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National Reserve Bank of Tonga (Amendment) Act 2011

TONGA

NATIONAL RESERVE BANK OF TONGA (AMENDMENT) ACT 2011

Act No. 7 of 2011

Arrangement of Sections

Section

1. Short Title
2. Section 10 amended – Appointment of Board
3. Section 16 amended – Meetings of the Board

NATIONAL RESERVE BANK OF TONGA (AMENDMENT) ACT 2011
Act No. 7 of 2011

AN ACT TO AMEND THE NATIONAL RESERVE BANK OF TONGA ACT

I assent,
GEORGE TUPOU V,
28th November 2011.

BE IT ENACTED by the King and the Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1 Short Title

(1) This Act may be cited as the National Reserve Bank of Tonga (Amendment) Act 2011.

(2) The National Reserve Bank of Tonga Act (Cap 102), as amended, is in this Act referred to as the Principal Act.

2 Section 10 amended – Appointment of Board

Section 10 of the Principal Act is amended:

(a) in subsection (1) by deleting the words "and the Minister shall appoint a chair of the Board" and replacing it with "and the Minister shall appoint a Chairman and Deputy Chairman of the Board.";

(b) in subsection (4) by inserting the words "3 to" before the words "5 years".

3. Section 16 amended – Meetings of the Board

Section 16 of the Principal Act is amended by:

(a) repealing subsection (3) and replacing it with the following –

"(3) The Chairman or in his absence the Deputy Chairman shall preside in all meetings of the Board."; and

(b) inserting a new subsection (3A) immediately after subsection (3) as follows –

"(3A) In the absence of the Chairman and Deputy Chairman at a meeting of the Board, the members present shall appoint an Acting Chairman for that meeting."

Passed in the Legislative Assembly this 18th day of October 2011.