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Trustee Companies Act 1994 - Trustee Companies Regulations 1994

NIUE

TRUSTEE COMPANIES REGULATIONS 1994

At Cabinet Chambers at Alofi this 22nd day of March 1994.

Present:
The Ministers of Cabinet

PURSUANT to the Trustee Companies Act 1994 the Ministers of Cabinet hereby make the following regulations.

REGULATIONS

1. Title and Commencement - (1) These regulations may be cited as the Trustees Companies Regulations 1994.

(2) These regulations shall come into force on the ......day of .... 1994.

2. Interpretation – In these regulations, unless the context otherwise requires, -

"Monetary Board" or "Board" means the Board of the Niue Bank constituted by section 20 of the Niue Bank Act 1994;

"The Act" means the Trustee Companies Act 1994.

3. Payment of Application Fee – (1) The application fee for an application for provisional registration of a trustee company pursuant to section 5 of the Act shall be $5,000.

(2) The application fee prescribed in these regulations shall be payable on the making of the relevant application and shall not be refundable if the application is declined.

4. Registration Fee – The annual registration fee for provisional registration or registration of a trustee company pursuant to section 10 of the Act shall be $2,500.

5. Form of Statutory Declaration – (1) The form of statutory declaration required pursuant to section 33 of the Act shall be in the form prescribed in the First Schedule to these regulations.

(2) The statutory declaration shall contain the particulars prescribed in the Second Schedule to these regulations.

(3) On application of any person, the Board may approve the use, by such trustees as the Board may specify, a form of statutory declaration different from that prescribed. A statutory declaration made in any such form shall contain all the prescribed information.

6. Insurance Indemnity – The amount or indemnity required by a trustee company insuring against its liabilities for any breach of trust pursuant to section 47(1) of the Act shall be $500,000.

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SECOND SCHEDULE

PARTICULARS TO BE INCLUDED IN STATUTORY DECLARATION

1. The address of the registered office of the trustee.

2. In a case in which the register of members is kept elsewhere than at the registered office of the trustee, the address of the place where it is kept.

3. A summary of share capital as hereinafter provided:-

The summary of share capital must distinguish between shares issued for cash and shares issued as fully or partly paid up otherwise than in cash, and must specify the following particulars (if applicable):

(a) the amount of the share capital of the trustee and the number of the shares into which it is divided;

(b) the number of shares taken from the commencement of the trustee up to the date of the declaration;

(c) the amount called up on each share;

(d) the total amount of calls received;

(e) the total amount of calls unpaid;

(f) the total amount of the sums, if any, paid by way of commission in respect of any shares or debentures since the date of the last declaration or (in the case of the first declaration) since the date of the provisional registration of the trustee;

(g) particulars of the discount allowed on the issue of any shares issued at a discount, or of so much of that discount as has not been written off at the date of the declaration;

(h) the total amount of the sums, if any, allowed by way of discount in respect of any debentures since the date or the last declaration or (in the case of the first declaration) since the date of the provisional registration or the trustee;

(i) the total number of shares forfeited and not sold or otherwise disposed of;

(j) the total amount of share for which share warrants are outstanding at the date of the declaration;

(k) the total amount of share warrants issued and surrendered respectively since the date of the last declaration or in the case of the first declaration since the date of the provisional registration of the trustee.

4. Particulars of the total amount of the indebtedness of the trustee.

5. All such particulars with respect to the persons who at the date of the declaration are the directors of the trustee arid any person who at that date is the secretary of the trustee.

6. A list of past and present members as hereinafter provided:-

The list of past and present members shall be dated as at the date of the declaration and shall:

(a) contain the names and addresses of all persons who on the date of the list are members of the trustee and of all persons who have ceased to be members since the date of the last list or (in the case of the first declaration) since the provisional registration of the trustee;

(b) state the number of shares field by, each of the existing members at the date of the list, specifying shares transferred since the date of the last list, or (in the case of the first declaration), since the provisional registration of the company, by persons who are still members and have ceased to be members respectively, and the dates of registration of the transfers.

(c) if the names aforesaid are not arranged in alphabetical order, have annexed thereto an index sufficient to enable the name of any person in the list to be easily found:

Provided that where the trustee has converted any of its shares into stock and given notice of the conversion to the Board, the list must state the amount of stock held by each of the existing members instead of the amount of shares and the particulars relating to shares hereinbefore required.

Provided also that the list may in any year, if the list contained in the declaration for either of the 2 immediately preceding years has given as at the date of that list the full particulars required by the foregoing provisions of this paragraph, give only such of the particulars so required as related to persons ceasing to be or becoming members since the date or the last list and to shares transferred since that date or to changes as compared with that date in the amount of stock held by a member.

7. The date of the last annual general meeting held by the trustee.

APPROVED by Cabinet at Cabinet Chambers, Fale Fono, Alofi, this 22nd day of March 1994.

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