Bermuda Monetary Authority Amendment Act 2000

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/2000/Acts/Bermuda%20Monetary%20Authority%20Amendment%20Act%202000.pdf

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Bermuda Monetary Authority Amendment Act 2000
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2000

1

BERMUDA
2000 : 31

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2000

[Date of Assent 22 August 2000]

[Operative Date 22 August 2000]

WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969.

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Bermuda Monetary Authority
Amendment Act 2000.

Interpretation
2 In this Act, "the principal Act" means the Bermuda Monetary
Authority Act 1969.

New section 4B added to principal Act
3 The principal Act is amended by adding the following section
after section 4A —

"Delegation of Authority's powers and duties
4B (1) The Board may, by instrument in writing, delegate to

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2000

2

(a) a director, officer or servant of the Board; or

(b) a committee constituted by the Board from
persons who are directors, officers or servants of
the Board;

the exercise of any power or the performance of any duty vested
in the Authority by or under this Act or any other Act,
regulations, rules or orders.

(2) A delegation under subsection (1) may —

(a) be made subject to such conditions,
qualifications and exceptions as may be
prescribed in the instrument of delegation;

(b) be revoked or varied by a subsequent
instrument.

(3) The Board may exercise a power or perform a duty
notwithstanding that it has delegated its exercise or performance
to some other person or committee.".