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Banking Amendment Act 2004

COOK ISLANDS

No. 4 of 2004

BANKING AMENDMENT ACT 2004

Examined and certified by:

Clerk of the Parliament

In the name and on behalf of Her Majesty Queen Elizabeth the Second I hereby assent to this Act this 1st day of June 2004.

LAWRENCE MURRAY GREIG

Chief Justice of the Cook Islands Exercising the functions and powers of the Queen's Representative pursuant to Article 7(1) of the Constitution of the Cook Islands.

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ANALYSIS

l. Short Title
2. Existing licences

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An Act to amend the Banking Act 2003

BE IT ENACTED by the Parliament of the Cook Islands and by the authority of the same, as follows:

1. Short Title – This Act may be cited as the Banking Amendment Act 2004 and shall be read together with and deemed part of the Banking Act 2003 (herein referred to as "the principal Act").

2. Existing licences – Section 5 of the principal Act is amended, by adding to subsection (3), the following proviso –

"Provided however that in the case of the Bank of the Cook Islands Holdings Corporation (known and trading as the "Bank of the Cook Islands"), the licence deemed to be issued under this section shall cease to have effect on the 30^th June, 2004."

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This Act is administered by the Financial Supervisory Commission