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Westpac Bank of Tonga (Amendment) Act 2008

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Act No. 03(2008)
AN ACT
TO AMEND THE WESTPAC BANK OF TONGA ACT

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 Westpac Bank of Tonga (Amendment)
Act 2008.

(2) This Act shall come into force on a day to be proclaimed by
His Majesty in Council.

(3) In this Act, The Bank of Tonga Act (Cap. 105), as amended, is
called “the principal Act”.

2. (1) The Principal Act is amended by repealing subsection 4(1), and
substituting the following subsection:

“4(1) The authorised capital of the Bank, the initial subscribed
capital of the Bank, the shareholders of the Bank, and the
number and class of shares issued to each shareholder shall
be determined by the Articles and the share register of the
Bank.”

(2) The Principal Act is amended by repealing subsection 4(2), and
substituting the following subsection –

“4(2) Any share register certified by any Director as the share
register of the Bank shall be the share register of the Bank,
regardless of when it was established.”

(3) The Principal Act is amended by repealing 4(3) and substituting the
following subsection –

I assent,

GEORGE TUPOU V,

10th July, 2008.

Tonga. No. 3 of 2008
“4(3) ‘E ngofua ki he kau ma‘u ‘inasi koe‘uhi ko ‘enau ma‘u ‘a

e ngaahi ‘inasi ‘i he Pangike ke nau kaungafai fakataha pari
passu ‘o fakafuofua ki he sino‘i pa‘anga kuo totongi ki honau
ngaahi ‘inasi takitaha ‘i he ngaahi pa‘anga kotoa pe kuo
tufotufa tu‘unga fakaikiiki pea ‘i ha hoko ha veteki ko e ngaahi
toenga koloa kotoa pe kuo pau ke lau ia pea ke vahevahe
ia kiate kinautolu ‘oku nau ma‘u ‘a e ngaahi ‘inasi ‘i he
Pangike fakataha pari passu ‘o fakafuofua ki he lahi ‘o e
ngaahi totongi kuo fai ki he ngaahi ‘inasi ko ia ‘i he
kamata‘anga ‘o e veteki ko ia.”

(4) ‘Oku fakatonutonu ‘a e Tefito‘i Lao ‘aki hono fakapekia ‘a e
kupu 4(5), pea fetongi‘aki ‘a e kupu si‘i ko ‘eni –

“4(5) ‘E ngofua ki he kau ma‘u ‘inasi kenau fakafa‘ahinga fo‘ou,
‘o fakatatau ki he Ngaahi Tu‘utu‘uni, ‘a e ngaahi ‘inasi
ko ia ‘a e Pangike kuo lau ki he fa‘ahinga ‘inasi anga maheni
pe ‘e taha, pe fa‘ahinga ‘inasi ‘e taha pe lahi ange ‘o fakatatau
ki he tu‘utu‘uni ‘a e kau ma‘u ‘inasi, pea kapau tenau fakahoko
pehe kuo pau ke ngaue‘aki ‘a e ngaahi kupu ‘o e Lao
ni ‘a ia ‘oku lau ki he taha pe lahi ange ‘o e ngaahi ‘inasi
A, B, C, D mo e E ‘o hange pe ko ha lau ki he ngaahi ‘inasi
‘a e Pangike kuo to e fakafa‘ahinga.”

(5) ‘Oku fakatonutonu ‘a e Tefito‘i Lao ‘aki hono fakapekia ‘a e
kupu 8(1), pea fetongi ‘aki ‘a e kupu si‘i ko ‘eni –

“8(1) Kuo pau ko e Poate ‘o e kau Talekita ‘a e Pangike ‘e kau
ki ai ‘a e kakai ‘a ia ‘oku fokotu‘u mei he taimi ki he taimi
‘e he kau ma‘u ‘inasi ko e kau Talekita ‘o e fakatatau
mo e Ngaahi Tu‘utu‘uni ‘a e Pangike.”

Na‘e paasi ‘i he Fale Alea ‘i he ‘aho ni 30 ‘o Sune, 2008.

2 Ko e Lao (Fakatonutonu) ki he Westpac Pangike ‘o Tonga – 3 ‘o e 2008

BY AUTHORITY:
S. V. Pahulu, Acting General Manager

2008.

[30 June, 2008]

2. The Westpac Bank of Tonga Act – 3 of 2008

‘Oku ou loto ki ai,

SIAOSI TUPOU V,

10 ‘o Siulai, 2008.

Tonga Fika 3 ‘o e 2008

[12 ‘o Sune 2001]

KO E LAO
KE NE FAKATONUTONU ‘A E LAO KI HE

WESTPAC PANGIKE ‘O TONGA

‘OKU TU‘UTU‘UNI ‘e he Tu‘i ‘i he Fale Alea ‘o Tonga ‘i he Fakataha Alea
‘a e Pule‘anga ‘o pehe ni:

1. (1) ‘E ui ‘a e Lao ni ko e Lao (Fakatonutonu) ki he Westpac Pangike
‘o Tonga 2008.

(2) Kuo pau ke kamata ngaue‘aki ‘a e Lao ni ‘i he ‘aho ‘e
fanongonongo ai ‘e he ‘Ene ‘Afio ‘i he Fakataha Tokoni.

(3) ‘Oku ui ‘a e Westpac Pangike ‘o Tonga (Vahe 105), ‘i hono
fakatonutonu, ko e Tefito‘i Lao.

2. (1) ‘Oku fakatonutonu ‘a e Tefito‘i Lao ‘aki hono fakapekia ‘a e
kupu 4(1), pea fetongi‘aki ‘a e kupu si‘i ko ‘eni –

“4(1) Ko e sino‘i pa‘anga kuo fakamafai‘i ‘a e Pangike, fuofua sino‘i
pa‘anga totongi fakata‘u ‘a e Pangike, kau ma‘u ‘inasi ‘a e
Pangike mo e lahi mo e fa‘ahinga ‘o e ngaahi ‘inasi kuo ‘oatu
ki he taha ma‘u ‘inasi kotoa kuo pau ke fakapapau‘i ‘aki
‘a e Ngaahi Tu‘utu‘uni pea mo e lesisita ‘inasi ‘a e Pangike.”

(2) ‘Oku fakatonutonu ‘a e Tefito‘i Lao ‘aki hono fakapekia ‘a e
kupu 4(2), pea fetongi ‘aki ‘a e kupu si‘i ko ‘eni –

“4(2) Ko ha lesisita ‘inasi ‘a e Pangike kuo fakapapau‘i ‘e ha
Talekita ko e lesisita ‘inasi ‘a e Pangike kuo pau ko e lesisita
‘inasi ia ‘a e Pangike, ‘o tatau ai pe pe na‘e fokotu‘u ‘anefe.”

(3) ‘Oku fakatonutonu ‘a e Tefito‘i Lao ‘aki hono fakapekia ‘a e
kupu 4(3), pea fetongi ‘aki ‘a e kupu si‘i ko ‘eni –

“4(3) The shares in the Bank shall entitle the holders thereof to
participate pari passu in proportion to the capital paid up on
their shares respectively in all sums distributed by way of
dividend, and in a winding up all surplus assets shall belong
to and be divided amongst the holders of the shares in the
Bank pari passu in proportion to the amounts paid up on such
shares at the commencement of the winding up.”

(4) The Principal Act is amended by repealing subsection 4(5) and
substituting the following subsection:

“4(5) The shareholders may in accordance with the Articles
reclassify the said shares of the Bank into one ordinary class
of share, or one or more other classes of shares as the
shareholders determine, and if they do so the provisions of
this Act which refer to any one or more of the A, B, C, D
and E shares shall be applied as if they referred to the
reclassified shares of the Bank.”

(5) The Principal Act is amended by repealing subsection 8(1), and
substituting the following subsection:

“8(1) The Board of Directors of the Bank shall consist of those
persons who are from time to time appointed by the
shareholders as Directors in accordance with the Bank’s
Articles.”

Passed by the Legislative Assembly this 30th day of June, 2008.

[30 Sune, 2008]