The Laws of Fiji
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Last Updated: 24 June 2022
AN ACT TO PROVIDE FOR THE REGULATION OF THE BUSINESS OF BANKING; PROVIDING FOR THE LICENSING AND SUPERVISION OF FINANCIAL INSTITUTIONS CARRYING ON BANKING BUSINESS, IN THE INTERESTS OF THE SOUNDNESS OF THE FINANCIAL SYSTEM AND TO MINIMISE DETRIMENT TO THE INTERESTS OF DEPOSITORS AND CREDITORS OF FINANCIAL INSTITUTIONS AND FOR PURPOSES CONNECTED THEREWITH.
[BANK 56] Application of certain provisions of the Companies Act 201556
56
- (a)the licensed financial institution were a company being wound up under that Act; and
- (b)the controller of the licensed financial institution was the liquidator of the company; and
- (c)the date on which the licensed financial institution became subject to controllership was the date of commencement of the winding-up.
[subs (1) am Act 31 of 2016 s 14, effective 1 December 2016]
(2) Subject to subsection (3), all the provisions of the Companies Act 2015 and all rules and regulations under that Act shall, so far as they are applicable, and with the necessary modifications, apply to a licensed financial institution that is subject to controllership.
(3) Nothing in sections 24, 153, 170 to 173, 388, 390 to 392, 397, 400 to 411, 420 to 427 and 441 to 453 of the Companies Act 2015 shall apply to a licensed financial institution that is subject to controllership.
[subs (3) am Act 31 of 2016 s 14, effective 1 December 2016]