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Niue Philatelic and Numismatic Act 1996

NIUE

NIUE PHILATELIC AND NUMISMATIC ACT 1996

No. 206

ANALYSIS

PART I - PRELIMINARY

1. Short Title and Commencement
2. Interpretation
3. Application
4. General Objectives of the Act

PART II - THE NIUE PHILATELIC AND NUMISMATIC COMPANY

5. The Company established
6. Functions and powers of the Company
7. Government policy
8. Board of Directors
9. Chairperson
10. Disclosure of interest
11. Directors not personally liable
12. Contracts by Company
13. Committees
14. Delegation of powers

PART III - PERSONNEL

15. Company employees
16. Application of the Niue Public Service Terms and Conditions

PART IV- FINANCIAL PROVISIONS

17. Annual estimates
18. Accounts and records
19. Audit
20. Annual report
21. Taxation

PART V - MISCELLANEOUS

23. Regulations

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An Act to establish the NIUE PHILATELIC AND NUMISTIC COMPANY for the purpose of conducting Philatelic and Numismatic business.

PART I - PRELIMINARY

1. Short Title and Commencement - (1) This Act may be cited as the Niue Philatelic and Numismatic Act 1996.

(2) This Act shall deemed to come into force on the 16th day of May 1996.

2. Interpretation - In this Act, unless the context otherwise requires-

"Assembly" means the Legislative Assembly of Niue.

"Board" means the Board of Directors appointed under the provisions of this Act.

"Philatelic" means matters dealing with or concerning stamps.

"Numismatic" means matters dealing with or concerning coins or coinage.

"Cabinet" means the Cabinet of Ministers of Niue pursuant to Article 2 of the Niue Constitution.

"Company" means the Niue Philatelic and Numismatic Company.

"Minister" means the Minister of Finance.

"Other revenue earning options" means options approved by Cabinet, that may earn Niue revenue.

"Regulations" means regulations made under Section 23 of this Act.

"Services" in addition to Philatelic and Numismatic, includes any other service carried out by the Company under this Act.

3. Application - This Act shall bind the Crown except as specified in this Act or the regulations but nothing in this Act shall render the Crown liable to any prosecution.

4. General objectives of the Act - The general objectives of the Act are to provide for Philatelic and Numismatic and other matters to be controlled by a Company, which is subject to this Act.

PART II - THE NIUE PHILATELIC AND NUMISMATIC COMPANY

5. The Company established - There is hereby established a Company to be called the Niue Philatelic and Numismatic Company.

6. Functions and powers of the Company - The functions of the Company shall be to administer philatelic, numismatic and other revenue earning options and services as approved by Cabinet.

7. Government policy - In the exercise of its functions and powers under this Act the Company shall have regard to the general policy of the Government; in relation to philatelic, numismatic and any other revenue earning options of the Government and shall comply with any directions given by Cabinet pursuant to any such policy.

8. Board of Directors - (1) The Company shall be governed by a Board of Directors consisting of the following Directors:

(a) The Minister of Finance;

(b) The Government Solicitor;

(c) The Financial Secretary.

(2) Without limiting the generality of the powers and functions of the Company as provided under this Act, the Board shall -

(a) ensure that the functions of the Company are performed efficiently;

(b) maintain the independence and integrity of the Company;

(c) ensure the assets of the Company are as far as practicable preserved, maintained and utilised in a way consistent with the functions of the Company;

(d) ensure that the Company does not contravene or fail to comply with any of the provisions of this Bill or any directions given under Section 7 of this Act.

9. Chairperson - Cabinet shall from time to time appoint one of the Directors to act as Chairperson.

10. Disclosure of interest - A Director who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Board shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Board.

11. Directors not personally liable - No Director of the Company shall be personally liable for any act done or default made by the Company or by any of its employees in good faith in the course of operations of the Company.

12. Contracts by the Company - The Company may from time to time enter into contracts.

13. Committees - (1) The Company may from time to time appoint committees consisting of any Directors or officers of the Company.

(2) Subject to the other provisions of this Act and to directions given to it by the Company, every committee may regulate its procedure in such a manner as it thinks fit.

14. Delegation of powers - (1) The Company may from time to time delegate in writing to any of its Committees or to the Manager, or to any other officer of the Company any of its powers under this Act, including this present power of delegation.

(2) Subject to any general or special directions given to it or to him by the Company any Committee or person to whom any powers are so delegated may exercise those powers in the same manner and with the same effect as if they had been conferred on it directly by this Act and not by delegation.

(3) Any committee or person purporting to act under any delegation under this section shall be presumed, until the contrary is proven, to be acting in accordance with the terms of the delegation.

(4) Every such delegation shall be revocable in writing at will, and no such delegation shall prevent the exercise of any power by the Company itself.

(5) Until any such delegation is revoked it shall continue in force according to its tenor, notwithstanding any change in the membership of the Company or any Committee.

PART III - PERSONNEL

15. Company Employees - (1) The Company may from time to time employ such officers and employees as it considers necessary for the performance of its functions, on such terms and condition as provided under section 17 of this Act, and may at any time remove any such officer or employee from his office or employment.

(2) For the purpose of Article 62 (3) of the Niue Constitution employees of the Company shall not be regarded as members of the Niue Public Service for the purpose of their duties with the Company.

16. Application of the Niue Public Service Terms and Conditions - The Company may from time to time with any necessary modifications, apply the terms and conditions applicable to the Niue Public Service.

PART IV - FINANCIAL PROVISIONS

17. Annual estimates - (1) The Company shall, for each financial year prepare an estimate, in a form approved by the Minister of Finance, of the amount of expenditure and revenue for all purposes and the receipts of the Company. The annual balance date of the Company shall be the 31st March.

(2) The estimates so prepared shall be submitted to the Assembly not later than such date as the Minister of Finance directs, for the approval of such estimates by the Assembly, and the funds of the Company shall not be expended otherwise than in accordance with estimates of expenditure so approved.

18. Accounts and records - The Company shall keep proper accounts and records of the transactions and affairs of the Company and shall do all things necessary to ensure that all payments out of its funds are correctly made and properly authorised and that adequate control is maintained over the assets of or in the custody of the Company and over incurring of liabilities by the Company.

19. Audit - The accounts and records of financial transactions of the Company shall be audited annually by the Government Auditor and a report of the audit shall be furnished to the Company and to the Niue Assembly.

20. Annual report - The Company shall within three months after the end of the Company's financial year prepare and furnish to Cabinet and the Niue Assembly a report on its operation during the year ended on that date together with financial statements in respect of that year in such form as the Minister of Finance approves.

21. Taxation - The Company shall be subject to taxation.

22. Dividends - The Company shall pay a dividend to the Government as agreed from time to time by the Board.

PART V - MISCELLANEOUS

23. Regulations - Cabinet may from time to time on the recommendation of the Company make regulations necessary for carrying out or giving full effect to the provisions of this Act.

This Act was passed by the Niue Assembly on the 16th day of May 1996.

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This Act is to be Administered by the Board.