TOKELAU

FINANCE AMENDMENT RULES 2006
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1. Name

These are the Finance Amendment Rules 2006.

2. Public Money

The Finance Rules 1998 are amended in rule 8 by the insertion of the following 2 paragraphs –

"(3) Unless the specific transaction has first been approved by the General Fono, no person has the capacity to bind Tokelau in a transaction which -

(i) involves a sum of $50,000 or more; or

(ii) involves a commitment or potential or actual liability of Tokelau for a sum of $50,000 or more; or

(iii) would exceed budgeted expenditure by 5%.

(4) Any transaction that does not comply with paragraph (3) is void."

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