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Development Bank of Tuvalu (Amendment) Act 1993

TUVALU

DEVELOPMENT BANK OF TUVALU (AMENDMENT) ACT 1993
(Act 5 of 1993)

I assent

Sir Toaripi Lauti, PC, GCMG

GOVERNOR-GENERAL

26th August 1993

AN ACT to amend the Development Bank of Tuvalu Act 1990.

(Commencement________________)

ENACTED by the Parliament of Tuvalu-

Short title and Commencement

1. This Act may be cited as the Commencement Development Bank of Tuvalu (Amendment) Act 1993 and shall come into operation on such date as the Minister shall by notice appoint.

Amendment of 1990 Act

2. Section 16(3) of the Development Bank of Tuvalu Act 1990 shall be amended by repealing the amount "$2,000,000" and substitute by "$648,000".

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DEVELOPMENT BANK OF TUVALU (AMENDMENT) ACT 1993
(Act 5 of 1993)

EXPLANATORY MEMORANDUM
(This memorandum is not part of the Act)

The purpose of this Act is to amend the Development Bank of Tuvalu Act 1990. Section 16(3) of the said Act is amended by reducing the initial share capital of the Bank allotted to and paid by the Government from $2,000,000 to $648,000.

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