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Central Bank of Vanuatu (Amendment) Act 1988

Commencement: 25th April 1988

REPUBLIC OF VANUATU

THE CENTRAL BANK OF VANUATU (AMENDMENT) ACT

NO. 1 OF 1988

ARRANGEMENT OF SECTIONS

1. Amendment of section 1 of Act No. 3 of 1980.
2. Amendment of section 7 of the principal Act.
3. Retrospective effect of section 2.
4. Commencement.

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THE CENTRAL BANK OF VANUATU (AMENDMENT) ACT

No. 1 OF 1988

Assent: 12/4/88
Commencement: 25/4/88

To amend the Central Bank of Vanuatu Act No. 3 of 1980.

BE IT ENACTED by the President and Parliament as follows: -

AMENDMENT OF SECTION 1 OF ACT NO. 3 OF 1980

1. Section 1 of the Central Bank Act No. 3 of 1980 (principal Act) is amended, by the insertion after the definition of ‘notes’ and ‘coins’ of the following definition: -

"'President of Vanuatu' means any person or body of persons, corporate or unincorporate, either domiciled in Vanuatu or present or likely to be present in Vanuatu for a total period of 180 days, within a period of 12 consecutive months."

AMENDMENT OF SECTION 7 OF THE PRINCIPAL ACT

2. Section 7 of the principal Act is amended -

(1) in subsection (1) of that section, by the substitution for the words "equal to twice the authorised capital of the Central Bank" of the words "equal to the authorised capital of the Central Bank, and thereafter ten percent (10%) of its net profit";

(2) in subsection (2) of that section, by the substitution or the words "Section 5(4)" of the words "section 5(4) or section 26(2)"; and

(3) in subsection (3) of that section, by the substitution for the words "Vanuatu Development Bank" of the word "Government".

RETROSPECTIVE EFFECT OF SECTION 2

3. The amendment made to the principal Act by section 2 of this Act shall be deemed for all purposes to have come into force on the 1st day of January, 1987.

COMMENCEMENT

4. This Act shall come into force on the date of its publication in the Gazette.

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