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Last Updated: 1 August 2020
AN ACT TO PROVIDE FOR THE RESTRUCTURING OF THE NATIONAL BANK OF FIJI AND, IN PARTICULAR, TO PROVIDE FOR—
- (A)THE CONTINUATION OF THE BANK AS A BANK OFFERING PERSONAL BANKING SERVICES;
- (B)THE ESTABLISHMENT OF AN NBF ASSET MANAGEMENT BANK WHOSE FUNCTION IS TO DISPOSE OF, OVER AN APPROPRIATE PERIOD OF TIME, ALL ASSETS AND LIABILITIES TRANSFERRED TO IT UNDER THIS ACT;
- (C)THE TRANSFER INTO THE NBF ASSET MANAGEMENT BANK OF ALL ASSETS AND LIABILITIES OF THE NATIONAL BANK OF FIJI OTHER THAN THOSE APPROPRIATE FOR A PERSONAL BANK;
- (D)AN ASSESSMENT IN 1998 OF THE COMMERCIAL VIABILITY OF THE NATIONAL BANK OF FIJI AND, IF THEN APPROPRIATE, THE REGISTRATION UNDER THE COMPANIES ACT (Cap. 247) OF A COMPANY OWNED BY THE STATE, AND THE TRANSFER OF THE BANK'S UNDERTAKING TO THE COMPANY;
- (E)THE REPORTING AND OTHER ACCOUNTABILITY REQUIREMENTS OF THE NATIONAL BANK OF FIJI, THE NBF ASSET MANAGEMENT BANK AND THE COMPANY;
- (F)THE CONTINUATION OF THE STATE'S GUARANTEE OF ALL DEPOSITS WITH THE NATIONAL BANK OF FIJI, THE PROVISION OF AN EQUIVALENT GUARANTEE IN RESPECT OF DEPOSITS WITH THE NBF ASSET MANAGEMENT BANK, AND THE PERFORMANCE OF THE STATE'S OBLIGATIONS UNDER THE LATTER GUARANTEE.
[NBFR 70] Regulations70
70
- (a)the conduct of the business of the Bank or of AMB; and, in particular, in relation to—
- (i)the payment out of money standing to the credit of, and to the delivery of bonds or securities held on behalf of, a deceased depositor, without production of probate of his or her will or of letters of administration to his or her estate;
- (ii)the payment out of money standing to the credit of, and to the delivery of bonds or securities held on behalf of, a person under a legal incapacity;
- (b)changing the name of the Bank or of AMB.
(2) The Minister may, after consultation with the Board of the Bank and the Board of AMB, make regulations in relation to or for all or any of the following matters or purposes—
- (a)establishing an NBF Administration Unit for the purpose of supplying administration services to the Bank and AMB; and, in particular—
- (i)providing that the Unit shall form part of either the Bank or AMB, or be independent of both;
- (ii)providing a procedure for the Bank and AMB to agree, on an annual basis, the services that will be provided by the Unit and the payments, or the basis for or methods of calculating the payments, that are to be made by the Bank and AMB for those services;
- (iii)providing a procedure for the Bank and AMB to agree, on an annual basis, the resources (including premises, equipment, and employees) that will be provided by each of the Bank and AMB to the Unit for the purposes of enabling it to supply services to the Bank and AMB and the payments, or the basis for or methods of calculating the payments, that are to be made by the Unit for those resources;
- (iv)providing a procedure for any dispute between the Bank and AMB in relation to the Unit to be referred to the Minister for determination, and for the Minister to have the power to fully and finally determine any such dispute.
- (b)transitional and savings matters relating to the coming into force of any provision of this Act, and, in particular—
- (i)requiring each of the Bank and AMB to make documents, records, and other information held by it available to the other;
- (ii)specifying the ownership (which may be joint) of particular assets or rights held by the Bank immediately before the restructuring day;
- (iii)permitting AMB to accept as cheques drawn on it, cheques which state that they are drawn on the Bank.
(3) The Minister may, after consultation with the Board of the Bank, make regulations in relation to or for either or both of the following matters or purposes:
- (a)authorising the Bank to provide any banking services;
- (b)specifying a day (not being more than 12 months after the corporatisation day) as the “effective time” for the purposes of section 63.
(4) The Minister may, by regulations made after consultation with the Board of AMB, dissolve AMB.
(5) The Minister may by regulations do all or any of the following—
- (a)specify a day to be the corporatisation day;
- (b)specify a day (not being later than 31 December 1998) to be the dissolution day;
- (c)declare any entity to be a subsidiary of the Bank, AMB, or the Company for the purposes of this Act;
- (d)specify matters for the purposes of section 65(2)+.
(6) The Minister may by regulations provide for such other matters, not inconsistent with this Act, as are contemplated by or necessary for giving full effect to the provisions of this Act and for its due administration.