International Banking Act - Vanuatu Financial Services Commission

LAWS OF THE REPUBLIC OF VANUATU
INTERNATIONAL BANKING
(d)
an order granting the Reserve Bank a search warrant on such terms as the Court
determines.
(3) If the Court makes an order under paragraph (2)(b) in respect of a licensee, it may extend
the appointment of the administrator to include any subsidiary of the licensee.
(4) An order referred to in paragraph (2)(b) may:
(a)
(b)
(c)
(d)
specify the powers of the administrator, which may include the powers of a
licensee under this Act or of a liquidator under the Companies Act (CAP 191); or
require the administrator to provide security to the satisfaction of the Court; or
fix and provide for the remuneration of the administrator; or
require such persons as it considers necessary to appear before the Court for the
purposes of giving information or producing records concerning the licensee or
the international banking business carried on by the licensee.
(5) An order made under paragraph (2)(b) must make provision for reports to be submitted
by the administrator to the Court and to the Reserve Bank.
(6) The Court may on its own motion or on the application of the Reserve Bank or the
administrator:
(a)
(b)
(c)
give directions to the administrator concerning the exercise of his powers; or
vary the powers of the administrator; or
terminate the appointment of the administrator.
(7) An application under subsection (1) may be made ex parte or upon such notice as the
Court may require.
18. Appointment of examiner
(1) The Reserve Bank may by notice in writing appoint an examiner to investigate and report
to the Reserve Bank on a licensee if:
(a)
(b)
the Reserve Bank intends to take enforcement action under section 16; or
a written request for an investigation is made to the Reserve Bank by:
(i)
(ii)
shareholders holding not less than one third of the total number of issued
shares in the licensee; or
depositors holding not less than one tenth of the gross amount of the
deposit liabilities of the licensee.
(2) If a request for an investigation is made under paragraph (1)(b), the Reserve Bank may
refuse to appoint an examiner until the shareholders or depositors, have provided security
for the costs of the investigation to the satisfaction of the Reserve Bank.
(3) An investigation referred to in subsection (1) may be made in respect of:
16