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Payments Directorate Act 2008

REPUBLIC OF NAURU

PAYMENTS DIRECTORATE ACT 2008

(NO. 7 OF 2008)

AN ACT

To provide for the transfer of certain assets, functions, income sources and equipment from the Bank of Nauru to the Payments Directorate within the Department of Finance.

(Certified: 17th July 2008)

PAYMENTS DIRECTORATE ACT 2008

(NO. 7 OF 2008)

ARRANGEMENT OF SECTIONS

Section

1. Title and Commencement date
2. Purpose
3. Definitions
4. Payments Directorate
5. Vesting of Liabilities
6. Budget of the Payments Directorate
7. Employees of the Bank of Nauru
8. Amendment of the Bank of Nauru Act 1976

PAYMENTS DIRECTORATE ACT 2008

(No. 7 of 2008)

AN ACT

To provide for the transfer of certain assets, functions, income sources and equipment from the Bank of Nauru to the Payments Directorate within the Department of Finance.

Be it enacted by the Parliament of Nauru as follows:

1 Title and commencement date

This Act is the Payments Directorate Act 2008, and will commence on 1 August 2008.

2. Purpose

The purpose of this Act is to transfer certain assets, functions, income sources and equipment from the Bank of Nauru to the Payments Directorate within the Department of Finance.

3. Definitions

In this Act—

"the Bank" means the Bank of Nauru; and

"Payments Directorate" means the directorate in the Department of Finance created within the Public Service

4. Payments Directorate

(1) All current assets, income sources and equipment of the Bank are hereby vested in the Republic. This does not include loans previously provided by the Bank.

(2) Liabilities of the Bank (including deposits) shall not be vested in the Republic and remain liabilities of the Bank.

(3) Deposits held within those accounts referred to in subsection (2), or moneys received for deposit into those accounts, do not, by means of this Act alone, become moneys of the Republic or form part of the Treasury Fund.

(4) The Payments Directorate shall be authorised to charge for services provided on behalf of account holders.

5. Vesting of Liabilities

The responsibility of the Government of Nauru for the liabilities and debts of the Bank of Nauru as provided in the Bank of Nauru Act 1976 is not affected by this Act.

6. Budget of the Payments Directorate

The operating expenses of the Payments Directorate shall be provided for by means of Treasury Fund appropriation by Parliament.

7. Employees of the Bank of Nauru

All persons employed by the Bank of Nauru, on the day of commencement of this Act, cease to be employees of the Bank of Nauru and are deemed to have been appointed as temporary employees under section 21 of the Public Service Act 1998. Those persons not offered permanent employment under the Public Service Act 1998 within 6 months shall be relieved of their temporary employment. Upon cessation of their employment, their entitlements are those to which they would have been entitled as if they had been made redundant by the Bank of Nauru on the date of commencement of this Act.

8. Amendment of the Bank of Nauru Act 1976

The Bank of Nauru Act 1976 is hereby amended to the extent necessary for the implementation of this Act.

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