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Off-Shore Banking Act 1994

NIUE

OFF-SHORE BANKING ACT 1994

[Signed 28 March 1994]

No. 179

ANALYSIS

Title

PART 1 – PRELIMINARY

1. Short Title
2. Interpretation

PART II - LICENSING OF OFF-SHORE BANKING

3. Off-shore banking
4. Licensee to be body corporate
5. Classes of licences
6. Application for licence
7. Decision of Board
8. Licence may be subject to conditions
9. Refund of fee
10. Notification of changes
11. Licence not transferable
12. Cancellation or suspension of licence
13. Appeal against cancellation or suspensions
14. 'A' Class off -shore banking licences
15. Licence fee
16. Asset backing
17. Annual report and audit
18. 'B' Class off-shore banking licences
19. Currency stipulation in licences
20. Licence fee
21. Asset backing
22. Annual report and audit
23. 'C' class off-shore banking licences
24. Licence fee
25. Deposit required from 'C' class bank
26. Share capital
27. Annual report and audit
28. Secrecy

PART III - TAXATION

29. Profits and dividends

PART IV - MISCELLANEOUS

30. Keeping of accounting records
31. Inspection
32. Supply of information
33. Use of information by Board and others
34. Breaches of professional secrecy
35. Breach of secrecy by officer or employee deemed to be breach by licensee
36. Banking hours
37. Winding up
38. Relationship of this Act to other Acts
39. Regulations
40. Power of exemption
41. Prohibitions by Cabinet

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AN ACT to establish and regulate Off-Shore banking in Niue and matters related thereto

BE IT ENACTED by the Niue Assembly in Session assembled, and by the authority of the same, as follows:

PART I - PRELIMINARY

1. Short Title - This Act may be cited as the Off-Shore Banking Act 1994.

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

"Bank" means the Niue Bank

"Banking business" means the business of banking in all its customary branches and departments including that of a Savings Bank and without limiting the generality of the foregoing also includes borrowing receiving or taking up money at interest or otherwise on current account, savings account, deposit account or other account and which according and subject to arrangement is repayable on the cheque, draft, order or authority of the customer; lending giving credit at interest or otherwise with or without security to any person, company or corporation; discounting, buying, selling and dealing in bills of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, script, hire purchase agreements, and other instruments and securities whether transferable or negotiable or not; granting and issuing letters of credit and circular notes; buying, selling and dealing in bullion and specie; dealing in foreign or overseas exchange; acquiring, holding, issuing on commission, debentures, debenture stock, bonds, obligations, securities and investments of all kinds; negotiating of loans and advances; becoming surety for the payment of money or performance of contracts or obligations by any person, company or corporation; receiving money and values on deposit or for safe custody or otherwise, collecting and transmitting money and securities; managing property and transacting all kinds of agency business commonly transacted by bankers; carrying on such other business outside the customary scope of the business of banking as the Bank may from time to time authorise or approve;

"Dollar" means a unit of the currency of New Zealand;

"Government" means the Government of Niue;

"Holder" means, in relation to a licence, the person to whom it was issued;

"Licence" means a licence granted pursuant to Part III of this Act;

"Licensee" means any body corporate holding a current valid licence pursuant to the provisions of this Act;

"Member" means a member of the Board of the Bank;

"Minister" means the Minister of Finance for Niue;

"Monetary Board" or "Board" means the Board of the Niue Bank established by the Niue Bank Act 1994;

"Off-Shore Banking business" means any banking business transacted exclusively with, on behalf of or in respect of the following persons:

(a) Any person who is treated in accordance with the laws of another country as a resident of that country and in the case of an individual is not ordinarily resident in or domiciled Niue; and

(b) Does not engage in a trade or business within Niue; or

(c) Is a company incorporated or registered pursuant to the provisions of the International Business Companies Act 1994, or an exempt trust registered pursuant to the Trusts Act 1994, or a partnership registered pursuant to the Partnership Amendment Act 1994 other than a partnership which carries on a trade or business within Niue;

and may include:

(d) Receiving foreign funds through-

(i) The acceptance of foreign money deposits payable upon demand or after a fixed period or after notice;

(ii) The sale or placement of foreign bonds certificates notes or other debt obligation or other foreign securities;

(iii) Any other similar activity involving foreign money or foreign securities; and

(e) Either in whole or in part using the foreign funds so acquired for-

(i) Loans, advances, and investments; and

(ii) The activities of the person carrying on that business for the account of or at the risk of that person; and

(f) Any other activity, which may, by regulation, be declared to bean activity related or ancillary to an activity described in paragraph (c) or paragraph (d) of this definition:

"Person" does not include the Crown any instrumentality of executive government or any Minister acting on behalf of the Crown in right of Niue or New Zealand, or any trust or corporation of which such a person or instrumentality is the beneficial owner of an interest therein;

"Permanent Establishment" means a fixed place of trade or business in which the trade or business of a person is wholly or partly carried on; save that a person shall not have a permanent establishment merely because it carries on trade or business in Niue through a broker, or an agent of independent status;

"To reside" shall have the same meaning as "ordinarily resident" is defined in Article 17 of the Niue Constitution, and "residence Prohibitions by Cabinet "and "resident" and "ordinarily resident" shall have the corresponding meanings.

PART II - LICENSING OF OFF-SHORE BANKS

3. Off-shore banking - A person shall not transact any off-shore banking business or hold himself out as transacting any off-shore banking business, in Niue, unless that person holds a valid off-shore banking licence issued under this Part.

4. Licensee to be body corporate - Subject to this Act, no person other than a body corporate shall be granted a licence, and in the case of 'C' class off-shore banking licence the licensee shall be an international business company registered under the provisions of the International Business Companies Act 1994.

5. Classes of licences - (1) A body corporate which wishes to carry on off-shore banking business in Niue may apply for one of the classes of licence specified in subsection (2) of this section.

(2) There shall be three classes of off-shore banking licence -

(a) An 'A' class off-shore banking licence.

(b) A 'B' class off-shore banking licence.

(c) A 'C' class off-shore banking licence.

6. Application for licence - (1) An application for a licence shall be made to the Monetary Board in the prescribed form, and shall be accompanied by –

(a) A certified copy of the Act, charter, deed of settlement, memorandum of association and articles of association of the body corporate, or other document or documents by which the body corporate is constituted; and

(b) Such fee as may be fixed by regulation; and

(c) Such evidence as the Board may require -

(i) That the laws of jurisdiction under which the body corporate is incorporated have been complied with; and

(ii) Of the nature and character of the body corporate's business; and

(iii) Of the financial standing of the body corporate; and

(iv) Of the stock ownership of the body corporate; and

(v) Of the shareholding and management of the body corporate; and

(vi) Where the licence applied for is an 'A' class off-shore banking licence, that the provisions of Section 16 of this Act have been complied with; and

(vii) An address for service within Niue; and

(viii) Such references as the Board may require; and

(ix) Such other information as may be required by regulation.

(2) In addition to the documents, information, and evidence which shall accompany an application under subsection (1) of this section as an applicant shall, if required to do so by the Board, furnish such additional documents, information, or evidence as the Board may require.

7. Decision of Board - (1) Where an application for a licence shall be made to the Monetary Board, the Board shall after due consideration of that application, either grant a licence or reject then application, or defer the application and direct that such enquiries as it considers necessary be made.

(2) In making its decision under subsection (1) of this section, the Board shall have regard to whether the licence is to the advantage of the people of Niue and to the effect that the grant of that licence would have on the stability and balanced development of the Niue economy.

(3) Where the Board rejects an application, the Board need not give the applicant any reason for such rejection.

8. Licence may be subject to conditions - (1) The Board may on granting a licence or at any time after granting a licence impose such terms and conditions as it might think fit, and without limiting the generality of the foregoing it may include such terms and conditions as to the name of a licensee and the off-shore banking business that may be conducted by a licensee.

(2) If terms and conditions are imposed under subsection (1) the Board may, from time to time, vary or revoke any of those terms or conditions or impose any additional conditions.

9. Refund of fee - Where art application for a licence is rejected, any application fee, less a prescribed administration charge, shall be refunded.

10. Notification of changes - (1) The holder of a licence shall, within 3 months after the making of an alteration in the Act, charter, deed of settlement, memorandum of association, articles of association or other document by which the licensee was constituted a body corporate, furnish to the Board particulars in writing of the alteration verified by a statutory declaration made by a senior officer of the body corporate authorised to do so.

(2) The holder of a licence shall forthwith notify the Board, in writing, of any material change in the particulars set out in the application for issue of licence or in the documents, information, or evidence accompanying that application or in any documents, .information, or evidence, if any, given under section 6(2) of this Act.

11. Licence not transferable - (1) In this section "transfer" in relation to a body corporate, shall include -

(a) The sale, transfer, or other disposition whatsoever of the shares in the capital of the body corporate, or any issue or allotment of any new shares in the capital of the body corporate, or the happening of any other matter or event whatsoever, the effect of which is to transfer directly or indirectly the effective ownership, management, and control of the body corporate; and

(b) any of the events referred to in paragraph (a) of this subsection occurring to any holding company of the body corporate or any holding company of any holding company of the body corporate.

(2) The holder of a licence shall not transfer the licence and any such purported transfer shall be void and of no effect.

(3) Notwithstanding subsection (2) the licensee of a 'C' class off-shore banking licence may transfer that licence with the written approval of the Board.

(4) A transfer of a 'C' class off-shore banking licence by a licensee other than in accordance with the provisions of subsection (3) shall be void and of no effect.

12. Cancellation or suspension of licence - (1) The Board may cancel or suspend a licence where it is of the opinion that a licensee or a director or officer of a licensee:

(a) has failed to comply with or breaches a condition upon which a licence was granted pursuant to section 8; or

(b) has contravened a provision of this Act; or

(c) has contravened a provision of any other Act; or

(d) has committed or is likely to commit a criminal offence prescribed by the law of Niue, or by any other jurisdiction beyond Niue being a jurisdiction to which the licensee, director or officer is subject, and that offence is relevant to the business of the licensee, or in the absolute discretion of the Board is prejudicial to the reputation of Niue.

(2) Where the Board cancels or suspends a licence it shall give notice to the licensee within 7 days of its decision by delivering such notice to the registered office of the licensee and such licence shall be deemed to have been cancelled or suspended as the case may be as from the date of service.

(3) A licence cancelled or suspended pursuant to this section shall forthwith be forwarded to the Board by the person who was immediately prior to cancellation or suspension the licensee.

(4)A decision of the Board to cancel or suspend a licence shall not be questioned in any way or in any Court except upon the grounds provided in Section 13.

13. Appeal against cancellation or suspension - (1) A licensee aggrieved by the cancellation or suspension of a licence may within 14 days of service of notice, appeal against that cancellation or suspension to a Judge of the High Court upon the grounds that the provisions of either paragraphs (a) (b) (c) or (d) of section 12 have not been contravened.

(2) Every appeal, unless otherwise ordered by the Court shall be heard in camera and no details of the proceedings shall be published by any person without leave of the Court.

(3) A prima facie case shall be deemed to have been established upon the production of a certificate signed by the Board as to the reasons for suspension or cancellation of the licence.

(4) Every determination or order of the Judge in respect of or in connection with proceedings commenced pursuant to this section shall be final and conclusive and without appeal, whether to the Court of Appeal of Niue or otherwise, and shall not be questioned in any way.

'A' CLASS OF LICENSES

14.'A' Class off-shore banking licences - (1) An 'A' class off-shore banking licence shall, subject to this Act, be valid for a period of 1 year from the date of granting.

(2) The holder of an 'A' Class off-shore banking licence shall transact only off-shore banking business.

(3) The holder of an 'A' Class off-shore banking licence shall, subject to compliance with the provisions of the Entry Residence & Departure Act 1985 be permitted to maintain a permanent establishment within Niue.

15. Licence Fee - The fee payable in relation to an application for an 'A' class off-shore banking licence and of any renewal thereof shall be fixed by regulation.

16. Asset backing - An applicant for and a holder of an 'A' class off-shore banking licence and of any renewal thereof shall be fixed by regulation.

(a) Where the applicant or holder, as the case may be, is not a body corporate incorporated under any Act for the time being in force relating to the incorporation of International Business companies, have at all relevant times, a surplus is of tangible assets over liabilities in and amount of not less than $2,500,000 or an equivalent amount in a currency approved by the board; and

(b) Where the applicant or holder, as the case may be, is a body corporate incorporated under any Act for the time being in force relating to the incorporation of International Business companies, and have at all relevant times -

(i) A paid-up capital of not less than $2,500,000 or an equivalent amount in a currency approved by the Board; or

(ii) A bank guarantee in a force and from a. bank acceptable to the Board of that applicant's or that holder's obligations in an amount of not less than $2,500,000 or an equivalent amount in a currency approved by the Board.

17. Annual Report and Audit - (1) The holder of an 'A' class off-shore banking licence shall submit to the Board within 6 months of the end of its financial year audited accounts in the form prescribed by regulation.

(2) For the purposes of section (1), the audit shall be carried out by a competent auditor approved for the purpose by the Board.

'B' CLASS LICENCE

18. 'B' class off-shore banking licences - (1) A 'B' class off-shore banking licence shall, subject to this Act, be valid for a period of 1 year from the date of granting, and may be renewed upon application.

(2) The holder of a 'B' class off-shore banking licence shall transact only off-shore banking and such business shall be transacted only in the currencies specified in the licence.

(3) The holder of a 'B' class off-shore banking licence shall only transact business through a Trustee Company registered under the Trustee Companies Act 1994, unless that licence holder applies for and receives the prior written permission of the Board to maintain a permanent establishment in Niue and the Board may grant that permission upon such terms and conditions as it thinks fit.

19. Currency stipulation licence - A 'B' class off-shore banking licence shall specify -

(a) One currency; or

(b) Two, three, four or five currencies; or

(c) No restriction on the number of currencies, -

in which the licensee may conduct its off-shore banking business.

20. Licence fee - The fee payable in relation to an application for a 'B' class off-shore banking licence and any renewal thereof shall be fixed by regulation.

21. Asset Backing - An applicant for and a holder of a 'B' class off-shore banking licence shall -

(a) Where the applicant or holder, as the case may be, is not a body corporate incorporated under the Act for the time being in force relating to the incorporation of International Business companies, have at all relevant times a surplus of tangible assets over liabilities is an amount of not less than $500,000 or an equivalent amount in a currency approved by the Board; and

(b) Where the applicant or holder, as the case nay be, in a body corporate incorporated under any Act for the time being in force relating to the incorporation of International Business companies, have at all relevant times -

(i) A paid-up capital of not less than $500,000 or an equivalent amount in a currency approved by the Board; or

(ii) A bank guarantee in a form and from a bank acceptable to the Board of that applicant's or that holder's obligations in an amount of not less than $50,000 or an equivalent amount in a currency approved by the Board.

22. Annual Report and Audit - (1) The holder of a 'B' class off-shore banking license shall submit to the Board within 6 months of the end of its financial year audited accounts in the form prescribed by regulations.

(2) For the purposes of section (1), the audit shall be carried out by a competent auditor approved for the purpose by the Board.

'C' CLASS LICENCE

23. 'C' Class Off-Shore Banking Licences - (1) Subject to subsection (2), and subject to such term and conditions as may be imposed pursuant to section 8, an international business company granted a 'C' class off-shore banking licence shall transact only off-shore banking business.

(2) Unless otherwise exempted by the Board a 'C' class bank licensee, its officer's and employees, shall not issue any cheque or draft drawn on the licensee.

(3) Unless otherwise exempted by the Board, all business transacted by a 'C' class bank licensee shall be done with the knowledge of a resident director as defined in section 2 of the International Business Companies Act 1994.

(4) Unless otherwise exempted either in part or in whole by the Board, every document issued by or on behalf of a 'C' class bank licensee shall have endorsed thereon a notice as shall be prescribed by regulation.

24. Licence fees - There shall be paid in respect to a 'C' class banking licence an annual licence fee as may be prescribed by regulation.

25. Deposit required from 'C' class bank licensee - (1) Every licensee of a 'C' class bank shall deposit with the Government of Niue the sum of $5,000.

(2) Subject to subsection (3) a deposit shall be refunded:

(a) on the expiration of 6 months from the date of service of written notice advising the Secretary that the licensee has ceased to carry on off-shore banking business and

(b) if the Board is satisfied that within that period referred to in paragraph (a) the licensee has not carried on off-shore banking business; axed

(c) if the Board is satisfied that all liabilities of the licensee are fully liquidated or otherwise provided for.

(3) A deposit may be forfeited by order of the Board where a 'C' class off-shore banking licence is cancelled pursuant to section 12.

(4) Every deposit shall be paid into and form part of the Niue Government Account and until refunded in accordance with subsection (2) shall be deemed to be the property of the Government of Niue.

(5) Notwithstanding any provision of any enactment to the contrary, the Government of Niue shall be entitled to receive all income payable or derived from any deposit and notwithstanding the refund of that deposit such income shall remain the property of the Government of Niue.

26. Share capital - Notwithstanding the provisions of the International Business Companies Act 1994 a 'C' class bank licensee shall have a paid up share capital of not less than $50,000.

27. Annual Report and Audit - Notwithstanding the provisions of the International Business Companies Act 1994 a 'C' class bank licensee shall furnish to the Board within 6 months of the end of each financial year audited accounts in such form as may be approved by the Board.

28. Secrecy - Notwithstanding any provisions to the contrary the Board may in its absolute discretion order that the affairs accounts and records of a 'C' class bank licensee be either in part or in whole disclosed to such person or persons as it may determine where the Board is of the opinion that a licensee

(a) has contravened or is likely to contravene section 12; or

(b) should have its licence cancelled pursuant to paragraph (d) of subsection (1) of section 12

PART III - TAXATION

29. Profits and dividends - Notwithstanding anything contained in any other enactment;

(1) No income tax, nor any other direct or indirect tax or impost, shall be levied in Niue upon the profits or gains of a licensee, or upon any interest earned by a licensee or paid to a depositor by a licensee, in respect of the off-shore banking it does from within Niue.

(2) No income tax, nor any other direct or indirect tax or impost, shall be levied in Niue in respect of any dividends or earnings, or upon any interest earned by a licensee or paid to a depositor by a licensee, attributable to the shares or securities of a licensee that are beneficially owned by another licensee or by a person who is not a resident of Niue.

30. Keeping of accounting records - (1) In this section –

"Accounting records" in relation to a body corporate includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts of the body corporate are made up:

"Accounts" means profit and loss accounts and balance sheets, and includes notes (other than directors' reports) attached to, or intended to be read with, any of those profit and loss accounts or balance sheets.

(2) The holder of a licence shall -

(a) Keep such accounting records as correctly record and explain the transactions and financial position of the body corporate; and

(b) Keep its accounting records in such a manner as will enable true and fair accounts of the body corporate to be prepared from time to time; and

(c) Keep its accounting records in such a manner as will enable the accounts of the body corporate to be conveniently and properly audited.

31. Inspection - (1) In this section "Inspector" means a person appointed, in writing, by the Board, for the purposes of this section.

(2) An Inspector, upon production of proof of his appointment, shall, during the normal office hours of the licensee, have the right to inspect:

(a) The licensee's accounting records; and

(b) The licensee's register of shares; and

(c) The licensee's record of transactions; and

(d) Any other record kept by the licensee in the course of its off-shore banking business; and

(e) The premises where the licensee carries on his off-shore banking business.

32. Supply of Information - (1) The holder of a licence shall furnish to the Board such information in respect of its off-shore banking business conducted in Niue as the Board directs.

(2) A direction under this section shall not require information to be furnished with respect to the affairs of an individual customer.

33. Use of Information by Board and others - No member of the Board nor an Inspector appointed under section 28 of this Act, shall reveal any information to any person other than to an officer of the Crown in right of Niue for the purposes of enabling him to carry out his duties as such officer of the Crown, and any such officer of the Crown to whom such information is revealed shall similarly not reveal it to any person other than such a person as is referred to herein.

34. Breaches of professional secrecy - (1) Every person commits an offence who, -

(a) Divulges any information, in Niue or elsewhere, in relation to -

(i) Any off-shore banking business in Niue; or

(ii) The transfer of monies and property into or out of Niue in the course of any off-shore banking business; or

(iii) The account of any person with a licensee or any item of such an account or the fact of any person having, or having had such an account, -

while he has become aware of his capacity as an officer, employee, or authorised agent of a licensee, or as an officer or employee of an auditing company; or

(b) Attempts to induce others to breach professional secrecy in relation to any such matters.

(2) An offence under subsection (1) of this section may be committed either during or after the termination of the official or employment relationship or the exercise of the profession.

(3) Notwithstanding subsection (1) of this section, it shall not be an offence under this section to divulge such information -

(a) to an Inspector pursuant to section 28 of this Act or if directed to do so by the Board pursuant to section 29 of this Act; or

(b) to the person on whose behalf the off-shore banking business is being carried out; or

(c) in Niue, to an officer or employee of the same licensee in the performance of his duties as an officer or employee; or

(d) to an officer or employee of a bank or ether such financial institution outside Niue, if all the persons concerned in the banking business or in who name the account stands, consent in writing to his doing so; or

(e) to an officer or employee of the licensee outside Niue, so long as the names of the persons concerned in the banking business and any information which might identify them and the names in which accounts stand and the balances therein, are not divulged; or

(f) with the prior written approval of the Minister, to the government of or to a public officer of any other country, provided such information is used only as part of -

(i) An amount representing the total assets of the licensee in Niue; or

(ii) An amount representing the total sum of monies transferred to Niue from that country or from Niue to that country and the currencies in which such monies were transferred, -

and the amounts of individual banking transactions, the names in which accounts stand, and the balances therein are not divulged;

(g) to any foreign government or any court or tribunal of any country including Niue but only if and to the extent that High Court of Niue so directs, having been satisfied that the information is required and will be used solely for the purposes of an investigation or prosecution of any person in relation to the sale or the laundering of the proceeds of sale of any prohibited narcotic substances, or the laundering of proceeds gained from any other serious criminal activity, whether that sale or laundering or other serious criminal activity occurred in Niue or elsewhere.

(4) For the purposes of subsection (3) (d) of this section, all the persons concerned in off-shore banking business and in whose name accounts stand shall be deemed to have consented to an officer or employee of a licensee divulging to an officer or employee of a bank or other such financial institution outside Niue such information of the off-shore banking business being carried out as is essential to the carrying out of that banking business, but the consent deemed to be given pursuant to this subsection shall not apply to any other particulars.

(5) Nothing in this section shall prevent the High Court of Niue from requiring any person to give evidence or produce documents in any proceedings in the Court of any facts relevant in those proceedings which the person could otherwise be required to give or produce.

35. Breach of secrecy by officer or employee deemed to be breach by licensee - (1) For the purposes of section 34 of this Act, an offence by an officer or employee of a licensee or of an auditing company, as the case may be, or by a person after termination of his employment as an officer or employee of a licensee or of an auditing company, as the case may be, whether such offence occurs in Niue or elsewhere, shall be deemed also to be an offence by that licensee or by that auditing company.

(2) Notwithstanding subsection (1) of this section an offence under section 34 of this Act by a person after termination of the official or employment relationship or the exercise of the profession with a licensee or an auditing company shall not be deemed also to be an offence by- the licensee or by the auditing company, where the licensee or auditing company, as the case can be, can demonstrate, on the balance of probabilities, that it has taken all reasonable steps to prevent an offence by the person.

36. Banking Hours - A holder of an 'A' class off-shore banking licence shall maintain such banking hours for the conduct of his off-shore banking business as are prescribed by the Board from time to time.

37. Penalty - Every person who commits an offence against this Act, where no other penalty is provided, shall be liable upon conviction to imprisonment for a term not exceeding 1 year, or to a fine of up to and not exceeding $10,000, or both.

38. Relationship of this Act to other Acts - Where the provisions of this Act conflict with the provisions of any other Act other than the Niue Constitution, then the provisions of this Act shall prevail.

39. Regulations - The Government may by Order in Cabinet make regulations prescribing all matters that by this Act are required or permitted to prescribe by regulation or that are necessary for carrying out or giving full effect to the purposes or provisions of this Act and for the due administration thereof.

40. Power of exemption - (1) Cabinet may, on the advice of the Minister, on its own motion or pursuant to an application in writing lodged with the Registrar by a licensee or body corporate, exempt that licensee or body corporate from all or any of the provisions of this Act and may impose such items and conditions as it thinks fit as a condition under which that exemption is granted. An exemption so granted may be revoked or varied by Cabinet, on the advice of the Minister, at any time.

(2) In dealing with an application under this section Cabinet shall not be required to act judicially and its decision shall be final.

41. Prohibitions by Cabinet - (1) Cabinet, on the advice of the Minister, shall have an absolute right of its own motion or otherwise and without assigning reasons to make an order:

(a) prohibiting the licensing of any body corporate; or

(b) directing a licensee to cease carrying on its business or part of its business immediately or within such time as may be specified in the order.

(2) An order made under this section may be revoked or varied by Cabinet on the advice of the Minister.

(3) In making an order under this section Cabinet shall not act judicially and any order shall be final.

This Act was passed by the Niue Assembly on the 14th Day of March 1994.

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