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Off-Shore Banking Act 1994 - Off-Shore Banking Regulations 1994

NIUE

OFF-SHORE BANKING REGULATIONS 1994

At Cabinet Chambers at Alofi this 22nd day of March 1994.

Present:
The Ministers of Cabinet

PURSUANT to the Off-Shore Banking Act 1994 The Ministers of Cabinet hereby make the following regulations.

REGULATIONS

1. Title and Commencement - (1) These regulations may be cited as the Off-Shore Banking Regulations 1994.

(2) These regulations shall come into force on the .... day of ...... 1994.

2. Interpretation - These regulations, unless the context otherwise requires:-

"The Act" means the Off-Shore Banking Act 1994:

3. Fees - Fees in accordance with the First Schedule to these regulations shall be payable in respect of nay matter specified in the First Schedule to these regulations.

4. Form of Accounts - The content and form of audited accounts required by the Act shall be as prescribed in the Second Schedule to these regulations.

5. Form of Notice - The notice required by section 23(4) of the Act shall be in the form specified below:

"The [name of Bank] Bank holds a "C" Class offshore banking licence pursuant to section 23 of the Niue Off-shore Banking Act 1994".

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FIRST SCHEDULE

FEES

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SECOND SCHEDULE

CONTENTS AND FORM OF AUDITED ACCOUNTS

1. Every balance sheet of a Licensee shall give a true and fair view of the stare of affair of the licensee as at the end of its financial year, and every profit and loss account of a licenser shall give a true and fair view of the profit or loss of the licensee for the financial year.

2. A licensee's balance sheet and profit and loss account shall comply with the requirements of the Eighth Schedule of the Companies Act 1955 (New Zealand), so far as applicable thereto.

3. Save as expressly provided in the following provisions of this Schedule or in Part III of the said Eighth Schedule, the requirements of paragraph 2 of this Schedule and the said Eighth Schedule shall be without prejudice either to the general requirements of paragraph l of this Schedule or to any other requirements of these regulations.

4. Cabinet may, by Order in Cabinet, on the application or with consent of the Licensee's directors, modify in relation to that licensee any of the requirements of these regulations as to the matters to be stated in a licensee's balance sheet or profit and loss account (except the requirements of paragraph 1 of this Schedule ).

5. Paragraph 1 and 2 of this Schedule shall not apply to a licensee's profit and loss account if -

(a) The licensee has subsidiaries; and

(b) The profit and loss account is framed as a consolidated profit and loss account dealing with all or any of the licensee's subsidiaries as well as the licensee and –

(i) complies with the requirements of the Eighth Schedule of the Companies Act 1955 (New Zealand) relating to consolidated profit and loss accounts; and

(ii) shows how much of the consolidated profit or loss for the financial year is dealt with in the accounts of the licensee.

6. For the purposes of this Schedule and the provisions of these regulations, except where the context otherwise requires –

(a) Any reference to a balance sheet or profit and loss account shall include any notes thereon or document annexed thereto giving information which is required by these regulations and is thereby allowed to be so given; and

(b) Any reference to a profit and loss account shall be taken, in the case of a licensee not trading for profit, as referring to its income and expenditure account, and references to profit or to loss and, if the licensee has subsidiaries, references to a consolidated profit and loss account shall be construed accordingly.

7. Every balance sheet of a licensee shall be signed on behalf of the board of directors of the licensee by two directors of the licensee.

8. The profit and loss account and, so far as not incorporated in the balance sheet or profit and loss account, any group accounts shall be annexed to the balance sheet, and the auditors' report shall be attached thereto.

9. Any account so annexed shall be approved by the board of directors before the balance sheet is signed on their behalf.

10. There shall be attached to every balance sheet a report by the directors with respect to the state of the licensee's affairs.

11. The said report shall deal, so far as is material for the appreciation of the state of the licensee's affairs by its members and will not in the directors' opinion be harmful to the business of the licensee or of any of its subsidiaries, with any change during the financial year in the nature of the licensee's business, or in the licensee's subsidiaries, or in the classes of business in which the licensee has an interest, whether as a member of another licensee or otherwise.

APPROVED by Cabinet at Cabinet Chambers, Fale Fono, Alofi, this 22nd day of March 1994.

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