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Currency Reserves Amendment Act 1989

COOK ISLANDS

CURRENCY RESERVES AMENDMENT ACT 1989

ANALYSIS

Title
1. Short Title
2. Long Title
3. Reserves of authorised currency to be established and maintained
4. Regulations
Schedule

1989, No. 9

An Act to amend the Currency Reserves Act 1987

(2 May 1989

BE IT ENACTED by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:

1. Short Title

This Act may be cited as the Currency Reserves Amendment Act 1989 and shall be read with and deemed part of the Currency Reserves Act 1987 (herein referred to as "the principal Act").

2. Long Title

The long title to the principal Act is amended by deleting therefrom the words "equal in value to the coins and notes issued".

3. Reserves of authorised currency to be established and maintained

Section 3 of the principal Act is amended by deleting subsection (2) and substituting the following subsection -

"(2) Reserves of authorised currency shall be maintained for each category of issued currency (as set out in column 1 of the Schedule) of an amount equal in value to the corresponding percentage (as set out in column 2 of the Schedule), of the total face value of notes and or coins comprising such category of issued currency."

4. Regulations

The Queen's Representative may from time to time, by Order in Executive Council, make regulations amending the Schedule so as to either -

(a) add or delete a category of issued currency; or
(b) increase or decrease the percentage of the total face value of notes or coins comprising a category of issued currency and in accordance with which a reserve of authorised currency shall be maintained.

SCHEDULE

Section 3(2). Reserves of authorised currency to be maintained in respect of categories of issued currency.

This Act is administered in the Department of Treasury.