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Central Bank of Samoa Act 1984

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Central Bank of Samoa Act 1984 SAMOA CENTRAL BANK OF SAMOA ACT 1984 Arrangement of Provisions TITLE PART I 16. Termination for conflict of PRELIMINARY interest 17. Power to appoint officers and 1. Short title and commencement employees 2. Interpretation 17A. Secrecy 17B. Indemnity PART II CONSTITUTION PART V CURRENCY 3. Establishment of the Bank and transfer of assets and liabilities 18. Sole right to issue currency 4. Functions of the Bank 19. Defacement of notes 5. Offices branches agents and 20. Legal tender correspondents 21. Manufacture and characteristics of currency PART III 22. Power of recall CAPITAL, PROFIT AND RESERVES 23. Recovery of lost, stolen mutilated or otherwise damaged 6. Capital currency 7. Profits 24. Counterfeit currency 8. General Reserve PART VI PART IV EXTERNAL RESERVE GOVERNOR, BOARD FOREIGN EXCHANGE AND EMPLOYEES OPERATIONS AND REVALUATION 9. Governor RESERVE 10. Board of Directors ACCOUNT 11. Duties of Board 12. Appointment of Directors 25 External Reserve 13. Vacation of office 26. Operations in gold and foreign 14. Remuneration of Directors exchange 15. Meetings of the Board 27. Limitations 2 The Central Bank of Samoa Act 1984 28. Revaluation Reserve Account 42. Advice and policy directives 29. External value 43. Advances to Government 30. Exchange rates 44. Acquisition of evidence of debt issued by the Government PART VII 45. Limitations on credit to RELATIONS WITH Government FINANCIAL INSTITUTIONS PART IX 31. Opening accounts for financial ACCOUNTS AND STATEMENT institutions 32. Operations with account 46. Audit of accounts holders 47. Preparation of accounts reports 33. Determination of rates and statements 34. Required reserves of financial institutions PART X 35. Regulation of interest and GENERAL TRANSITIONAL credit AND REPEAL 36. Foreign exchange position 37. Local assets ratio 48. Exemption from taxation 38. Supply of information 44. Prohibited activities 39. Extension of any time limit for 50. Advances to officers and provision of documents and employees information. 51. Prohibited names 40. Clearing facilities 52. Banking Ordinance 1960 53. Transitional PART VIII 54. Repeals and amendments RELATIONS WITH THE 55. Regulations GOVERNMENT Schedule 41. Bank to be banker agent and depository to Government THE CENTRAL BANK OF SAMOA ACT 1984 1984 No. 20 AN ACT to establish the Central Bank of Samoa as successor to the Monetary Board of Samoa and for purposes connected therewith. (25 February 1984) PART I PRELIMINARY 1. Short title and commencement - (1) This Act may be cited as the Central Bank of Samoa Act 1984. The Central Bank of Samoa Act 1984 3 (2) This Act shall come into force by Order of the Head of State in the manner and on the dates specified in such Order. 2. Interpretation - In this Act unless the context otherwise requires: "Bank" means the Central Bank of Samoa established in accordance with section 3(1). "bank" means a financial institution whose operations include the acceptance of deposits subject to withdrawal or transfer by cheque or other means of third party transfer. "Banking business" means any customary banking operation and includes the business of accepting deposits of money withdrawable or payable upon demand or after a fixed period or after notice or any similar operation through the sale or placement of bonds certificates, notes or other securities and the use of such funds either in whole or part for loans or investments for the account and at the risk of the person doing such business. "Board" means the Board of Directors of the Bank established under this Act. “Body Corporate” means a company incorporated in Samoa or elsewhere under any law for the time being in force relating to the formation and registration of companies, or corporation established in Samoa or elsewhere under any Act. "Chairperson" means the Chairperson of the Board. "Credit institution" means any financial institution other than a bank. "Currency" means bank note or currency note or coin other than commemorative coin. "Financial institution" means any person doing banking business and includes all offices and branches of any such person. "Financial year" means the period of 12 months ending on the expiration of the 30th day of June, or such other period as determined by the Board. “Governor” means the Governor of the Bank appointed under this Act. "Minister" means the Minister of Finance. “Person” includes a body corporate. PART II 4 The Central Bank of Samoa Act 1984 CONSTITUTION 3. Establishment of the Bank and transfer of assets and liabilities - (1) There is hereby established in accordance with the provisions of this Act a Central Bank for Samoa to be called the Central Bank of Samoa. (2) The Bank is a body corporate with perpetual succession and a common seal capable of entering into contracts issuing obligations suing or being sued in its own name and subject to the provision of this Act may acquire, hold, pledge mortgage and dispose of real and personal property and do all things and make expenditures necessary for the proper discharge of its functions. (3) The assets, liabilities, rights and obligations of the Monetary Board of Samoa established under the Monetary Board of Samoa Act 1974 are hereby transferred to the Bank and any currency issued or deemed to have been issued under that Act shall be deemed to have been issued by the Bank. (4) On the date when subsection (3) comes into force the Government shall cause to be transferred to the ownership of the Bank such securities or assets as the Board may propose and the Minister approve to cover the liability of the Bank in respect of currency issued under the Monetary Board of Samoa Act 1974. 4. Functions of the Bank - The functions of the Bank are: (a) To regulate the issue supply availability and international exchange of money; (b) To advise the Government on banking and monetary matters; (c) To promote internal and external monetary stability; (d) To promote a sound financial structure; (e) To promote credit and exchange conditions conducive to the orderly and balanced economic development of Samoa; The Central Bank of Samoa Act 1984 5 (f) To supervise and regulate banking business and the extension of credit; and (g) To regulate the insurance industry in Samoa, and other financial institutions, in accordance with any Act making provision in that regard. 5. Offices branches agents and correspondents - (1) The Bank shall have its principal place of business in Apia and may establish branches and appoint agents and correspondents within Samoa and abroad. (2) The Bank may require an agent within Samoa to maintain cash holdings in excess of the reserves mentioned under section 34 but not exceeding the liability of the agent to the Bank. PART III CAPITAL, PROFIT AND RESERVES 6. Capital - (1) The authorised capital of the Bank shall be $1,000,000 and may be increased from time to time by an amount proposed by the Board and approved by the Minister. (2) There shall be paid up by the Government by way of subscription to the capital stock upon the establishment of the Bank an amount of $250,000 and any subsequent amount proposed by the Board and approved by the Minister. (3) An amount equal to any preliminary expenses paid by the Government for the establishment of the Bank and the value of any assets vested in the Bank by the Government shall be deemed to have been paid up by the Government by way of subscription to the capital stock of the Bank. (4) All capital stock of the Bank as and when subscribed shall be for the sole account of the Government and may not be transferred or subjected to encumbrance or reduced. 6 The Central Bank of Samoa Act 1984 (5) The Minister notwithstanding any other provision of this Act shall cause to be transferred to the ownership of the Bank non interest bearing securities issued by the Government from time to time for such an amount as is necessary for the purpose of preserving the paid up capital from any impairment whenever in the opinion of the Board, the assets of the Bank are less than the sum of its liabilities and paid up capital. 7. Profits - The net profits of the Bank for any financial year shall be determined by the Bank after meeting all current expenditures for that year and after providing for: (a) Bad and doubtful debts, depreciation in assets, and contributions to staff and pension funds; and (b) Such other purposes proposed by the Board and approved by the Minister. 8. General Reserve - (1) The Bank shall establish a General Reserve to which shall be allocated at the end of each financial year: (a) All the net profits whenever the General Reserve does not exceed 50% of the authorised capital; and (b) 50% of the net profits whenever the General Reserve exceeds 50% but not more than 200% of the authorised capital,- and the General Reserve may be increased beyond such amount at such rate and to such extent as is proposed by the Board and approved by the Minister. (2) After appropriate allocations have been made to the General Reserve under subsection (1) the remainder of the net profits for the financial year shall be applied to the redemption on behalf of the Government of any securities held by the Bank which have been issued in accordance with sections 6(5) and 28(2). The Central Bank of Samoa Act 1984 7 (3) The balance of the net profits for the financial year remaining after all allocations and applications under subsections (1) and (2) have been made shall be paid to the Treasury Fund as soon as practicable. (4) No allocation, application or payment shall be made under this section if, in the opinion of the Board, the assets of the Bank are, or after the allocation, application or payment would be, less than the sum of its liabilities and paid up capital.
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