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\rsid2299641\rsid2696272\rsid2698587\rsid3022485\rsid3103778\rsid3162444\rsid3170452\rsid3416762\rsid3439401\rsid3868201\rsid4341957\rsid4601680\rsid4680742\rsid5259834\rsid5529808\rsid5705386\rsid5856456\rsid5857389\rsid6822423\rsid7542468\rsid7804331 \rsid7807951\rsid7952950\rsid8419064\rsid8548346\rsid8851346\rsid8869600\rsid9445696\rsid9519317\rsid9978685\rsid10319439\rsid10443183\rsid10512402\rsid10683519\rsid11087364\rsid11163140\rsid11341895\rsid11667298\rsid11812270\rsid11939043\rsid12260031 \rsid12716194\rsid12930399\rsid13314409\rsid13506418\rsid13661712\rsid13721168\rsid14027974\rsid14435780\rsid14483658\rsid14813878\rsid14879425\rsid15338554\rsid15402439\rsid15495901\rsid15622916\rsid15751623\rsid15757769\rsid16199373\rsid16325338 \rsid16342440\rsid16414360\rsid16661602\rsid16672894\rsid16676209}{\*\generator Microsoft Word 11.0.5604;}{\info{\title NIUE PHILATELIC AND NUMISMATIC ACT 1996}{\author sam_f}{\operator freriks_k}{\creatim\yr2009\mo3\dy25\hr13\min4} {\revtim\yr2009\mo4\dy16\hr10\min13}{\version6}{\edmins8}{\nofpages6}{\nofwords1147}{\nofchars6540}{\*\company USP}{\nofcharsws7672}{\vern24689}}\paperw11906\paperh16838 \widowctrl\ftnbj\aenddoc\noxlattoyen\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\hyphcaps0\formshade\horzdoc\dgmargin\dghspace180\dgvspace180\dghorigin1701\dgvorigin1984\dghshow1\dgvshow1 \jexpand\viewkind4\viewscale100\pgbrdrhead\pgbrdrfoot\splytwnine\ftnlytwnine\htmautsp\nolnhtadjtbl\useltbaln\alntblind\lytcalctblwd\lyttblrtgr\lnbrkrule\nobrkwrptbl\snaptogridincell\allowfieldendsel\wrppunct\asianbrkrule\rsidroot3868201 \fet0\sectd \linex0\headery708\footery708\colsx708\endnhere\sectlinegrid360\sectdefaultcl\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7 \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\pararsid12930399 \f35\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\insrsid12930399\charrsid9519317 NIUE LAWS \par LEGISLATION AS AT DECEMBER 2006}{\f0\insrsid12930399\charrsid9519317 \par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid12930399 \f35\fs24\lang2057\langfe1033\cgrid\langnp2057\langfenp1033 {\b\f0\insrsid12930399\charrsid9519317 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 NIUE PHILATELIC AND NUMISMATIC ACT 1996}{\b\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid542619 {\b\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 1996/206 \endash 16 May 1996}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid542619 {\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 1 \par PRELIMINARY \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 1 Short title \par 2 Interpretation \par 3 Application \par 4 General objectives of the Act}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 2 \par THE NIUE PHILATELIC AND NUMISMATIC COMPANY \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 5 The Company established \par 6 Functions and powers of the Company \par 7 Government policy \par 8 Board of Directors \par 9 Chairperson \par 10 Disclosure of interest \par 11 Directors not personally liable \par 12 Contracts by the Company \par 13 Committees \par 14 Delegation of powers}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 3 \par PERSONNEL \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 15 Company employees \par 16 Application of the Niue Public Service}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 terms and conditions}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 4 \par FINANCIAL PROVISIONS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 17 Annual estimates \par 18 Accounts and records \par 19 [Repealed] \par 20 Annual report \par 21 Taxation \par 22 Dividends}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 5 \par MISCELLANEOUS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 23 Regulations}{\f0\insrsid5856456 \par }{\f0\insrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389 ______________________ \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 To establish the Niue Philatelic and Numismatic Company for the purpose of}{\b\f0\insrsid5857389 }{\b\f0\insrsid5856456\charrsid5857389 conducting Philatelic and Numismatic business}{\b\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 1 Short title}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 This is the Philatelic and Numismatic Act 1996.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 2 Interpretation}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 In this Act \endash }{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 Board}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means the Board of Directors appointed under this Act;}{ \f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 Company}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means the Niue Philatelic and Numismatic Company;}{ \f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 Minister}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means the Minister of Finance;}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 numismatic}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means matters dealing with or concerning coins or coinage.}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 other revenue earning options}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means options approved by Cabinet, that}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 may earn Niue revenue;}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 philatelic}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means matters dealing with or concerning stamps;}{ \f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 regulations}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 means regulations made under section 23;}{ \f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 services}{\f0\insrsid5857389 "}{\f0\insrsid5856456\charrsid5857389 in addition to philatelic and n umismatic, includes any other}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 service carried out by the Company under this Act. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 3 Application}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 This Act shall bind the Crown except as specified in this Act or the}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 regulations but nothing in this Act shall render the Crown liable to any prosecution. \par }{\b\f0\insrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 4 General objectives of the Act}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The general objectives of the Act are to provide for philatelic and numismatic}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 and other matters to be controlled by a company subject to this Act.}{ \f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 2 \par THE NIUE PHILATELIC AND NUMISMATIC COMPANY \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 5 The Company established}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 There is hereby established a Company to be called the Niue Philatelic and}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Numismatic Company.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 6 Functions and powers of the Company}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The functions of the Company shall be to }{\f0\insrsid5857389\charrsid5857389 administer}{\f0\insrsid5856456\charrsid5857389 philatelic, numismatic}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 and other revenue earning options and services.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 7 Government policy}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 In the exercise of its functions and powers under this Act the Company}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 shall have regard to the general policy of the Government in relation to philatelic,}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 numismatic and any other revenue earning options of the Government and shall}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 comply with any directions given by Cabinet under any such policy.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 8 Board of Directors}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (1) The Company shall be governed by a Board of Directors consisting of}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 the following directors \endash }{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (a) The Minister of Finance;}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (b) The Government Solicitor;}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (c) The Financial Secretary.}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (2) Without limiting the generality of the powers and functions of the}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Company as provided under this Act, the Board shall \endash \par }{\f0\insrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (a) Ensure that the functions of the Company are performed efficiently; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (b) Maintain the independence and integrity of the Company; \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (c) Ensure the assets of the Company are as far as practicable preserved,}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 maintained and utilised in a way consistent with the functions of}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 the Company;}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid5857389 {\f0\insrsid5856456\charrsid5857389 (d) Ensure that the Company does not contravene or fail to comply}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 with any of the provisions of this Act or any directions given under}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 section 7.}{\f0\insrsid5856456 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 9 Chairperson}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 Cabinet shall appoint one of the directors to act as Chairperson.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 10 Disclosure of interest}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 A director who has a direct or indirect pecuniary interest in a matter being}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 considered or about to be considered by the Board shall, as soon as possible after} {\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 the relevant facts have come to his knowledge, disclose the nature of his interest}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 at a meeting of the Board.}{ \f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 11 Directors not personally liable}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 No director of the Company shall be personally liable for any act done or}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 default made by the Company or by any of its employees in good faith in the}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 course of operations of the Company.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 12 Contracts by the Company}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company may enter into contracts.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 13 Committees}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (1) The Company may appoint committees consisting of any directors of}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 officers of the Company.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (2) Subject to the other provisions of this Act and to directions given to it}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 by the Company, every committee may regulate its procedure in such a manner}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 as it thinks fit.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 14 Delegation of powers}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (1) The Company may delegate in writing to any of its committees or to}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 the Manager, or to any other officer of the Company any of its powers under this}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Act, including this present power of delegation. \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (2) Subject to any general or special directions given to it or to him by }{\f0\insrsid5857389\charrsid5857389 the Company}{\f0\insrsid5856456\charrsid5857389 any committee or person to whom any powers are so delegated may}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 exercise those powers in the same manner and with the same effect as if they had}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 been conferred on it directly by this Act and not by delegation. \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (3) Any committee or person purporting to act under any delegation under}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 this section shall be presumed, until the contrary is proven, to be acting under the}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 terms of the delegation. \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (4) Every such delegation shall be revocable in writing at will, and no such}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 delegation shall prevent the exercise of any power by the Company itself. \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (5) Until any such delegation is revoked it shall continue in force in}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 accordance with its tenor, notwithstanding any change in the membership of the}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Company or any committee.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 3 \par PERSONNEL \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 15 Company employees}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (1) The Company may employ such officers and employees as it considers}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 necessary for the performance of its functions, on such terms and conditions as}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 provided under section 17 and may at any time remove any such officer or}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 employee from his office or employment. \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (2) For the purpose of article 62 (3) of the Constitution employees of the}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Company shall not be regarded as members of the Niue Public Service for the}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 purpose of their duties with the Company. \par }{\b\f0\insrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 16 Application of the Niue Public Service terms and conditions \par }{\f0\insrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company may with any necessary modifications, apply the terms and}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 conditions applicable to the Niue Public Service.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\b\f0\insrsid5856456\charrsid5857389 PART 4 \par FINANCIAL PROVISIONS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 17 Annual estimates}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (1) The Company shall, for each financial year prepare an estimate, in a}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 form approved by the Minister of the amount of expenditure and revenue for all}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 purposes and the receipts of the Company. The annual balance date of the}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Company shall be 30 June.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 (2) The estimates so prepared shall be submitted to the Assembly not later}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 than such date as the Minister directs, for the approval of such estimates by the}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Assembly, and the funds of the Company shall not be expended otherwise than in}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 accordance with estimates of expenditure so approved.}{ \f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 18 Accounts and records}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company shall keep proper accounts and records of the transactions}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 and affairs of the Company and shall do all things necessary to ensure that all}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 payments out of its funds are correctly made and properly authorised and that}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 adequate control is maintained over the assets of or in the custody of the Company}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 and over incurring of liabilities by the Company.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 19 }{\f0\insrsid5856456\charrsid5857389 [Repealed by 2003/262]}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 20 Annual report}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company shall within 3 months after the end of the Company\rquote s}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 financial year prepare and furnish to Cabinet and the Assembly a report on its}{ \f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 operation during the year ended on that date together with financial statements}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 in respect of that year in such form as the Minister approves.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 21 Taxation}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company shall be subject to taxation.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 22 Dividends}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 The Company shall pay a dividend to the Government as agreed by the}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 Board.}{\f0\insrsid5856456 \par }{\f0\insrsid5857389\charrsid5857389 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid542619 {\b\f0\insrsid5856456\charrsid5857389 PART 5 \par MISCELLANEOUS \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid5857389 {\f0\insrsid5857389\charrsid5857389 \par }{\b\f0\insrsid5856456\charrsid5857389 23 Regulations}{\b\f0\insrsid5856456 \par }{\b\f0\insrsid5857389\charrsid5857389 \par }{\f0\insrsid5856456\charrsid5857389 Cabinet may on the recommendation of the Company make regulations}{\f0\insrsid5857389 }{\f0\insrsid5856456\charrsid5857389 necessary for carrying out or giving full effect to this Act.}{ \f0\insrsid11087364\charrsid5857389 \par }}