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Banking Act 2003 - Banking (Fees) (Amendment) Regulations 2008

COOK ISLAND


BANKING (FEES)
(AMENDMENT) REGULATIONS 2008


Sir F. Goodwin, KBE
Queen's Representative


ORDER IN EXECUTIVE COUNCIL


At Avarua, Rarotonga, this 29th day of February 2008


Present:


HIS EXCELLENCY THE QUEEN'S REPRESENTATIVE
IN EXECUTIVE COUNCIL


PURSUANT to Section 56 of the Banking Act 2003, the Queen's Representative, acting by and with the advice and consent of the Executive Council, hereby makes the following regulations.


_________


ANALYSIS


1. Title and commencement
2. Fees
Schedule


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REGULATIONS


1. Title and commencement-(1) These regulations may be cited as the Banking (Fees) (Amendment) Regulations 2008 and shall be read together with and deemed part of the Banking (Fees) Regulations 2004 ("the principal regulations").


(2) These regulations shall come into force on the lst day of March 2008.


2. Fees. The principal regulations are amended by deleting Part 1 of the Schedule thereto and substituting a new Part l as set out in the Schedule hereto.


Grover L. Harman
Clerk of the Executive Council

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These Regulations are administered by the Financial Supervisory Commission


SCHEDULE


(Fees in NZ Dollars unless otherwise stated)


1. Application Fees (non-refundable)



(i) a domestic banking license

$3,000

(ii) an international banking license

US$5,000

(iii) a restricted Banking license

US$1000

(iv) an existing license

$500

(2) Nothing in subsection (1) of section 2 shall prevent any person so exempted from making an application for Permanent Residence under section 5 of the Act.


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This Order is administered by the Ministry of Foreign Affairs and Immigration


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