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establishment in Niue \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2453118 16 }{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Asset backing for }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Class license \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12414926 {\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Division 4 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '} {\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Class licen}{\fs24\lang2057\langfe5129\langnp2057\insrsid8073980 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 es}{ \fs24\lang2057\langfe5129\langnp2057\insrsid12414926 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2453118 {\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 17 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Class licenses \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 18 }{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Any currency restriction to be specified in }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Class licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 19 }{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 Asset Backing \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5191610 {\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Division 5 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid14820788 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid14820788 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 lass licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2453118 {\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 20 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Class International Banking Licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 21 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Deposit required from }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 class international banking licensee \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 22 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Share capital \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5191610 {\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid11011685 Part 3 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813\charrsid11011685 -}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid11011685 Exemption from taxation \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2453118 {\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 23 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Profits and dividends \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5191610 {\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid11011685 Part 4 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813\charrsid11011685 -}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid11011685 Miscellaneous \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4918895 {\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 24 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Accounting records to be kept by licensees \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 25 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Annual Report and Audit \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 26 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Inspection \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 27 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Supply of Information \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 28 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Use of information by members of the Monetary Board and others \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 29 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Breaches of professional secrecy \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 30 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Delegation \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 31 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Action does not lie against certain persons \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 32 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Cabinet}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 s powers \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 33 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Regulations \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 34 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Relationship of this Act to other Acts \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4918895 35 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5191610\charrsid7764383 Repeal \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12414926 {\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6640228 {\fs24\lang2057\langfe5129\langnp2057\insrsid6640228\charrsid7764383 -----------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid930549 ------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12414926 {\fs24\lang2057\langfe5129\langnp2057\insrsid12414926\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3357225 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 AN ACT \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid930549 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 to consolidate the law relating to the licensing of international banks \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid930549 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Part 1 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 -}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Preliminary \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid930549 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 1}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 }{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Short Title \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) This Act may be cited as the International Banking Act 1997. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 2 Interpretation \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) In thi}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 s Act-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 A}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means an }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class international ba}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 nking licence;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5916629 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 A}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the lice}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 nsee under an }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 Class licence}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 accounting records}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 in relation to a licensee, includes the working papers and other documents necessary to explain the methods and calculations by which the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s accounts are made up;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 accounts}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means profit and loss accounts and balance sheets, and includes notes (other than directors}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 reports) attached to or intended to be read with those profit and loss accounts or balance sheets;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class international banking licence;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9138820 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the lice}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 nsee under a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 Class licence;}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid9138820 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5916629 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 banking business}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5916629\charrsid7764383 means the business of banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 , in all its customary branches and departments (inclu}{\fs24\lang2057\langfe5129\langnp2057\insrsid14503985 ding}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 that of a savin}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s bank) an}{\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 d includes-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) to borrow, receive or take up money at interest or otherwise on current account, savings account, deposit account or other account repayable on the cheque, draft, order or authority of the customer; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (b) to lend or g}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ive credit at interest or otherwise with or without security; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) to discount, buy, sell or deal in bills of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, script, hire purchase agreements, or other instruments or securities whether or not transferable or negotiable; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (d) to grant or issue lett}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 ers of credit or circular notes; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid16412713 (e) to buy, sell}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and deal in bullion and specie; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (f) to deal in foreign or overseas exchange; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (g}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) to acquire, hold, or issue on commission, debentures, debenture stock, bonds, obligations, securities or investments of all kinds; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (h) to neg}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 otiate loans or advances; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (i}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) to become surety for the payment of money or the per}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 formance of a contract or oblig}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ation; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (j) to receive money or valuables on deposit or for s}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 fe custody or otherwise;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (k) to collect and transmit money or securities; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 l) to manage property;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (m)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 to transact all kinds of agency}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 business}{\fs24\lang2057\langfe5129\langnp2057\insrsid16412713 commonly transacted by bankers;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (n) to-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \fi720\li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid16412713 receive foreign fun}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ds through}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (A)the acceptance of f}{\fs24\lang2057\langfe5129\langnp2057\insrsid7627914 oreign money deposits payable upon }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 demand or after}{\fs24\lang2057\langfe5129\langnp2057\insrsid9375116 a fixed period or after notice;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) the sale or placement of foreign bonds, certificates, notes or other debt obligation or other foreign securities; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (C) any}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 other}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 similar}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 activity}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 involving}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 foreign}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 money}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or foreign securities; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \fi720\li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 either in whole or in part using the foreign funds so acquired for}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (A) loans, advances, or investments, or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) the activities of the person carrying on that business for the account o}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9375116 f or at the risk of that person;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (o) any other activity prescribe d by regulation to be an activity related to or ancillary to an act}{\fs24\lang2057\langfe5129\langnp2057\insrsid9375116 ivity specified this definition;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9375116 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 international banking licence;}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid9375116 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 ""}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the licensee under a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class international banking licence; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Court}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid11238920 means the High Court of Niue; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11238920 {\fs24\lang2057\langfe5129\langnp2057\insrsid11238920 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid11238920 Government}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the Government of Niue;}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 inspector}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means a person}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 appointed under section 26(1);}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 international banking business}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means banking business transacted exclusively with, on behal}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 f of, or in respect of a person-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (a) who- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (A)Is }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 treated in accordance with the laws of another country as a resident of that country; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2880\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) in the case of an individual, is not ordinarily re sident in or domiciled in Niue}{\fs24\lang2057\langfe5129\langnp2057\insrsid2435838 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (ii}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 )}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 does not engage in a trade or business within Niue; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 (b) who is-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) an international business company}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 ; o}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 r \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 a trust established under the Trusts Act 1994; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 a partnership registered pursuant to the Partnership Amendment Act 1994 other than a partnership that carries on a trade or business within Niue}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2435838 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 international business company}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 me ans a company incorporated or continued pursuant to the International Business Companies Act 1994;}{\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 international banking licence}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means a valid }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 " }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence issued by the Monetary Board u}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 nder this Act;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15160530 {\fs24\lang2057\langfe5129\langnp2057\insrsid15160530\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 licence}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means an}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 international banking licence;}{\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 licensee}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means an }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 B}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 or }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 " }{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 Class licensee;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Minister}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the Minister with }{\fs24\lang2057\langfe5129\langnp2057\insrsid15160530 the }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 respon}{\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 sibility for financial matters; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7164401\charrsid7764383 Monetary}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Board}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means the Board of the Niue Bank established by the Niue Ba}{\fs24\lang2057\langfe5129\langnp2057\insrsid14761882 nk Act 1994 and includes an agent}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 , delegate o}{ \fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 r nominee of the Monetary Board;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7164401 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 permanent establishment}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 in respect of a person in Niue, means a fixed place of trade or business in Niue in which the trade or business}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 of the person is w}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 holly or partly carried on but a person is not to be taken as having a permanent establishment in Niue merely because the person carries on a trade or business in Niue through a broker, or an agent of independent status; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 person}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 does not include-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) the Government, an instrumentality of Government, or a Minister; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) a trust or corporation in which the Government, an instrumentality of Government, or a Minister has the beneficial ownership of an interest; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 to reside}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 has the same meaning as }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ordinarily resident}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 as defined by Article 17(2) of the Constitution, and }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 resident}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ordinarily resident}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 have corresponding meanings; \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7764383 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 transfer}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 , in relation to a licensee- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 (a) includes-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 the sale, transfer, or other disposition of the shares in the capital of the licensee; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 an issue or allotment of new shares in the capital of the licensee; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 an event the effect of which is to transfer directly or indirectly the effective ownership, management, or control of the licensee; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) also includes any of the events referred to in paragraph (a) that occur to}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 any holding company of the licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 (ii)any}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 holding company of any h}{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 olding company of the licensee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7764383 {\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7764383 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Trustee Company}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 means a trustee company registered under the Trustee Companies Act 1994. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par (2) M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 oney amounts specified in this Act (including the fine}{\fs24\lang2057\langfe5129\langnp2057\insrsid8089201 s referred to in subsection (2)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 are in the currency of the United States of America. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7764383\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 (3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 If a penalty is set ou t at the foot of a section or subsection of this Act it means that a contravention of the section or subsection whether by act or omission is an offence punishable by a fine not exceeding the amount stated or by imprisonment not exceeding the period state d or both. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3364566 {\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 Part 2 - Licensing}{ \b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 of international banks \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3364566 {\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 Division 1 - Internation}{ \b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 al banking business not to be ca}{\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 rried on }{ \b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 in N}{\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 iue}{\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid15298335 \par }{\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 ex}{\b\i\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 cept by licensees \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7089420 \par }{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 3}{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7089420 }{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7089420 International banking business not to be carried on except by licensee \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A person who is not a licensee must not}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) transact international banking business in Niue}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 ; or}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) hold himself or herself out as}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) transacting; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) being prepared t}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 o transact,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 international banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 business in Niue. }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3364566 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Penalty}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 : Imprisonment for a term not exceeding 2 years or a }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 f}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ine not exceeding $50,000, or both}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) For the purpose of subsection (1) a licensee is not a licensee during any period the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s licence is suspended by the Monetary Board. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3364566 {\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 Div}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ision 2 - General provisions in respect of licences \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 4}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Classes of international banking licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) An international banking licence may be an }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 , }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Clas}{\fs24\lang2057\langfe5129\langnp2057\insrsid13056086 s international banking licence.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 5 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Application for licence \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid13056086 An applicant}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 for a licence must- \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 (a) be a body corporate;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) in the case of an application for a }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence, be an international business company. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 application for a licence must-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be made to the Monetary Board; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) contain such information as is speci}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2844579 fied by the Monetary Board;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 (c) be accompanied by-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) a copy, certified in a manner specified by the Monetary Board, of the document by which the applicant was constituted; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) the prescribed fee; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iii) such evidence of facts mentioned in the application form as is specified by the}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) An applicant may be required by the Monetary Board to furnish additional documents, information, or evidence. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (4) lf by virtue of the circumstances of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid14225150\charrsid7764383 n applicant for a licence the M}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Board undertakes additional work to satisfy itself whether or not the applicant should be issued with a licence the Monetary Board may at any time require the applicant to pay additional fees to the Monetary Board }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2908341 not exceeding in total half the}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 fees prescribed for the purpose of subsection (2)(c)(ii) \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 6}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Renewal of licence \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Monetary Board may renew a licence. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An application to renew a licence must}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be made to the }{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 Monetary Board in writing; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) be accompanied by the prescribed fee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) If by virtue of the circumstances of an applicant for the renewal of a licence the Monetary Board undertakes addition work to satisfy itself whether or not the licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid466563 should be renewed the Monetary }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Board may at any time require the applicant to pay additional fees to the Monetary Board not exceeding in total half the fees prescribed for the purpose of subsection (2)(b). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 7}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Decision of Monetary Board \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) On an application for a licence or the renewal of a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 licence the Monetary Board may-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid6053453 (a) issue or renew the licence;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) reject the application; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3364566 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) defer making a decision and direct the applicant to furnish additional documents, information, or evidence. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 \par (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6053453 }{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 The M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Boar}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9462818 d need not g}{\fs24\lang2057\langfe5129\langnp2057\insrsid3364566\charrsid7764383 ive a reason for ref}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 using to issue or renew a licence. \par \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 8}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Period of validity of licence \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A licence is valid for 1 year from i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 ts date of issue or renewal unless-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) it becomes void by virtue of an attempted transfer of the licence; or}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) it is cancelled by the Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) For the purpose of subsection (1) the date of renewal of a licence is to be taken to be}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) if the licence is renewed during its period of validity - the end of that period of validity; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) if a licence is renewed aft er the end of its period of validity - the end of its previous period of validity. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 9}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Licence may be issued subject to conditions }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 (1) The Monetary Board }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 m}{\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 ay-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) issue a licence subject to conditions that must be complied with by the licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) at any time vary a licence to specify such conditions}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10699702 or additional conditions in it;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) at any time vary or revoke such conditions. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 10 Changes of particulars, etc. of licensee needs approval of Monetary Board \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A licensee must not make a material chan}{\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 ge in a particular specified in- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) the application for its licence; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13377167 {\fs24\lang2057\langfe5129\langnp2057\insrsid13377167\charrsid7764383 (b) a document that-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) accompanied the application; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) was }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 subsequently provided to the M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Board for the purpose of the application, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 without the approval of the Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An application for app}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 roval under subsection (1) must- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be made to the Monetary Board in writing; and }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11081588 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) be accompanied by the prescribed fee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid9245695 11}{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid9245695 }{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid9245695 Changes of constitution of licensee needs approval of Monetary Board \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid9245695 \par }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid9245695 (1) A licensee must not make a material change in the document by which it was constituted a body corporate without the approval of the Monetary Board \par }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid9245695 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An application for approval under subsection (1) must}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid9245695 \par \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be made to the Monetary Board in writing; and }{ \fs24\lang2057\langfe5129\langnp2057\insrsid9245695 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid9245695 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) be accompanied by the prescribed fee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 12 Licence not transferable \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A licence is not transferable. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An attempt to transfer a licence is of no effect and makes the licence void. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) Despite subsection (1) a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee may transfer its licence to another \par international business company}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 w}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ith}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 the written approval of the M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Board. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 4}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) An attempt to transfer a }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 class licence without the written approval of the Monetary Board is of no effect and makes the licence void. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 5}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) An application }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 for approval under subsection (3}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) must- \par \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be made to the Monetary Board in writing; and}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) be accompanied by the prescribed fee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 13 Cancellation or suspension of licence \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Monetary Board may-}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) cancel a licence; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) suspend a licence for such period a}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9245695 s the Monetary Board determines,}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 if the M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Board is satisfied that the licensee, or a director, officer or employee of the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) has contravened or failed to comply with}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 - \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) a provision of this or any other Act; or}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) a condition specified in the licence; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6969825 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (d) has committe d or is likely to commit a criminal offence whether in Niue or elsewhere that is}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) relevant to the business of the licensee; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) could prejudice the reputation of Niue. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) If the Monetary Board decides to cancel or suspend a licence in accordance with subsection (1) it must give written notice of its decision to the licensee at its registered office. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) A licence is cancelled or suspended as from the date notice is given in accordance with subsection (2) \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (4) If a licence is cancelled, suspend ed or becomes void by virtue of an attempted transfer of the licence the person who was the licensee immediately prior to the cancellation, suspension or attempted transfer must immediately forwarded the}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 licence to the }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Monetary Board. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Penalty:}{\fs24\lang2057\langfe5129\langnp2057\insrsid9245695 Fine not exceeding $}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 5,000 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6969825 {\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid4724946 Division 3 - }{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \b\i\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid4724946 A}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid4724946 class licenses \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11345267 {\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid11345267 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 14 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee to transact only international banking business \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) An }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must not transact business o}{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 ther than international banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 business. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 15 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee may maintain permanent establishment in Niue \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) An }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must maintain a permanent establishment in Niue. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6969825\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 16 Asset backing for }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 A}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) An}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9245695 A}{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6099734 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 class licensee must at all times have}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) if it is not an international business company - a surplus of tangible assets over liabilities to a v}{\fs24\lang2057\langfe5129\langnp2057\insrsid9245695 alue of at least $}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 2,500,000; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) if it is an}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 international business company- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) a }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 paid-up capital of at least-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 (A) $2,}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 500,000; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) an equivalent amount in}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 a currency approved by the }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Monetary Board; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 (ii) a bank gu}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 arantee in a form and from a}{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 bank approved by the Monetary Board of the licensee}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 s obligations in an amount of at least-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (A) }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 $}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 2,500,000;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9245695 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) an equivalent amount in a cu}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 rrency approved by the Monetary}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13838439 {\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid4724946 Division 4 - }{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \b\i\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid4724946 B}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid4724946 Class licences \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 17 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must not transact business other than international banking business and then only in the currencies (i f any) specified in the licence. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must not transact business except through a Trustee Company, unless with the approval of the Monetary Board the licensee maintains a permanent establishment in Niue. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) Approval under subsection (2) may be given subject to conditions. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 18 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Any currency restriction to be specified in }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Monetary Board must specify in a }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence if the licensee is}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) unrestricted in the currencies in which it may conduct its international banking business; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) restricted in the currencies in which it may conduct its international banking business, and, if it is, specify those currencies in the licence. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 19 Asset Backing}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 for 'B' class licence}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 B}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 class licensee must at all times have}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) if it is not an international business company - a surplus of tangible assets over liabilities }{\fs24\lang2057\langfe5129\langnp2057\insrsid4724946 to a value of at least $500,000;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) if it is an}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 international business company- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 ) a paid-up capital of at least-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (A) $500,000; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) an equivalent amount in a currency approved by the Monetary Board; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) a bank (}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 uarantee in a form and from a bank approved by the Monetary Board of the licensee}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s obligations in an amount of at least}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid4724946 (A) $}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 500,000; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) an equivalent amount in a currency approved by the Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13838439 {\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid4724946 Division 5 - }{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid4724946 C}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid4724946 class licence \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 20}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class International Banking Licences \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) Subject to subsection (2), a }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must not transact business other than international banking business. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) Unless exempted by the Monetary Board a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must not issue a cheque or draft drawn on the licensee. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) Unless exempted in part or in whole by the Monetary Board a document issued by or on behalf of a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must have endorsed on it a notice stating }{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 The [}{\i\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 name of }{ \i\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ] holds a }{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid16005086 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class interna}{ \fs24\lang2057\langfe5129\langnp2057\insrsid4724946 tional banking licence issued un}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 der the Interna}{\fs24\lang2057\langfe5129\langnp2057\insrsid4724946 tional Banking Act 1997 of Niue. }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 . \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 21 Deposit required from }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 C}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 class international banking licensee \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid13526187 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 (1) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 Class licensee must have $5,000 deposited with the Government. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid13526187 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 (2) The Gov}{\fs24\lang2057\langfe5129\langnp2057\insrsid15298335 ernment must refund a deposit u}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 nder subsection (1) if}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid13526187 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9793416 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid13526187 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 (a) 6 months has passed since the service on the Monetary Boar}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16648321 d of}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 a written notice by the licensee advising the Monetary Board that the licensee has ceased to carry on offshore bankin}{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid13526187 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid6905417 business;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9793416 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid13526187 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid13526187 (b) the Monetary Board is }{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid13526187 satisfied that-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9793416 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) during those 6 months the licensee has not carri ed on international banking business; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9793416 {\fs24\lang2057\langfe5129\langnp2057\insrsid13526187\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) all liabilities of the licensee are fully liquidated or otherwise provided for. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) Despite subsection (2) a deposit is forfeited to the Government if the Monetary Board cancels a }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licence. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (4) A deposit under subsection (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) must be paid into and forms part of the Niue Government Account; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9266951 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) until refunded in accordance with subsection (2) is to be taken to be the property of the Government. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (5) Interest earnt on a deposit under subsection (1) is the property of the Government. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 22 Share capital \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 C}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Class licensee must have a paid u}{\fs24\lang2057\langfe5129\langnp2057\insrsid9266951 p share capital of at least $50,}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 000. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13838439 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Part 3 - Exemption from taxation \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 23 Profits and dividends \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) There is exempt }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 from any direct or indirect tax- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6450600 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) the profits or gains of a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6450600 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) interest earned by a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6450600 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) interest paid to a depositor by a licensee, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6450600 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 in respect of international banking business the licensee does from within Niue. }{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) T}{\fs24\lang2057\langfe5129\langnp2057\insrsid3541445 here is exempt from any direct o}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 r indirect tax}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3541445 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) dividends or earnings of a licensee; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3541445 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) interest earned by a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3541445 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) interest paid to a depositor by a licensee, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 attributable to the shares or securities of the licensee that are beneficially owned by another licensee or by a person who is not a resident of Niue}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10826968 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13838439 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Part 4 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 -}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Miscellaneous \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10826968 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 24 Accounting records to be kept by licensees \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 (1) A licensee must-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) keep accounting records necessary to record and explain correctly the transactio ns and financial position of the licensee; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) keep its accounting records in a manner that will enable}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) true and fair accounts of the licensee t}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10826968 o be prepared from time to time;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13838439 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) the accounts of the licensee to be conveniently and properly audited. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13838439\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 25 Annual Report and Audit \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A licensee must submit audited accounts to the .Monetary Board within 6 months of the end of the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid4470581 s f}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 inancial year \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) The audit must}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) be carried out by an auditor approved by the Monetary Board; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) be presented to the Monetary Board in a form specified by the Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 26}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 I}{ \b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 nspection \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Monetary Board may appoint a person to be an inspector for the purposes of this section. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An inspector may upon production of proof of appointment inspect during the no}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 rmal office hours of a licensee- }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid16005086 s accounting records; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s register of shares; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) the licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s record of transactions; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (d) any other record kept by the licensee in the course of its international banking business; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (e) the premises where the licensee carries on its }{ \fs24\lang2057\langfe5129\langnp2057\insrsid4470581 international banking business. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4470581 {\fs24\lang2057\langfe5129\langnp2057\insrsid4470581 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) A person must not prevent or hinder an inspector carrying out an inspecting under subsection (2). \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Penalty:}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Fine not exceeding $5,000 \par \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 27 Supply of Information \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A licensee must furnish to the Monetary Board such information in respect of its}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 international banking business conducted in Niue as the Monetary Board directs. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) Despite subsection (1) the Monetary Board has no power to give a direction requiring information to be furnished with respect to the affairs of an individual customer of a licensee. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 28 Use of information by members of the Monetary Board and others \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A per}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 son who is-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (a) a member of the M}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetar}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 y}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Board; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) an agent, delegate or nominee of the Monetary Board; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) an employee of}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) the Monetary Board, or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) an agent}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 , delegate or nominee of the M}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 onetary Board; or }{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid13515330 (d) an Inspector;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid13515330\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (e) a public officer, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 must not reveal to another person information obtained in the course of his or her duties under this Act except in the course of his or her duties. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Penalty:}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Fine not exceeding $5,000 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 29 Breaches of professional secrecy \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) A person must not}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) divulge information in Niue or elsewhere in relation to}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 - \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) international banking business in Niue; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) the transfer of money and property into or out of Niue in t he course of international banking business}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iii) the account of a person with a license}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 e or an item of such an account;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iv) whether a person has or had an account with a licensee, }{ \fs24\lang2057\langfe5129\langnp2057\insrsid13515330 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid13515330 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 which the person has become awa}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 re of in his or her capacity as- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (v) an officer, employee, authorised agent or auditor of a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13515330 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (vi) an offi}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 cer, employee, authorised agent or auditor of an authorised agent or auditor of a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (b) attempt to indu}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ce a person to breach professional secrecy in relation to any such matters. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Penalty:}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Imprisonment for a t}{\fs24\lang2057\langfe5129\langnp2057\insrsid9849622 erm not exceeding 2 years or a f}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ine not exceeding $20,000 or both}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11345267 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) An offence may be committed }{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 under subsection (1) even thoug}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 h the official, employment or professional relationship has ended. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid12214826 (3) }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 It is not an offence for a person to divulge informatio}{\fs24\lang2057\langfe5129\langnp2057\insrsid12214826 n referred to in subsection (1}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 )-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12214826 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) to an Inspector or the Monetary Board when required to}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9596298 do so by the Inspector or Monetary}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 Boar}{\fs24\lang2057\langfe5129\langnp2057\insrsid9596298 d;}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12214826 {\fs24\lang2057\langfe5129\langnp2057\insrsid12214826\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) to a person on whose behalf the international bankin}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9596298 g business is being carried out;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9596298 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (c) in Niue, to an officer or employee of the same licensee in the performance of the person}{\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s duties as an offic}{ \fs24\lang2057\langfe5129\langnp2057\insrsid9596298 er or employee of the licensee; }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9596298 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (d) to an officer or employee of a bank or other financial institution outside Niue if all the people concerned in the banking business or in whose name the account stands, consent in}{\fs24\lang2057\langfe5129\langnp2057\insrsid9596298 writing to the person doing so;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9596298 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (e) to an officer or employee of the licensee outside Niue, so long as}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9596298 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) the names of the persons con}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11345267 cerned in the banking business}{\fs24\lang2057\langfe5129\langnp2057\insrsid9596298 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid11345267 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9596298 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11345267 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) any inform}{\fs24\lang2057\langfe5129\langnp2057\insrsid9596298 ation which might identify them;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11345267 {\fs24\lang2057\langfe5129\langnp2057\insrsid11345267\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (iii) the names in which accounts stand and}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11345267 the balances of those accounts }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 are not divulged; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (f) with the written approval of the Minister, to the government of or to a public officer of another country if}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) the information is not to be}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 used otherwise than as part of-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (A) an amount representing}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 the total assets of a licensee in Niue}{\fs24\lang2057\langfe5129\langnp2057\insrsid10568862 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid11345267 or}{ \fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10568862 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li2160\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (B) an amount representing the total sum transferred to Niue from that country or from Niue}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 to that country}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and the currencies in which such}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid10568862 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 monies were transferred; and}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10568862 {\fs24\lang2057\langfe5129\super\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (ii) the amounts of individual banking transactions, the names in which accounts stand, and the balances of t}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 hose accounts are not divulged;}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10568862 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (g}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) to a foreign government or to a court or tr ibunal of a country including Niue to the extent that the Court so directs after having been satisfied that the information is required and will not be used except for the purposes of an investigation or prosecution of a person in relation to}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (i) the sale or the laundering of the proceeds of sale of a}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 prohibited narcotic substances;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5798572 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 (ii) the laundering}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5798572 of the proceeds gained from any}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 other serious criminal activity, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 whether or not that sale or laundering or other serious criminal activity occurred in Niue. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (4) }{\fs24\lang2057\langfe5129\langnp2057\insrsid5798572 For the purposes of subsection (3}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 )(d), a person concerned in internat}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 ional banking business and in w}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 hose name a}{ \fs24\lang2057\langfe5129\langnp2057\insrsid15734037 n account stands is to be taken}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 to have consente d to an officer or employee of a licensee divulging to an officer or employee of a bank or other financial institution outside Niue such information of the international banking business being carried out as is essential to carry out that business, but th e consent taken to have been given pursuant to this subsection does not apply in any other circumstance. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (5) Nothing in this section prevents the Court from requirin}{\fs24\lang2057\langfe5129\langnp2057\insrsid5716737 g}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 , a person to give evidence or to produce a document in proceedings in the Court in respect of a fact relevant in those proceedings that the person could otherwise be required to give or produce. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (6) An offence unde}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 r subsection (1)-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5716737 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) by an officer or employee of a licensee or of an auditor or agent of a licensee; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5716737 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) by a person after the termination of the person}{ \fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s employment as an officer or employee of a licensee or of an auditor or agent of a licensee, \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5716737 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 whether the offence occurs in Niue or elsewhere, is to be taken also to be an offence by that license, auditor or agent. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (7) Despi te subsection (6), an offence under subsection (1) by a person after the termination of the official or employment relationship with the licensee or auditor or agent is not to be taken to be also an offence by the licensee or the auditor or agent if the l icensee or auditor or agent demonstrates that on the balance of probabilities it took all reasonable steps necessary to pr}{\fs24\lang2057\langfe5129\langnp2057\insrsid5716737 event the offence by the person.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 30 Delegation}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Monetary Board may, either generally or as otherwise provided by the instrument of delegation, by writing, delegate all or any of its powers or functions under this Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (2) A power or function delegated under subsection (1) when exercised or perfor}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 med by the deleg}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ate is to be taken to have been exercised or performed by the Monetary Board. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (3) A delegation of a power}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 or function under this section- \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16009894 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid16009894 (a) is revocable at will;}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16009894 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) does not prevent the exercise of the power or the performance of the function by the Monetary Board. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\b\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid11994251 31 Action does not lie against certain persons \par }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid11994251 \par }{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6883059\charrsid11994251 (1) An action does not lie ag}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid11994251 ainst the}{ \fs24\cf0\lang2057\langfe5129\langnp2057\insrsid6883059\charrsid11994251 Government, the Minister, the Monetar}{\fs24\cf0\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid11994251 y Board, or a member or em ployee, agent, delegate or nominee of the Monetary Board in respect of their duties under this Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 32 Cabinet}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid10898813 '}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 s powers \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 (1) The Cabinet may-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) subject to such terms and conditions it thinks fit, exempt a licensee from all or any provision of this Act; and \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) revoke or vary an exemption so granted. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par (2) The Cabinet may-}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) pro}{\fs24\lang2057\langfe5129\langnp2057\insrsid11159395\charrsid7764383 hibit a body corporate from bei}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ng issued a licence or any class of licence; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11159395 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) direct a licensee to cease to carry on its business or a part of its business immediately or within such time as is specified by the Cabinet. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 3}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 ) }{ \fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 The validity of action taken by}{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 the Cabi}{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 n}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 et under this section cannot be questioned in the Court. \par \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 33 Regulations \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Government may make regulation}{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 s to prescribe all matters that-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8937216 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (a) by this Act are required or permitted to be prescribed by regulation; or \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11994251 {\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }\pard \ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8937216 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (b) are necessary to carry out or give full effect to the purposes of this Act a nd for its due administration. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 34 Relationship of this Act to other Acts \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) If a provision of this Act conflicts with a provision of another Act (other than the Constitution) the provision of this Act prevails. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 35 Repeal \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid5273952\charrsid7764383 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 (1) The Off-Shore Banking Act 1994 and the Off Shore Banking Amendment Act 1994 are repealed. \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5273952 {\fs24\lang2057\langfe5129\langnp2057\insrsid8937216\charrsid7764383 \par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 The Niue Assembly passed this Act on the}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8937216\charrsid7764383 17}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid8937216\charrsid7764383 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid8937216\charrsid7764383 day of December 1997.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8007157\charrsid7764383 \par \par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13508753 {\fs24\lang2057\langfe5129\langnp2057\insrsid13508753\charrsid7764383 ------------------------------------------------------ \par }}