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National Commercial and Trading Bank of Vanuatu (Amendment) Act 1992

Commencement: 17 April 1990

REPUBLIC OF VANUATU

NATIONAL COMMERCIAL AND TRADING BANK OF VANUATU
(AMENDMENT) ACT
No. 12 OF 1992

Arrangement of Sections

1. Change of the name of the National Commercial and Trading Bank of Vanuatu.
2. Amendment of section 3 of Act No. 46 of 1989.
3. Amendment of section 13 of the principal Act.
4. Amendment of section 29 of the principal Act.
5. Insertion of section 36A in the principal Act.
6. Commencement.

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REPUBLIC OF VANUATU

NATIONAL COMMERCIAL AND TRADING BANK OF VANUATU
(AMENDMENT) ACT
No. 12 OF 1992

Assent: 23/6/92
Commencement: 17/4/90

An Act to change the name of the National Commercial and Trading Bank of Vanuatu and to amend the National Commercial and Trading Bank of Vanuatu Act, No. 46 of 1989.

BE IT ENACTED by the President and Parliament as follows

CHANGE OF THE NAME OF THE NATIONAL COMMERCIAL AND TRADING BANK OF VANUATU

1. The National Commercial and Trading Bank of Vanuatu shall be known and cited for all purposes by the name 'National Bank of Vanuatu' and accordingly in every context in which the National Commercial and Trading Bank of Vanuatu is mentioned in the National Commercial and Trading Bank of Vanuatu Act, No. 46 of 1989 and in any other written law, or in any notice, permit, receipt, communication form or other document issued, made, required or authorized by or under that Act or any other written law, there shall be substituted for the words 'National Commercial and Trading Bank of Vanuatu' of the words 'National Bank of Vanuatu'.

AMENDMENT OF SECTION 3 OF ACT No. 46 OF 1989

2. Section 3 of the National Commercial and Trading Bank of Vanuatu Act No. 46 of 1989, in this Act referred to as the 'Principal Act', is amended in subsection (1) by repealing paragraph (b) and substituting the following two paragraphs:-

"(b) subject to the provisions of this Act and subject to such conditions the Board may from time to time determine, to invest such liquid assets of the bank for the time being not required for the purposes of the business of the bank -

(i) with any bank or financial institution in Vanuatu;

(ii) with any bank or financial institution outside Vanuatu.

For the purpose of this paragraph, 'liquid assets' shall have the same meaning as in section 29(2).

(ba) subject to the provisions of this Act to grant any loan, advance, credit or credit facility to any individual, firm, institution, body, group or association (whether incorporated or not) or company."

AMENDMENT OF SECTION 13 OF THE PRINCIPAL ACT

3. Section 13 of the principal Act is amended in subsection (1) by deleting the words "other than the members appointed under subsection 3(a) of section 4,".

AMENDMENT OF SECTION 29 OF THE PRINCIPAL ACT

4. Section 29 of the principal Act is amended by repealing subsection (1) and substituting the following subsection:-

"(1) The Bank shall in relation to its operations in Vanuatu maintain such minimum holding of liquid assets which shall be prescribed by the Minister and which shall not exceed 25 per cent of the Bank's deposit liabilities."

INSERTION OF SECTION 36A IN THE PRINCIPAL ACT

5. After section 36 of the principal Act, the following section is inserted in PART 7:

"GUARANTEE BY GOVERNMENT

36A. The repayment of all moneys deposited in the bank together with such interest if any as may be due thereon, is guaranteed by the Government and accordingly, if at any time the assets of the Bank are insufficient to pay or meet the lawful claims of every depositor, the Minister shall cause such deficiency to be paid or met out of the Revenue Fund:

Provided that nothing in this section shall be construed as enabling any person having any claim against the Bank or on its funds to institute proceedings in respect thereof against the Government.

For the purposes of this section "Revenue Fund" means the Revenue Fund established under the Public Finance Act [CAP 117]."

COMMENCEMENT

6. This Act shall be deemed to have come into operation on the 17th day of April, 1990.

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