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International Banking Repeal Act 2002

NIUE

INTERNATIONAL BANKING REPEAL ACT 2002

Arrangement of provisions

1 Short title
2 Commencement
3 Repeal of the International Banking Act 1997
4 Continuation and validity of Existing Licenses

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AN ACT
to repeal the law relating to the licensing of International Banks and to
provide for matters connected therewith.

1 Short title

(1) This Act may be cited as the International Banking Repeal Act 2002.

2 Commencement

(1) This Act comes into operation in accordance with Article 34 of the Niue Constitution.

3 Repeal of the International Banking Act 1997

(1) The International Banking Act 1997, which in this Act is referred to as "the Act", is hereby repealed.

4 Continuation and validity of Existing Licenses

(1) The repeal of the Act under Section 3 shall not affect any licences issued pursuant to Section 9 of the Act before the repeal of the Act, or any orders, decisions or judgments made before the repeal of the Act in respect of the licences issued thereunder. Such licences shall continue to exist under the same conditions as granted, provided that under no circumstances shall they be renewed.

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The Niue Assembly passed this Act on the 4^th day of June 2002.

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