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Banking Commission Amendment Act 2015

BANKING COMMISSION AMENDMENT ACT

AN ACT TO AMEND THE BANKING COMMISSION ACT

ENACTED BY THE PARLIAMENT OF TUVALU

19th October, 2015

Commencement [21st October, 2015]

1 Short Title and Commencement

(1) This Act may be cited as the Banking Commission Amendment Act.
(2) This amendment Act shall commence on a date appointed by the Minister.

2 Amendment to section 5

Section 5 of the Act is amended by inserting a new section 5D as follows:

"5D Interim powers of the Minister

(1) Until the Commission commence operations, the Minister shall have the following interim powers:

(a) Perform the functions and powers of the Commission, and any reference in this Act to the Commission shall be construed accordingly; and

(b) The Minister may delegate his functions and powers under subsection (a) to the Permanent Secretary of Finance."