National Reserve Bank of Tonga (Amendment) Act 2011

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NationalReserveBankofTonga_Amendment_Bill2011v5


Act No. 7 of 2011




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NATIONAL RESERVE BANK OF TONGA
(AMENDMENT) ACT 2011

National Reserve Bank of Tonga (Amendment)
Act 2011 Arrangement of Sections





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NATIONAL RESERVE BANK OF TONGA
(AMENDMENT) ACT 2011

Arrangement of Sections
Section

1 Short Title .................................................................................................... 5
2 Section 10 amended – Appointment of Board ....................................................... 5
3 Section 16 amended – Meetings of the Board ............................................... 6


National Reserve Bank of Tonga (Amendment) Act 2011 Section 1





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Act No. 7 of 2011 Page 5




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NATIONAL RESERVE BANK OF TONGA
(AMENDMENT) ACT 2011

Act No. 7 of 2011

AN ACT TO AMEND THE NATIONAL RESERVE BANK OF TONGA
ACT

I assent,
GEORGE TUPOU V,
28th November 2011.

BE IT ENACTED by the King and the Legislative Assembly of Tonga in the Legislature
of the Kingdom as follows:

1 Short Title

(1) This Act may be cited as the National Reserve Bank of Tonga (Amendment)
Act 2011.

(2) The National Reserve Bank of Tonga Act (Cap 102), as amended, is in this
Act referred to as the Principal Act.

2 Section 10 amended – Appointment of Board

Section 10 of the Principal Act is amended:

(a) in subsection (1) by deleting the words “and the Minister shall appoint a chair
of the Board” and replacing it with “and the Minister shall appoint a
Chairman and Deputy Chairman of the Board.”;

(b) in subsection (4) by inserting the words “3 to” before the words “5 years”.

Section 3 National Reserve Bank of Tonga (Amendment) Act 2011





Page 6 Act No. 7 of 2011
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3 Section 16 amended – Meetings of the Board

Section 16 of the Principal Act is amended by:

(a) repealing subsection (3) and replacing it with the following -

“(3) The Chairman or in his absence the Deputy Chairm n shall preside in
all meetings of the Board.”; and

(b) inserting a new subsection (3A) immediately after subsection (3) as follows -

“(3A) In the absence of the Chairman and Deputy Chairman at a meeting of
the Board, the members present shall appoint an Acting Chairman for
that meeting.”.







Passed in the Legislative Assembly this 18th day of October 2011.

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