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Banking (Amendment) Act 1977

REPUBLIC OF NAURU

BANKING (AMENDMENT) ACT 1977

(No. 5 of 1977)

ARRANGEMENT OF SECTIONS

Section

1 Short title

2 The principal Act

3 Amendment of section 5 of the principal Act

4 Repeal and replacement of section 11 of the principal Act

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AN ACT

To amend the Banking Act 1975.

(Certified: 6/4/1977)

Enacted by the Parliament of Nauru as follows:

SHORT TITLE

1. This Act may be cited as the Banking (Amendment) Act 1977.

THE PRINCIPAL ACT

2. In this Act "the principal Act" means the Banking Act 1975.

AMENDMENT OF SECTION 5 OF THE PRINCIPAL ACT

3. Section 5 of the principal Act is amended by deleting from subsection (2) thereof all the words from and including the words "but not more than one of these activities" and by inserting in lieu thereof the words and punctuation "or any two or all three of these businesses."

REPEAL AND REPLACEMENT OF SECTION 11 OF THE PRINCIPAL ACT

4. Section 11 of the principal Act is repealed and replaced by the following new section 11-

"RESTRICTION ON BUSINESS OF FINANCIAL INSTITUTIONS

11. A financial institution shall not lend money or any other thing to, or borrow or accept on deposit money or any other thing from, any natural person who is habitually resident in Nauru."

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