has issued or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 guaranteed or make loans, with or without security, or acquire any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
other interest;}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Finance the purchase, sale or hire of machinery, plant, equipment,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
materials, goods and articles of every description by means of any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 arrangement whatsoever, including but without limiting the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
generality of the foregoing, the purchase and resale and hire of it}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 on such terms as the Board thinks fit; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) Execute, make, draw, accept, endorse, discount, issue and negotiate}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
cheques, promissory notes, bills of exchange, bills of lading, bankers}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 and other drafts, warrants, bonds, debentures, coupons and other}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 negotiable or transferable instruments and buy, sell or otherwise}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 deal in the same, and accept deposits of money;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) With the prior approval of Cabinet and upon terms and conditions}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to be approved by Cabinet, borrow money required by it for the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 purpose of meeting any of its obligations of discharging any of its}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
functions under this Act provided that the aggregate of the liabilities}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 of the Bank outstanding at any one time, including bonds and}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
debentures if any, issued by the Bank shall not exceed 3 times the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 amount of its paid-up shares capital and reserves;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (e) Participate, in the discretion of the Board, in the management of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
enterprises to whose finance it has contributed whether by loan or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 otherwise;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (f) Organise, participate in, or act as agent for consortium arrangements}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
for the assistance of economic development in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (g) Act as agent for the government of international financial}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
institutions in the financing of economic development in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (h) Place funds not immediately required on deposit with any onshore}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
bank, or an overseas bank with Cabinet\rquote s approval;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (i) Take such steps as may be necessary to protect or recover its financial}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
interest in any business;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (j) To accept gifts of leases or subleases of any land, money or other}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 property;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (k) To subdivide or develop any land acquired by or vested in it;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (l) Subject to the provisions of any enactment applicable to the bank,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to fix, regulate or make such charges as may be determined from}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 time to time for the use of any dwelling house, flat, building or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
other facility provided, maintained, controlled or operated by the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 bank;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (m)To make advances under this Act;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (n) To negotiate and enter into arrangements with and between}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
landowners and householders, and assist by advice and otherwise}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the development of private housing conditions;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (o) To contract for the execution or provision by any person of any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
work or services authorised by this or any other enactment to be}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 executed or provided by the Board in such manner and subject to}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
such terms and conditions as the Board thinks fit;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (p) Make such charges for the provision of its service as the Bank thinks}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 fit.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 18 Operating principles}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) In determining whether or not any financial assistance shall be given}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 to any enterprise, the Board shall properly evaluate each proposal and consider 
\endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) The prospects of the enterprises being or becoming and remaining}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
financially viable and the prospects of any money lent to it by the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Bank being repaid to the Bank;}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) The degree to which the enterprise is or will become or remain of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
value to the economy of Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) The degree to which persons ordinarily resident in Niue will derive}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
a direct benefit from the enterprise;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) Any policy directives given to it by Cabinet.}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) No financial assistance shall be given in respect of any project, or for}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 housing purposes unless the Board is satisfied \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) That the project or recipient has the financial ability and resources}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to meet all repayments and other obligations imposed by the Bank;}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) That the recipient is a permanent Niuean resident or an organisation}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
in which the majority shareholder or principal partner or owner is}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 a permanent Niuean resident.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 19 Vesting of property in Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Her Majesty may in accordance with section 8 of the Niue Amendment}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 (No 2) Act 1968 grant in respect of the Crown land, any lease, licence, easement or}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 other limited estate, right or interest to the Bank or in the name of the Bank property,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
rights or privileges, vested in or held on behalf of the Crown and used or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 administered or to be used or administered for the purposes of or in connection}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 with any housing or industrial projects or town planning schemes subject to any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
leases, rights, easements and interests subsisting in respect of the land or property}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 at the date of the grant, transfer or assignment.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any lease by the Crown under subsection (1) may be for such term and}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 provide for such rent and other conditions as the Bank with the prior written}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 approval of the Minister shall accept or approve.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 20 Funds}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The funds of the Bank shall consist of \endash }{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Such sums of money as may be received by the Bank under section}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 15;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Such sums of money as the Bank may acquire by virtue or grants or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
raised by way of loan;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) Such sums of money as may be appropriated for it by the Assembly;}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) Such other sums of money as may accrue to it in the course and on}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
account of its business.}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any special funds shall be kept separate from the other funds specified}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 in subsection (1).}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) No charge or lien created on any special fund shall operate as a charge}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or lien upon the funds of the Bank, provided that \endash }{\f0\insrsid14181604 

\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Where in any Appropriation Act or in any estimate of expenditure}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
and revenue accompanying the Appropriation Act for any year any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 vote or item to which the section applies is noted as being for a}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
specified purpose, it shall not be competent for the Bank to use}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 moneys so appropriated for any purpose other than that specified}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
in such Act or estimate; and,
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Where any appropriation is made for the purposes of the Board,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
the Cabinet may direct the manner in which the moneys}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 appropriated shall be paid to the Board and may require that any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
such appropriation be used first in payment of any debt due to the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Public Account or to any account within the Public Account.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 21 Application of funds}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 The funds of the Bank shall be applied towards \endash }{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) The payment of salaries and fees due to employees of the Bank;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) The repayment of sums raised by way of loan by the bank and the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
payment of interest on it;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) Providing financial assistance under this Act;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) The payment of rates, taxes, insurance premiums and other}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 outgoings;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (e) The payment of such dividends as the Board may authorise; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (f) All other payments necessary for or incidental to the business of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
the Bank authorised under this Act.}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 22 Principles and limits on financing and operations}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Bank may alone or in conjunction with other domestic or foreign}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 investors, provide or participate in providing financial assistance in aid of}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 development investment in Niue.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) In providing financial assistance the Bank shall \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Maintain a reasonable diversification in its investments among all}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
sectors of economic activity in Niue;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Maintain a satisfactory balance between the dates of maturity or its}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
own obligations and those of the loans it grants; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) As principal objective, operate as a successful business, as profitably}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
and efficiently as comparable businesses in the private sector.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) The Bank\rquote s financial assistance shall in the cases of a single recipient or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
several recipients who are associated with each other in a community of material}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 financial interest, not exceed 20 per centum of the Bank\rquote s paid-up shares, capital}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 and reserves.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (4) In the case of funds invested by the Bank in equity participation \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) The aggregate of the amounts so invested shall not exceed 20 per}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
centum of the aggregate of the Bank\rquote s paid-up share capital;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) The Bank shall limit such participation, in any recipient or recipients}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
associated with each other in a community of material financial}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 interest, to a maximum of 10 per centum of the Bank\rquote s paid up}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
capital of such recipient; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) The Bank shall seek to rotate its funds by selling such participations}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to other investors wherever it can do so on satisfactory terms.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 23 Short-term investment}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 The Bank may invest all or any part of its funds not immediately required}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 for the purpose stated in this Act in good and sound investment, to be approved}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 by Cabinet.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 24 Reserve Fund and allocation of net profit}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Bank shall provide against any anticipated losses by establishing}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 and maintaining a reserve fund to which shall be allocated at the end of each}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 financial year of the Bank \endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Not less than 50 per centum of the net profit of the Bank of that}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
year until the total sum standing to the credit of such reserve fund}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 shall amount to a sum equal to the paid-up share capital of the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
Bank;}{\f0\insrsid14181604 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Not less than 10 per centum of the net profit of the Bank of that}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
year if the total sum standing to the credit of such reserve fund}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 exceeds a sum equal to the paid-up share capital of the Bank.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The Board shall determine annually on the allocation of the net profit}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 of the Bank after providing for the Reserve Fund.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\b\f0\insrsid14181604\charrsid10382412 PART 4
\par ACCOUNTS AND REPORTS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 25 Financial Year}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 The financial year of the Bank shall be the period of 12 months ending on}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 30 June in each year.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 26 Accounts and audit}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Board shall cause true and full accounts and records to be kept of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 all the transactions with which the Bank is concerned, and the books of account}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 and records shall be kept at the principal place of business of the Bank.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The accounts shall be subject to annual audit by the Government\rquote s}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 official Audit Office or their duly authorised representatives.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 27 Reports}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Board shall \endash }{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) Provide to the Minister a quarterly report containing such financial}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
and other information as the Minister may require regarding the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 operation of the Bank; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Not later than 3 months after the end of each financial year, submit}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to the Cabinet a report of its operations, including the annual}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 statement of its accounts for that year, and shall forward a copy of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
such report and annual statement to the Audit Office;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) Submit to Cabinet an audited annual statement of accounts.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Without limiting the content of the annual report required to be made}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 under subsection (1) under (b) such report shall include the following information 
\endash 
\par }{\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) The objectives and policies of the Bank;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) The nature and scope of activities being undertaken or to be}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 undertaken;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (c) The ratio of capital to total assets, and definitions of those terms as}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
used in the report;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (d) The accounting policies used in relation to the annual statement}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
included in the report.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) Every audited report and annual report submitted to Cabinet under}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 subsection (1)(b) and (c) shall forthwith be laid before the Assembly for debate if}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the Assembly is then in session, or, if the Assembly is not then in session, within}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
24 hours of the commencement of the next ensuing session.
\par }{\f0\insrsid10382412 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\b\f0\insrsid14181604\charrsid10382412 PART 5
\par SECURITIES
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 28 Security for advances}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Advances made by the Bank shall be secured in such manner and on}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 such terms as the Bank thinks fit.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) For the purposes of determining whether an application for an advance}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 should be granted, the Bank shall not be bound to insist upon any fixed or definite
}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 margin of security.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 29 Securities to be taken in name of Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Every security for an advance shall be taken in the name of the Bank.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 30 Assignment of money as security may be irrevocable}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) The Bank may require any order on or assignment of money given as}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 security for the repayment of any advance to be expressed to be irrevocable,}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 notwithstanding the death of the person giving the order or assignment, and the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 order or as
signment shall be irrevocable accordingly except with the consent in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 writing of the Bank.}{\f0\insrsid10382412  
\par 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Notwithstanding anything in any enactment to the contrary, any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 company, corporate body, or person upon whom any notice of any such order or}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 assignment has been served, shall be bound to accept and to act upon the order or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
assignment and to pay to the person nominated in that behalf in the order or}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 assignment all money payable under it.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 31 Alienation and assignment as security for advances
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Notwithstanding anything in Part 19 of the Niue Act 1966, or in section}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 24 of the Niue Amendment Act (No 2) 1968, it shall be competent for any Niuean}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or descent of a Niuean to alienate any Niuean freehold land or things growing on}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or attached to any such land of the rents 
and profits from any such land as security}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 for any advance made by the Bank for any housing or other purpose.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Notwithstanding anything in the Property Law Act 1952 no power of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 sale shall be contained or implied in any charge given on any interest in land (not}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 being leasehold interest) to secure the repayment of any advance made by the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Bank for any housing or other purpose.}{
\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 32 Assignments of money from land vested in trustees}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) For the purpose of securing the repayment of any advance made by}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the Bank for any housing or other purpose, it shall be competent for any Niuean}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or descendant of a Niuean to give an order on or an assignment of the proceeds of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
the alienation of any land (including compensation money for land taken) whether}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the land is vested in a trustee or not.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any such order or assignment shall be valid and enforceable for all}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 purposes notwithstanding any other enactment.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 33 Advances to be paid as Bank directs}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Every advance shall be expended or applied by the Bank, or at its discretion,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 for any one or more purposes for the benefit or on behalf of the applicant and,
}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 unless the Bank otherwise determines, shall not be paid direct to the applicant.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 34 Charging order may be made}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Notwithstanding anything in the Niue Act 1966, or in any other}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 enactment where a charge on any interest in land has been given as security for}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the repayment of any advance, the Court, on proof to its satisfaction that the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 advance has been approved by t
he Bank, and in anticipation of the advance being}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 made, may make an order changing the land or any interest in it or any part of it}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
or any undivided or partial interest in it with repayment of the amount advanced}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 or to be advanced, together with all interest and other monies which may become}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 payable thereunder and by such instalments and with such directions for giving}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 effect to the charge as the Court thinks expedient.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) The certificate of the Bank shall for all purposes be prima facie proof of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the amou
nt of the advance and of the rate of interest payable, and may be accepted}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 by the Court accordingly.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3)}{\f0\insrsid10382412 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (a) The Court may make a further order varying any former order in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
respect of any additional advance or by way of apportioning charges}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 in such manner as it thinks expedient or for any other purpose it}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
thinks fit, and every subsequent order shall supersede all prior}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 charging orders so far as it is inconsistent with it.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\f0\insrsid10382412 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid10382412 {\f0\insrsid14181604\charrsid4535022 (b) Where any charge is apportioned, each portion shall be deemed to}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 b
e a separate charge.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (4) Every order made under this section shall be registered or recorded, as}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the case may require, in such manner as the Court directs.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 35 Discharging of charging orders
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 The Court may at any time, on the application of the Bank wholly or partially}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 discharge any charging order made under section 34, whether or not the money}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 secured by the charge has been repaid.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 36 Appointment of receiver to enforce charges}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) When by section 34 any charging order has been made in respect of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 any land or any interest or upon the revenues in it or the proceeds of the alienation}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 of it, the Court may, for the purpose of enforcing that charge, appoint a receiver in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 respect of the property so charged.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) A receiver appointed under this section shall have all such rights,}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 powers, duties and liabilities as may be expressly conferred or imposed on him}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 by the Court and such other incidental powers as may be reasonably necessary}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
for the exercise of the powers so conferred provided that a receiver appointed}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 under this section shall not have power to sell the freehold interest in any Niuean}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 land, or to lease any such land otherwise than as provided in subsection (3).
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) Notwithstanding any of the provisions of the Niue Act 1966 as to the}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 alienation of Niuean land, a receiver appointed under this section for the purpose}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 of enforcing a charge may, in his own name and with the leave of the Court, grant}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
leases of any land so charged for any term not exceeding 21 years, on such}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 conditions and for such rent or other consideration as he thinks fit.
\par }{\f0\insrsid10382412 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\b\f0\insrsid14181604\charrsid10382412 PART 6
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid4535022 {\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 37 Taxation}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 The income and revenue of the Bank shall not be subject to taxation.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 38 Contracts of Bank}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Any contract which, if made between private persons must be by deed}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 shall, if made by the Bank, be in writing under the common seal of the Bank.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any contract which, if made between private persons, must be in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 writing signed by the parties to be charged therewith shall, if made by the Bank}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 be under the common seal of the Bank.
\par }{\f0\insrsid10382412 
\par }{\f0\insrsid14181604\charrsid4535022 (3) Any contract which, if made between private persons, may be made}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 orally may be similarly made by or on behalf of the Bank by any person acting}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 under its authority, express or implied.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 39 Execution of documents}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (1) Every document to which the common seal of the Bank is affixed shall}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 be signed by the Chairman or in his absence the Vice-Chairman, and shall be}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 countersigned by either the General Manager of the Bank, or in his absence from}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Niue, any other director.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (2) Any document which, if executed by a private person, would not require}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 to be executed as a deed may be signed on behalf of the Bank by the Chairman or}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 by the General Manager of the Bank.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 (3) No document to which the common seal is required to be affixed, and}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 no contract to which the Bank is a party shall be executed except under a resolution}
{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 of the directors.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 40 Evidence of documents}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Every document purporting to be a document executed by or on behalf of}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the Bank in a manner provided in section 39 shall be received in evidence and be}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 deemed to be so executed in the absence of proof to the contrary.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 41 Penalty for misapplication of loan}{\b\f0\insrsid10382412 
\par 
\par }{\f0\insrsid14181604\charrsid4535022 Any person who knowingly applies any loan or part of it made under this}{\b\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 Act to any purpose other than that authorised by the Bank shall be guilty of an}{
\b\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 offence and on conviction shall be liable to a fine not exceeding 10 penalty units or}{\b\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
to imprisonment for a term not exceeding 12 months or to both such fine and}{\b\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 imprisonment.}{\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 42 False statements}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Any applicant for assistance from the Bank by way of loan or otherwise}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 who wilfully fails to disclose any material information within his knowledge, or}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 who wilfully makes any statement which he knows to be false or does not believe}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 to be true shall be guilty of a
n offence and on conviction shall be liable to a fine not}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 exceeding 5 penalty units or to imprisonment for a term not exceeding 6 months,}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 or to both such fine and imprisonment.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 43 Disclosure of information}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Any Board member or employee of the Bank who directly or indirectly}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 discloses, or for private purpose uses, any information acquired by him either in}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 the course of his duties or his capacity as an employee of the Bank shall be guilty}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
of an offence and on conviction shall be liable to a fine not exceeding 5 penalty}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 units or to imprisonment for a term not exceeding 6 months or to both such fine}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 and imprisonment.
\par }{\b\f0\insrsid14181604\charrsid4535022 44 Breach of Act or regulations}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Every person who commits or attempts to commit or is concerned in}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 committing or attempting to commit a breach or violation of this Act or of any}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 regulations made under this Act for which no special penalty is provided is liable}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 
for every offence to a fine not exceeding 5 penalty units.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }{\b\f0\insrsid14181604\charrsid4535022 45 Rules}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 The Board may make such rules, consistent with this Act, as it considers}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 necessary or appropriate to facilitate and control its operations, and further the}{
\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 objects and functions of the Bank.
\par }{\b\f0\insrsid10382412 
\par }{\b\f0\insrsid14181604\charrsid4535022 46 Regulations}{\b\f0\insrsid14181604 
\par }{\b\f0\insrsid10382412\charrsid4535022 
\par }{\f0\insrsid14181604\charrsid4535022 Cabinet may by publication in the }{\i\f0\insrsid14181604\charrsid4535022 Gazette }{\f0\insrsid14181604\charrsid4535022 after consideration of any}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 rec
ommendations thereon made to it by the Bank through the Minister, make all}{\f0\insrsid10382412  }{\f0\insrsid14181604\charrsid4535022 such regulations as may be necessary or expedient for giving full effect to this Act}{\f0\insrsid10382412  }{
\f0\insrsid14181604\charrsid4535022 and for the due administration of it.}{\f0\insrsid14181604 
\par }{\f0\insrsid10382412\charrsid4535022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid10382412 {\b\f0\insrsid14181604\charrsid4535022 47-49 }{\f0\insrsid14181604\charrsid4535022 [Spent]}{\f0\insrsid11087364\charrsid4535022 
\par }}