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)}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (} {\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Niue \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 Off-Shore Bankin}{\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 g Act 1994}{\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid13794136 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13704817 {\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8328622 {\fs24\lang2057\langfe1033\langnp2057\insrsid13704817\charrsid13704817 [Signed 28 March 1994]}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13704817 {\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13704817\charrsid13241068 No.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13570060 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid13704817\charrsid13241068 179 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ANALYSIS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 Title \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 PART 1 \endash PRELIMINARY \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 1. Short Title \par 2. Interpretation \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 PART II - LICENSING }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 OF }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 OF}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 F-SHORE BANKING \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 3. Off-shore banking \par 4}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 . Licensee to be body corporate}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 5. Classes of licences \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 6. Application }{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 licence \par 7. Decision of Board \par 8. Licence may be subject to condition}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 9. Refund of fee \par 10. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Notification of changes}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 11. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Licence not transferable}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 12. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Cancellation or suspension of licence \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 13. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Appeal against cancellation or suspensions}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 14. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Class off -shore banking licences}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 15. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Licence fee}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 16. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Asset backing}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 17. }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 Annual report and audit}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par 18. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 Class off-}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 shore banking licences}{\fs24\lang2057\langfe1033\langnp2057\insrsid14187029\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 19. Currency stipulation in licences \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 20. Licence fee}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 21. Asset backing \par 22. Annual report and audit \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4527826 23. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 class off-shore banking licences \par 24. Licence fee \par 25. Deposit required from }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 class bank \par 26. Share capital \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 27. Annual re}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 port and audit \par 28. Secrecy \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 PART III - TAXATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 29. Profits and dividends \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 PART IV - MISCELLANEOUS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 30. Keeping of accounting records \par 31. Inspection \par 32. Supply of information \par 33. Use of information by Board and others \par 34. Breaches of professional secrecy \par 35. Breach of secrecy by officer or employee deemed to be breach by licensee \par 36. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Banking hours}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 37. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Winding up}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 38. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Relationship of this Act to other Acts}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 39. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Regulations}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 40. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Power of exemption}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par 41. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 Prohibitions by Cabinet}{\fs24\lang2057\langfe1033\langnp2057\insrsid10373607\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13440406\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 -------------------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8328622 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 AN ACT }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid13704817 to establish and regulate Off-Shore banking in Niue and matters related thereto}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 by the Niue Assembly in Session assembled, and by the authority of the same, as follows: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 PART I - PRELIMINARY \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 1. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Short Title}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - This Act may be}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 cited as the Off-Shore Banking }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Act 1994. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 2. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Interpretation}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - In this Act, unless the context otherwise requires, }{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13704817 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Bank}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means the Niue Bank \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Banking business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means the business of banking in all its customary branches and departments including that of a Savings Bank and without limiting the generality of the foregoing also includes borrowing receiving or taking up money at interest or otherwi se on current account, savings account, deposit account or other account and which according and subject to arrangement is repayable on the cheque, draft, order or authority of the customer; lending giving credit at interest or otherwise with or without s ecurity to any person, company or corporation; discounting, buying, selling and dealing in bills of exchange, promissory notes, coupons, drafts, bills of lading, }{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 warrants}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 , debentures, certificates, script, hire purchase agreements, and other instruments and securities whether transferable or negotiable or not; granting and issuing letters of credit and circular notes; buying, selling and dealing in bullion and specie; dealing in foreign or overseas exchange; acquiring, holding, issuing on commission, debent ures, debenture stock, bonds, obligations, securities and investments of all kinds; negotiating of loans and advances; becoming surety for the pa}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704188\charrsid2500947 yment of money or performance of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 contracts or obligations by any person, company or corporation; receiving money and values on deposit or for safe custody or otherwise, collecting and transmitting money and securities; managing property and }{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 transacting}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 all kinds of agency business commonly transacted by bankers; carrying on such other business outside the customary}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 scope of the busi}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ness of banking as the Bank may from time to time authorise or approve; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Dollar}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means a unit of the currency of New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 ;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 Governme}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13704817 nt}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 means the Government}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 of Niue;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 Holder}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 means, in relation}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13704817 o a licence, the person to whom}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 it was issued;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Licence}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means a licence granted pu}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 rsuant to Part III of this Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means any body corporate holding a current valid licence pursuant to the provisions of this Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 Member}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 means}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8328622 member of the Board of the Bank;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 Minister}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 me}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 ans the Minister of Finan}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8328622 ce for Niue;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 Monetary Board}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 or }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 B}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 oard}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 eans the Board of the Niue Ba}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 nk established by the Niue Bank}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Act 1994; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 Off-Shore Banking business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 eans any banking business transacted exclusively w}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 ith, on behalf of or in respect}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of the following persons: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Any person who is treated in accordance with the laws of another }{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 countr}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 y }{\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 as a }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 resident of that country and in the case of an individual is not ordinar}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 ily resident in or domiciled }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Niue}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 ; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid5321251\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Does not engage in a trade or business within Niue; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (c) Is a company incorpo}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 rated or registered pursuant to the provisions of the International Business Companies Act 1994, or an exempt tr}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 ust registered pursuant to the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Trusts Act 1994, or a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 partnership registered pursuan}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 t to t}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 he Partnership Amendment Act 1994 other than}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 a partnership which carries on a trade or business within Niue; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 and may include}{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 :}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Receiving foreign funds through}{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (i)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The acceptance of foreign money deposits payable upon demand or after}{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 a fixed period or after notice;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The sale or placement of foreign bonds certificates notes or other debt obligation }{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 or other foreign securities;}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (iii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Any other similar activity involving foreign money or foreign securities; and \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (e) Either in whole or in part usi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ng the foreign funds so acquired for}{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (i) Loans, advances, and investm}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ents; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The activities of the person carrying on that business for the account of or at the risk of that person; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 (f) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Any other activity, wh ich may, by regulatio}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 n, be declared to bean activity }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 related or ancillary to an activity described in paragraph (c) or paragraph (d) of this definition: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Person}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 does not include the Crown any instrumentalit}{\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 y of executive government or an}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 y Minister acting on be}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 half of the Crown in right of N}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 iue or New Zealand, or any trust or corporation of which such a person or instrumentality is the beneficial owner of an interest therein; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 Permanent Establishment}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means a fixed place of trade or business in which the trade or business of a person is wholly or partly carried on; save that a person shall not have a permanent establishment m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 erely because it carries on trade or business in Niue through }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 a broker, or an agent of independent status; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4144851 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid7427536 To reside}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shall have the same meaning as }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ordinarily resident}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 is defined in Article 17 of the Niue}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 Constitution, and }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 residence Prohibitions by Cabinet }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nd }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "} {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 resident}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 and }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ordinarily resident}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid8328622 have the corresponding meanings.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 PART II}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 -}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 LICENSING}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 OF}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 OFF}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 -}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12463734\charrsid2500947 SHORE BANKS}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13704817 3. Off-}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shore banking }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - A person shall not transact any off-shore banking business or hold himself out as transacting any off-shore banking business, in Niue, unless that person holds a valid off-shore banking licence issued under this Part. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 4. Licensee to be body corporate}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Subject to this Act, no person other than a body corporate shall be granted a licence, and in the case of}{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence the licensee shall be an international business company registered under the provisions of the International Business Companies Act 1994. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 5. Classes of licences}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) A body corporate which wishes to carry on off-shore banking business in Niue may}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3440071 apply for one of the classes of}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 licence specified in subsection (2) of this section. \par \par (2) There shall be three classes of off-shore banking licence - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (a) An }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3440071 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (b) A }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (c) A }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 6. Application for licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) An application for a lice nce shall be made to the Monetary Board in the prescribed form, and shall be accompanied by \endash \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (a) A certified copy of the Act, charter, deed of settlement, memorandum of association and articles of association of the body corporate, or other document or documents by which the body corporate is constituted; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (b) Such fee as may be fixed by regulation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (c) Such evidence as the Board may require - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (i) That the laws of jurisdiction under which the body corporate is incorporated have been complied with; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (ii) Of the nature and character of the body corporate}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s business; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (iii) Of the financial standing of the body corporate; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (iv) Of the stock ownership of the body corporate; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (v) Of the shareholding and management of the body corporate; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (vi) Where the licence applied for is an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence, that the provisions of Section 16 of this Act have been complied with; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (vii) An address for service within Niue; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (viii) Such references as the Board may require; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (ix) Such other information as may be required by regulation. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (2) In addition to the documents, information, and evidence which shall accompany an appl}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3440071 ication under subsection (1) of}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 this section}{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 as an applicant shall, if requir}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ed to do so by the Board, furnish such additional documents, information, or evid}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 ence as the Board may require. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 7. Decision }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of Board}{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (1) Where an applic}{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 ation for a licence shall be made to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 Monetary Board, }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 the Board shall after due consideration of that application, either grant a licence o}{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 r reject then application, or de}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 fer the application and direct that such enquiries as it considers necessary be made. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 In making its decision under subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 (1) of this section, the Board}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shall have regard to whether the licence is to the advantage of the people of Niue and to the effect that the grant of that licence would ha}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 ve on the stability and balance}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 d development of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 the Ni}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ue economy. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11809203\charrsid2500947 \par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 Where the Board rejects }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 an appli}{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 cation, the Board need not give}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 the applicant any reason for such rejection. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 8. Licence may be s}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ubject to conditions}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) The Board may on gr}{\fs24\lang2057\langfe1033\langnp2057\insrsid3440071 anting a licence or at any time}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 after granting a licence impose such terms and conditions as it might th }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 ink fit, and without limiting th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e generality of the foregoing it may include such terms and }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 conditions as to the nam}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e of a licensee and the off-}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 shore banking business that may be}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 conducted by a licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3440071 If term}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s and conditions }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 are imposed under subs ection (1) the Board may, from time to tim}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 vary or revoke any of those term}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s or conditions or impose any additional conditions. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 9. Refund of fee}{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where art application for a licence is rejected, any application fee,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9255205\charrsid2500947 less a prescribed}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 administration cha rge, shall be refunded.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 10. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notification of changes}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) The holder of a licence shall, within 3 months after the making of an alteration in the Act, charter, deed of s}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 ettlement, memor}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 andum of association, articles}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 of association or other docum}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ent by which the licensee was constituted a body corp}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 orate, furnish to the Board particul}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ars in writing of the alteration verified by a statutory declaration made by a senior officer of the body corporate authorised to do so. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par (2) The holde}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 r of a licence shall forthwith notify the Board, in writing, of any material change in the particulars set out in the application for}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 issue of licence or in the docum}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ents, information, or evidence accompanying that application or in any documents, .information, or evidence, if any, given under section 6(2) of this Act. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 11}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 . Licence not transfe}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 rable}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) In this section }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 transfer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 in relation to a body}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 corpor}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ate, shall include - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The sale, transfer, or other disposition whatsoever of the shares in the capital of the bo dy corporate, or any issue or allotment of any new shares in the capital of the body corporate, or the happening of any other matter or event whatsoever, the effect of which is to transfer directly or i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 ndirectly the effective ownershi}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 p, management, and control of the body corporate; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 any of the events re}{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 ferred to in paragraph (a) of th}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 is subsection occurring to any holding company of the body corporate or any holding company of any holding company of the body corporate. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The holder of a licence s hall not transfer the licence and any such purported transfer shall be void and of no effect. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11352593\charrsid2500947 \par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notwithstanding subs}{\fs24\lang2057\langfe1033\langnp2057\insrsid7163270 ection (2) the licensee of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence may transfer that licence with the written approval of the Board. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 \par (4) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3440071 A transfer of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid3440071 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence by a licensee other than in accordance with the provisions of subsection (3) shall be void and of no effect. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 12. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Cancellation or sus}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 pension}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of licence }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (1) The Board may cancel or suspend a licence where it is of the opinion that a licensee or a dir}{\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 ector or officer of a licensee: \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 has failed to comply with or breaches a condition upon which a licence was granted pursuant to section 8; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 has contravened a provision of this Act; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 has contravened a provision of any other Act; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3350452\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 has committed or is likely to commit a criminal offence prescribed by the law of Niue, or by any other jurisdiction beyond Niue being a jurisdiction to which the licensee, director or officer is subject , and that offence is relevant to the business of the licensee, or in the absolute discretion of the Board i}{\fs24\lang2057\langfe1033\langnp2057\insrsid3440071 s prejudicial to the reputation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of Niue. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid7040543\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where the Board cancels or suspends a licence it shall give notice to the licensee within 7 days of it s decision by delivering such notice to the registered office of the licensee and such licence shall be deemed to have been cancelled or suspended as the case may be as from the date of service. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12190669\charrsid2500947 \par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A licence canc elled or suspended pursuant to this section shall forthwith be forwarded to the Board by the person who was immediately prior to cancellation or suspension the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 \par (4)A decision of the Board to cancel or suspend a licence shall not be questioned in any way or in any Court except upon the grounds provided in Section 13. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 13.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 Appeal against cancellation or suspension}{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 - (1) A licensee aggrieved by the cancellation or suspension of a licence may within 14 days of service of notice, appeal against that ca ncellation or suspension to a Judge of the High Court upon the grounds that the provisions of either paragraphs (a) (b) (c) or (d) of section 12 have not been contravened. \par \par (2) Every appeal, unless otherwise ordered by the Court shall be heard in camera and no details of the proceedings shall be published by any person without leave of the Court. \par \par (3) A prima facie case shall be deemed to have been established upon the production of a certificate signed by the Board as to the reasons for suspension or cancellation of the licence. \par \par (4) Every determination or order of the Judge in respect of or in connection with proceedings commenced pursuant to this section shall be final and conclusive and without appeal, whether to the Court of Appeal of Niue or otherwise, and shall not be questioned in any way. \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 A}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 CLASS OF LICENSES \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 14.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 A}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 Class off-shore banki}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ng licences}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) An }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence shall, subject to this Act, be valid for a period of 1 year from the date of granting. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The holder of an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Class off-shore banking licence shall transact only off-shore banking business. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 \par (3) T}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 he holder of an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Class off-shore bankin}{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 g licence shall, subject to compliance}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 with the provisio}{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 ns of the Entry Residence & Depar}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ture}{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Act 1985 be }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 permitted}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 to maintain a permanent establishment within Niue. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 15. Licence Fee}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12935473 }{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 - The fee payable in relation to an application for an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14750071\charrsid2500947 class off-shore banking licence and of any renewal thereof shall be fixed by regulation. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 16. Asset backing}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12935473 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 - An applicant for and a holder of an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 class off-shore banking licence and of any renewal thereof shall be fixed by regulation. \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where the applicant or holder, as the case may be, is not a body corporate incorp}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935473 orated under any Act for the tim}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e being in force relating to the incorporation of International Business companies, have at all relevant times, a surpl}{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 us }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 is of tangible assets over liabilities in and amount of not less than $2,500,000 or an }{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 equivalent}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 amount in a currency approved by the board; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where the applicant or holder, as the case may be, is a body corporate incorporated under any Act for the time being in force relati}{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 ng to the incorporation of Intern}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ational Business compani}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935473 es, and have at all relevant tim}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12935473 s -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A paid-up capital of not less than $2,500,000 or an equivalent amount in a currency approved by the Board; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 (ii) A bank guarantee in a force }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 and from a. ban}{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 k acceptable to}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 the Board of that applicant}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s or that }{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 holder}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 s obligations in an amou}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nt of not le ss than $2,500,000 or an equivalent amount in a currency approved by the Board. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 17}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 . Annual}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 Report and }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Audit}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) The holder of an }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence shall submit to the Board within 6 months of the end of its financial year audited accounts in the form prescribed by regulation. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15735355\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 For the purposes of section (1), the audit shall be}{ \fs24\lang2057\langfe1033\langnp2057\insrsid213297\charrsid2500947 carried }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 out by a c}{\fs24\lang2057\langfe1033\langnp2057\insrsid213297\charrsid2500947 ompetent }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 uditor approved for the purpose by the Board. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8202680 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 B}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 CLASS LICENCE \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 18.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 B}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10370933\charrsid2500947 c}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 lass off-shore b}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 anking licences}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12935473 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 (1) A }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid15735355\charrsid2500947 class off-s}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15081543\charrsid2500947 hore }{\fs24\lang2057\langfe1033\langnp2057\insrsid15735355\charrsid2500947 banking}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15735355\charrsid2500947 licence shall, subject to this Act, be valid}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12935473 for a period}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of 1 year from the date of granting, and may be renewed upon application. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15735355\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The holder of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence sha}{\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 ll transact only off}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 -shore banking and such business shall be transacte}{\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 d only in the currencies specified in the lice}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nce. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8202680\charrsid2500947 \par (3) The holder }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence shall only transact business through a Trustee Company registered under the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 Trustee Companies Act 1994, u}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nless that licence holder applies for and receives the prior written }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 permission of the Bo}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ard to maintain a permanent establishment in Niue and the Board may grant }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 that permission upon such terms and conditio}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ns as it thinks }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 fit.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 19. Currency stipulation licence }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - A }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 class off-shore banking licence shall specify }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 One currency; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Two, three, four or five currencies; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 No restriction on the number of currencies, - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 in which the li}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 censee may conduct its off-shore banking business. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 20. Licence fe}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - The fee payable in relation to an application for a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence and any renewal t}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 hereof shall be fixed by regul}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ation. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 21. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Asset Backing}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - An applicant for and a holder of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 ff-shore banking licen}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ce shall - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where the applicant or holder, as the case may be, is not a body corporate incorporated under the Act for the time being in force relating to the incorporation of International}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 Business companies, have at all }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 relevant times a surplus of tangible as}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 sets over liabilities is an amou}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nt of not less than $500,000 or an equivalent amount in a currency approved by the Board; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Where the applicant or holder, as the case nay be, in a body corporate incorporated under any Act for the time being in force relating to the incorporation of International Business compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid13378565 ies, have at all relevant times}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A paid-up capital of not less than $500,000 or an equivalent amount in a currency approved by the Board; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12523860 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A bank guarantee in a form and from a bank acceptable to the Board of that applicant}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s or that holder}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s obligations in an amount of not less than $50,000 or an equivalent amount in a currency approved by the Board. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 22. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Annual Report and Audit}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) The holder of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking license shall submit to the Board within 6 months of the end of its financial year audited accounts in the f}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 orm prescribed by regulations.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13378565 (2) For the purposes of section (1), the audit shall be carried out by a competent auditor approved for the purpose by the Board. \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2910922 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid2910922 C}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid2910922 CLASS LICENCE}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid2910922\charrsid2910922 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid2910922\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 23. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 C}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Class Off-Shore Banking Licences }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) Subject to subsection (2), and subject to such term and conditions as may be imposed pursuant to section 8, an international business company granted a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence shall transact only off-shore banking business. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 (2) Unless otherwise exempted by the Board a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 class bank licensee, its officer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 s and employees, shall not issue any cheque or draft drawn on the licensee. \par \par (3) Unless otherwise exempted by the Board, all business transacted by a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '} {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 class bank licensee shall be done with the knowledge of a resident director as defined in section 2 of the International Business Companies Act 1994. \par \par (4) Unless otherwise exempted either in part or in whole by the Board, every document}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 issued by or on behalf of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6951944 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 class b ank licensee shall have endorsed thereon a notice as shall be prescribed by regulation. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 24. Licence fee}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid12523860\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - There shall be paid in respect to a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 class banking licence an annual}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 licence fee as may be prescribed by regulation. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 25. Deposit required from }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 C}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 class bank licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 - (1) Every licensee of a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13570060\charrsid2500947 class bank shall deposit with the Government of Niue the sum of $5,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Subject to subsection (3) a deposit shall be refunded: \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 on the expiration of 6 months from the date of service of written notice advising the Secretary that the lice}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 nsee has ceased to carry on off-}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shore banking business and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 if the Board is satisfied that within t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 hat period referred}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 to in paragraph (a) the licensee has not carried on off-shore banking business; axed \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9000656 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 if the Board is satisfied that a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 ll liabilities of the licensee ar}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e fully liquidated or otherwise provided for. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A deposit may be forfeited by}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 order of the Board where }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 ing licence is cancelled pursuan}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 t to section 12. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par (4) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Every deposit shall be paid into and form part of the Niue Government Account}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 and until refunded in accordanc} {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 with subsection (2) shall be dee}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 med to be the property of}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 the Government of Niue. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 \par (5) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notwit}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 hstanding any provision of any enactm}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 en}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 t to the contrary, the Gover}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 n}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 men}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 t of Niue shall be entitled to receive all}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 income payable or derived from}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 any dep}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 osit and notwithstanding the re}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 fund of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 hat deposit such income shall remai}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 n the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9000656\charrsid2500947 property of the Government of Niu}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e. \par \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 26. Shar}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e capital}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Notwithstanding the provisions }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 of the International Business C}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ompanies Act 1}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 994 a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 C}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 class bank licensee shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 have a paid up share capital of not less than $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 27.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 Annual Report and Au}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 dit}{\fs24\lang2057\langfe1033\langnp2057\insrsid6951944 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notwithstanding the provisions of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 the International Business}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Companies Act 1994 a }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 class bank licensee shall furnish to the Board within 6}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 months of the end of each financial year audited accounts in such form as may be approved by the Board. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 28. Secrecy}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Notwithstanding any provisions }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 to the contrary the Board may }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 in its absolute discretion order that the affairs accounts and records of a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class bank licensee be either in part or in whole disclosed to such person or persons as it may determine where the Board is }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 of the opinion that a licensee }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11342698 {\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 has contravened or is likely to contravene section 12; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11342698 {\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 should have its licence cancel}{\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 led pursuant to paragraph (d) of}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 subsection (1) of section 12 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6688427 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }\pard \qc \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6688427 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 PART III - TAXATION \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 29. Profits an}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 d dividends}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Notwithstanding anything contained in any other enactment; \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 No income tax, nor any other direct or indirect tax or impost, shall be levied in Niue upon the profits or gains of a licensee, or upon any interest earned by a licensee or paid to a depositor by a licensee, in respect of the o ff-shore banking it does from within Niue. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11342698\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 No income tax, nor any other direct or indirect tax or impost, shall be levied in Niue in respect of any dividends or earnings, or upon any interest earned by a licensee or paid to a depositor by a licensee, attributable to the shares or securities}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 of a licensee that are beneficially owned by another licensee or by a person who is not a resident of Niue. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 30.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 Keeping of acc}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ounting records}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) In this section }{\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \endash }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Accounting records}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 in relation to a body corporate includes such working papers and other documents as are necessary to explain the methods and calculations by which ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 counts of the body corporate are}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 made up: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Accounts}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means profit and loss accounts and balance sheets, and includes notes (other than directors}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 reports) attached to, or intended to be read with, any of those profit and loss accounts or balance sheets. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The holder of a licence shall - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6688427 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Keep such accounting records as correctly record and explain the transactions and financial position of the body corporate; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6688427 {\fs24\lang2057\langfe1033\langnp2057\insrsid6688427\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Keep its accounting records in such a manner as will enable true and fair accounts of the body corporate to be prepared from time to time; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Keep its accounting records in such a manner as will enable the accounts of the body corporate to be conveniently and properly audited. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par 31. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Inspection}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) In this section }{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Inspector}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 means a person appointed, in writing, by the Board, for the purposes of this section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 An Inspector, upon production of proof of his appointment, shall, during the normal office hours of the licensee, have the right to inspect: \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s accounting records; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s register of shares; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 s record of transactions; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Any other record kept by the licensee in the course of its off-shore banking business; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (e) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The premises where the licensee carries on his off-shore banking business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 32. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Supply of Information}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) The h older of a licence shall furnish to the Board such information in respect of its off-shore banking business conducted in Niue as the Board directs. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A direction under this section shall not require information to be furnished with respect to the affairs of an individual customer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 33. Use of Information by Board }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 and others}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - No member of the Board nor an Inspector appointed under section 28 of this Act, shall reveal any information to any person other than to an officer of the Crown in right of Niue for the purposes of enabling him to carry out his duties as such officer of the Crown, and any such officer of the Crown to whom such information is revealed shall similarly not reveal it to any person other than such a person as is referred to herein. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 3}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 4. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Breaches of professional secrecy}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) Every person commits an offence who, - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 Divulges any information, in Niu}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e or elsewhere, in relation to}{\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Any off-shore banking business in Niue; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The transfer of monies and property into or out of Niue in the course of any off-shore banking business; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5452724 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 (iii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 The account of any person with a licensee or any item of such an account or t}{\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 he fact of any person having, or}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 having had such an account, - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5142884 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 while he has become aware of his capacity as an officer, employee, or authorised agent of a licensee, or as an officer or employee of an auditing company; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5142884 {\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Attempts to induce others to breach professional secrecy in relation to any such matters. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid5452724\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 An offence under subsection (1) of this section may be committed either during or after the termination of the official or employment relationship or the exercise of the profession. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notwithstanding subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 (1) of this section, it shall not be an }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 offence under this section to divulge such information - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5142884 {\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5142884 {\fs24\lang2057\langfe1033\langnp2057\insrsid5142884\charrsid2500947 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 to an Inspector pursuant to section 28 of this Act or if directed to do so by the Board pursuant to section 29 of this Act; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (b) to the person on whose behalf the off-shore banking business is being carried out; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (c) in Niue, to an officer or employee of the same licensee in the performance of his duties as an officer or employee; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (d) to an officer or employee of a bank or ether such financial institution outside Niue, if all the persons concerned in the banking business or in who name the account stands, consent in writing to his doing so; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8267863 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (e) to an officer or employee of the licen see outside Niue, so long as the names of the persons concerned in the banking business and any information which might identify them and the names in which accounts stand }{\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 and the balances therein, are no}{\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 t divulged; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (f) with the prior written approval of the Minister, to the government of or to a public officer of any other country, provided such information is used only as part of - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (i) An amount representing the total assets of the licensee in Niue; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (ii) An am}{\fs24\lang2057\langfe1033\langnp2057\insrsid8267863 ount representing the total sum}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 of monies transferred to Niue from that country or from Niue to that country and the currencies in which such monies were transferred, - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 and the amounts of individual banking transactions, the names in which accounts stand, and the balances therein are not divulged; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9188009 {\fs24\lang2057\langfe1033\langnp2057\insrsid9188009\charrsid2500947 (g) to any foreign government or any court or tribunal of any country including Niue but only if and to the extent that High Court of Niue so directs, having been satisfied that the information is required and will be used solely for the purposes o f an investigation or prosecution of any person in relation to the sale or the laundering of the proceeds of sale of any prohibited narcotic substances, or the laundering of proceeds gained from any other serious criminal activity, whether that sale or la undering or other serious criminal activity occurred in Niue or elsewhere. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 \par (4) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6892446 For the pur}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 poses of subsection (3) (d) of this section, a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6892446 ll the persons concerned in off-}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shore banking business and in whose name accounts stand shall be deemed to have consente d to an officer or employee of a licensee divulging to an officer or employee of a bank or other such financial institution outside N}{\fs24\lang2057\langfe1033\langnp2057\insrsid6892446 iue such information of the off-}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 shore banking business being carried out as is essential to the carrying out of that bankin g business, but the consent deemed to be given pursuant to this subsection shall not apply to any other particulars. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 \par (5) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Nothing in this section shall prevent the High Court of Niue from requiring any person to give evidence or produce documents in any pr oceedings in the Court of any facts relevant in those proceedings which the person could otherwise be required to give or produce. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2502757 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6892446 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6892446\charrsid6892446 35.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6162178 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid6892446\charrsid6892446 Breach of secrecy by officer or employee deemed to be breach by licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid6892446\charrsid2500947 - (1) For the purposes of section 34 of this Act , an offence by an officer or employee of a licensee or of an auditing company, as the case may be, or by a person after termination of his employment as an officer or employee of a licensee or of an auditing company, as the case may be, whether such offe nce occurs in Niue or elsewhere, shall be deemed also to be an offence by that licensee or by that auditing company. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid6892446\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Notwithstanding subsection (1) of this section an offence under section 34 of this Act by a person after termination of the official or employment relationship or the exercise of the profession with a licensee or an auditing company shall not be deemed also to be an offence by- the licensee or by the auditing company, where the licensee or auditing company, as the case can be, can demons trate, on the balance of probabilities, that it has taken all reasonable steps to prevent an offence by the person. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 36. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Banking Hours}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - A holder of an }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 A}{\fs24\lang2057\langfe1033\langnp2057\insrsid7353391 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 class off-shore banking licence shall maintain such banking hours for the conduct of his off-shore banking business as are prescribed by the Board from time to time. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2502757\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 37. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Penalty}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Every person who commits an offence against this Act, where no other penalty is provided, shall be liable upon conviction to imprisonment for a term not exceeding 1 year, or to a fine of up to and not exceeding $10,000, or both. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 38. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Relationship of this Act to other Acts}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - Where the provisions of this Act conflict with the provisions of any other Act other than the Niue Constitution, then the provisions of this Act shall prevail. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 39. Regulations}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - The Government may by Order in Cabinet make regulations prescribing all matters that by this Act are required or permitted to prescribe by regulation or that are necessary for carrying out or giving full effect to the purposes or provisions of this Act and for the due administration thereof. \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 40. Power of exemption}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) Cabinet may, on the advice of the Minister, on its own motion or pursuant to an application in writing lodged with the Registrar by a licensee or body corporate, exempt that licensee or body corporate from all or any of the provisions of this A ct and may impose such items and conditions as it thinks }{\field\fldedit{\*\fldinst {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 HYPERLINK http://fit.as }{\fs24\lang2057\langfe1033\langnp2057\insrsid6959764\charrsid2500947 {\*\datafield 00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b1e00000068007400740070003a002f002f006600690074002e00610073002f000000000000000000000000}}}{\fldrslt { \cs15\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 fit as}}}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 a condition under which that exemption is granted. An exemption so granted may be revoked or varied by Cabinet, on the advice of the Minister}{\fs24\lang2057\langfe1033\langnp2057\insrsid6892446 , at any tim}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 e. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 In dealing with an application under this sect}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 ion Cabinet shall not be require}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 d to act judicially and its decision shall be final. \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par 41. }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 Pro}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 hi}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 bitions by Cabinet}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 - (1) Cabinet, on the advice of the Minister, shall have an absolute right of its own motion or otherwise and without assigning reasons to make an order: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7556596 {\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7556596 {\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 (a) prohibiting the licen}{\fs24\lang2057\langfe1033\langnp2057\insrsid15351872 s}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 ing of any body corporate; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7556596 {\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 directing a licensee to cease carrying on its business or part of its business i}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 mm}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 ediately or within such time as ma}{\fs24\lang2057\langfe1033\langnp2057\insrsid13832193 y be}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 specified in th e order. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15735355 {\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13832193 An order made u}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 nder this section may be revoked or varied by Cabinet on the advice of the Minister. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par (3) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 In making an}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 order under this section Cabin}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 et shall not act judicially and any order shall be final. \par \par This Act was passed by the Niue Assembly on the 14th Day of March 1994}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid13794136\charrsid2500947 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7556596 {\fs24\lang2057\langfe1033\langnp2057\insrsid6162178 -----------------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid7556596\charrsid2500947 \par }}