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Banking Amendment Act 2013

COOK ISLANDS

BANKING AMENDMENT ACT 2013

Examined and certified by:

Clerk of the Parliament

In the name and on behalf of Her Majesty Queen Elizabeth the Second I hereby assent to this Act this 6^th day of December, 2013.

Queen's Representative

Contents

1 Title
2 Commencement
3 Principal Act amended
4 Section 43 amended

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2013, No. 10

An Act to amend the Banking Act 2011.

The Parliament of the Cook Islands enacts as follows—

1 Title

This Act is the Banking Amendment Act 2013.

2 Commencement

This Act comes into force on the day after the day on which it receives the assent of the Queen's Representative.

3 Banking Act 2011 amended (principal Act)

This Act amends the Banking Act 2011.

4 Section 43 amended

(1) Section 43(5) is amended by repealing the definition of relative and substituting the following definition:

"relative means a spouse, partner, parent, child, brother, or sister".

(2) Section 43 is amended by inserting, after subsection (5), the following subsection—

"(5A) In the case of a licensee that is owned, wholly or in part, by the Crown or a Crown Agency (as those terms are defined in the Ministry of Finance and Economic Management Act 1995-96) or that has an associate that is the Crown or a Crown Agency (as so defined), subsection (5)(e) does not apply to a relative of a person who is a license-related party merely because that person is the holder of an office or a position in the Crown or the Crown Agency unless that holder is directly responsible for the actions of the Crown or the Crown Agency that relate to the licensee.

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This Act is administered by the Financial Supervisory Commission