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\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13321700 \fs20\cf1\lang5129\langfe5129\cgrid\langnp5129\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid12083114 NIUE}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid12083114 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8216642 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid12083114 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12083114 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid12083114 BANKING ACT 1986
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12083114 {\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Act 115 of 1986}{\fs24\lang2057\langfe5129\langnp2057\insrsid10245168  - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid10245168\charrsid5990535 28 November 1986}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12083114 {\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Ana}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 l}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 ys}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 s
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6376429 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid11469461  Short title and c}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 m}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 m}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 e}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 cement}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 2. Interpretation
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 3. Restrictions
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid5990535  }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 Licens}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 ed Bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid5990535  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Issue of Licence
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 6}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid5990535  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Conditions of Licence
\par 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid5990535  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Yearly statements
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12083114 {\fs24\lang2057\langfe5129\langnp2057\insrsid12083114 -----}{\fs24\lang2057\langfe5129\langnp2057\insrsid13916379 ----------------------}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12083114 
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\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8400696 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8400696 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16533087 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid9915689 t}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid9915689 
o provide for the terms, conditions, regulation and licensing of the business of ba}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid9915689 n}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid9915689 king in Niue.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid6376429 1.}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid6376429  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12083114\charrsid6376429 Short title and commencement}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535  - (1) This Act may be cited as the Banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid15083071  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 Act 1986.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid5990535  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 This Act shall come into force on a }{
\fs24\lang2057\langfe5129\langnp2057\insrsid15083071 date to be fixed in terms of A}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 rticle 34 of the Niue Constitution.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5990535\charrsid5990535 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid6376429 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2318157\charrsid6376429  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12083114\charrsid6376429 Interpretation}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid12083114\charrsid12083114  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid12083114  (1) In}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535  this Act unless the c}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12083114 o}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 ntext otherwise re}{\fs24\lang2057\langfe5129\langnp2057\insrsid12083114 quir}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1780873\charrsid5990535 es, -}{\fs24\lang2057\langfe5129\langnp2057\insrsid1780873 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12083114 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid15083071 Bank}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid15083071  means any company whose operations include the acceptance of deposits of money withdrawable or transferable by cheque or other means of payment }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5065281 transfer;}{\fs24\lang2057\langfe5129\langnp2057\insrsid15083071 
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid4540667 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid4540667 Banking Business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid4540667  means the business of accepting deposits of money withdrawable or payable upon de
mand or after a fixed period or after notice and the employment of these deposits in whole or in part by lending or any other means for the account and at the risk of the company accepting such deposits and the carrying on of its usual business;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 Cabinet}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887  means the Cabinet of Ministers of Niue established by Article 2 of the Constitution;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 Company}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
 means an incorporated body and includes a company incorporate outside Niue which has comprised with the incorporation laws of its country or state of origin;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 Licensed}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887  means Licensed under this Act to conduct banking business in Niue; and
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7812887 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 Minister}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887  means Minister of Finance.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par (2) For the purposes of this Act a company shall be deemed to be conducting }{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 Banking Business}{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 
"}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887  if it accepts, from the general public 
(including Government), deposits of money as a regular feature of its business irrespective of any terms and conditions under which such deposits of money are accepted and whether or not certificates}{\fs24\lang2057\langfe5129\langnp2057\insrsid10245559 
 or other instruments are issued}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887  in respect of such deposits.
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887\charrsid6376429 3. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid6376429 Restrictions}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid8216642 (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642  No company other than a bank licensed under this Act shall-}{\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid997466 {\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 (a) use in any language the word }{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642  or }{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 banker}{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642  or any derivatives thereof or of like import in the name description or ti}{
\fs24\lang2057\langfe5129\langnp2057\insrsid14166122 t}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 le under which such company is carrying on business in Niue;
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid997466 {\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid997466 {\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 
(b) make any representation in any bill head, letter paper, notice, advertisement or in any other manner whatsoever that such person is carrying on banking business in Niue.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 
\par (2) Every Licensed bank shall use as part of its description or title the word }{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642  or one }{\fs24\lang2057\langfe5129\langnp2057\insrsid881816 or more }{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 of its derivatives in any language.
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid6376429 4.}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid997466  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid6376429 Licensed bank-}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642  (1) Notwithstanding the provisions of any other law, no banking business shall, except as hereinafter provided, be carried on in Niue}{\fs24\lang2057\langfe5129\langnp2057\insrsid9324879  except by a L}
{\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 icensed bank.}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11754820 (2) A L}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 icensed bank shall be authorised to carry on banking business at all its branches in Niue.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8216642 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8216642\charrsid997466 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429 5.}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429  Issue of License}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 
- (1) Every person desirous of carrying on banking business in Niue shall apply in wri}{\fs24\lang2057\langfe5129\langnp2057\insrsid11754820 ting to the Cabinet for such a L}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 icense under Section 6.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7812887 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11754820 (2) The issuance of such a L}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 icence shall be in writing and shall be signed by the Minister.
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429 6.}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid997466  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429 Conditions of licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid997466 - The Cabinet may and without assigning any reason therefore-
\par 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8269474 {\fs24\lang2057\langfe5129\langnp2057\insrsid997466 (a) refuse to issue a licence under this Act; or
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8269474 {\fs24\lang2057\langfe5129\langnp2057\insrsid8269474 
\par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8269474 {\fs24\lang2057\langfe5129\langnp2057\insrsid997466 (b) issue a licence subject to such conditions as may seem desirable.
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2318157 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid997466 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429 7.}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid997466\charrsid997466  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid997466\charrsid6376429 Yearly statement}{
\fs24\lang2057\langfe5129\langnp2057\insrsid997466 - Every licensed bank shall furnish to the Cabinet no later than six calendar months after the last day of December each year a statement showing the assets and liabilities of the bank}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid997466 s business in Niue as at the close of business on the last Wednesday of such December.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8269474 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3363535 {\fs24\lang2057\langfe5129\langnp2057\insrsid7878975 ---------------------------------------}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7812887\charrsid5990535 
\par }}