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Version status: Deleted | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 2010 - onwards
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33L. Provision of funds by Bank to Regulatory Authority to meet shortfall.

Deleted from 1 October 2010

 

(1) If at any time it appears to the Board that the funds raised from levies and fees prescribed by regulations in force under sections 33J and 33K are, or are likely to be, insufficient to enable the Regulatory Authority to properly perform its functions and exercise its powers, the Bank may provide the Authority with such funds as the Board considers necessary to enable the Authority to perform its functions and exercise its powers.

(2) The provision of funds under this section is subject to such conditions as the Board thinks fit to impose.

(3)

(a) The Board may provide funds under this section only after the Minister has approved the amount of the funds concerned and the conditions (if any) subject to which those funds are to be provided.

(b) Before deciding whether or not to give approval under paragraph (a), the Minister is required to consult with the Governor and the Governor may express his or her opinion on the amount of funds concerned, so far as it could affect -

(i

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