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Tonga Development Bank (Amendment) Act 2002

TONGA

TONGA DEVELOPMENT BANK (AMENDMENT) ACT 2002
No. 21 of 2002.

I assent,

TAUFA'AHAU TUPOU IV,
23rd December, 2002.

AN ACT
TO AMEND THE TONGA DEVELOPMENT BANK ACT

[5th September, 2002]

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 Tonga Development Bank (Amendment) Act 2002.

(2) The Development Bank Act (Cap. 106) is in this Act referred to as the Principal Act.

2. Section 7(1) (p) of the Principal Act is repealed and substituted by the following:

"(p) To receive money on deposit or loan with or without security and upon such terms it deems expedient and use and control such money and securities."

3. Section 8 of the Principal Act is amended by:

(i) deleting subsection (1) and substituting the following -

"(1) The Board of Directors shall consist of -

(a) the Managing Director appointed under section 9 of this Act; and

(b) four persons appointed by His Majesty in Council, one of whom shall be appointed as the Chairman and another to be appointed as Deputy Chairman. Of these four appointees, at least two shall be from the Private Sector."

(ii) deleting subsection (2) and substituting the following –

"(2) Any three members of the Board one of whom shall be the Chairman or Deputy Chairman shall form a quorum."

(iii) deleting the following from subsection (6) -

"and his alternate Director shall represent the Ministry at that meeting".

(iv) deleting subsection (7) and substituting the following -

"(7) All persons appointed under subsection (1) shall be appointed for a term of three years and they may be reappointed for one further term."

Passed by the Legislative Assembly this 5th day of September, 2002.

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TONGA

Fika 21 'o e 2002.

'Oku ou loto ki ai,

TAUFA'AHAU TUPOU IV,
23 'o Tisema, 2002.

KO E LAO
KE FAKATONUTONU 'A E LAO KI HE PANGIKE LANGA FAKALAKALAKA'O TONGA

[5 'o Sepitema, 2002]

'OKU TU'UTU'UNI 'e he Tu'i mo e Fale Alea 'o Tonga' 'i he Fakataha Alea 'o e Pule'anga' 'o pehe:

1. (1) 'E ui 'a e Lao ni ko e Lao (Fakatonutonu) ki he Pangike Langa Fakalakalaka 'o Tonga 2002.

(2) Ko e Lao ki he Pangike Langa Fakalakalaka 'o Tonga (Vahe 106) 'oku ui is 'i he Lao ni ko e Tefito'i Lao.

2. 'Oku fakapekia 'a e Kupu 7(1) (p) pea fetongi'aki eni:

"(p) ke ma'u ha pa'anga 'i he fakahu pe no fakataha pe 'ikai fakataha mo ha malu'i pea fakatatau ki he ngaahi tu'utu'uni 'oku ne pehe 'oku fakapotopoto mo ngaue'aki mo pule'i 'a e pa'anga mo e ngaahi malu'i pehe."

3. 'Oku fakatonutonu 'a e kupu 8 'o e Tefito'i Lao 'aki hono:

(i) tamate'i 'a e kupu si'i (1) pea fetongi 'aki eni –

"(1) Kuo pau ke kau 'i he Poate 'o e kau Talekita 'a e-

(a) Talekita Pule 'e fakanofo fakatatau ki he kupu 9 'o e Lao ni; mo e

(b) ni'ihi 'e toko fa 'e fakanofo 'e he 'Ene 'Afio 'i he Fakataha Tokoni, 'a is ko e tokotaha ai 'e fakanofo ko e Sea mo e tokotaha kehe ai 'e fakanofo ko e Tokoni Sea. 'I he toko fa ko 'eni 'e 'ikai toe si'i hifo 'i he toko ua ko e fili mai mei he sekitoa taautaha.

(ii) tamate'i 'a e kupu si'i (2) pea fetongi 'aki eni -

"(2) Ko ha memipa 'e toko tolu pe 'o e Poate, ko e tokotaha ai kuo pau ko e Sea pe Tokoni Sea, kuo pau ke lau is ko e tokolahi fe'unga ke fai ha fakataha."

(iii) tamate'i 'eni mei he kupu si'i (6) –

"Pea ko e fakafofonga 'a e Potungaue 'i he fakataha ko is ko 'eni hono Talekita fetongi".

(iv) tamate'i 'a e kupu si'i (7) pea fetongi 'aki eni –

"(7) Ko e taha kotoa pe 'e fakanofo 'i he kupu si'i (1) kuo pau ke fakanofo ki he vaha'a taimi ko e ta'u 'e tolu pea 'e ala fakanofo kinautolu ki ha toe ta'u 'e tolu kehe."

Na'e tali 'e he Fale Alea' 'i he 'aho ni 5 'o Sepitema, 2002.

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