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Westpac Bank of Tonga (Amendment) Act 2008

TONGA

WESTPAC BANK OF TONGA (AMENDMENT) ACT 2008

No. 3 of 2008

AN ACT

TO AMEND THE WESTPAC BANK OF TONGA ACT

[30 June, 2008]

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

1. (1) This Act may be cited as the Westpac Bank of Tonga (Amendment) Act 2008.

(2) This Act shall come into force on a day to be proclaimed by His Majesty in Council.

(3) In this Act, The Bank of Tonga Act (Cap. 105), as amended, is called "the principal Act".

2. (1) The Principal Act is amended by repealing subsection 4(1), and substituting the following subsection:

"4(1) The authorised capital of the Bank, the initial subscribed capital of the Bank, the shareholders of the Bank, and the number and class of shares issued to each shareholder shall be determined by the Articles and the share register of the Bank.-

(2) The Principal Act is amended by repealing subsection 4(2), and substituting the following subsection -

"4(2) Any share register certified by any Director as the share register of the Bank shall be the share register of the Bank, regardless of when it was established,"

(3) The Principal Act is amended by repealing 4(3) and substituting the following subsection —

"4(3) The shares in the Bank shall entitle the holders thereof to participate pari passu in proportion to the capital paid up on their shares respectively in all sums distributed by way of dividend, and in a winding up all surplus assets shall belong to and be divided amongst the holders of the shares in the Bank pari passu in proportion to the amounts paid up on such shares at the commencement of the winding up."

(4) The Principal Act is amended by repealing subsection 4(5) and substituting the following subsection:

"4(5) The shareholders may in accordance with the Articles reclassify the said shares of the Bank into one ordinary class of share, or one or more other classes of shares as the shareholders determine, and if they do so the provisions of this Act which refer to any one or more of the A, B, C, D and E shares shall be applied as if they referred to the reclassified shares of the Bank."

(5) The Principal Act is amended by repealing subsection 8(1), and substituting the following subsection:

"8(1) The Board of Directors of the Bank shall consist of those persons who are from time to time appointed by the shareholders as Directors in accordance with the Bank's Articles."

Passed by the Legislative Assembly this 30th day of June, 2008.