Rural Development Bank Regulation 1967

Rural Development Bank Regulation 1967 Unvalidated References: Rural Development Bank Act 1965 This reprint of this Statutory Instrument incorporates all amendments, if any, made before25 November 2006 and in force at 1 July 2001. ......... Legislative Counsel Dated 25 November 2006 INDEPENDENT STATE OF PAPUA NEW GUINEA. No. of 1967. Rural Development Bank Regulation 1967 ARRANGEMENT OF SECTIONS. 1. Interpretation. 2. Declaration of secrecy. 3. Financial Statements. 4. Applications for further loans. 5. Office hours. 6. Information to be furnished by customers. 7. Duty of Bank to inquire as to operations on accounts. 8. Powers of attorney, etc. 9. Secrecy. 10. Procedure at meetings of the Board. 11. Interest on loans. 12. Accounts. 13. Advance payments. Rural Development Bank Regulation 1967 MADE under the Rural Development Bank Act 1965. Dated 200 . PART I. – PRELIMINARY. 1. INTERPRETATION. In this Regulation, unless the contrary intention appears– “authorized dealer in the short-term money market” means a person– (a) who, in accordance with arrangements made between the Central Bank and the person, deals in securities issued by the Government and, for that purpose, borrows money for short periods; and (b) whom the Central Bank declares, in writing, to be an authorized dealer in the short-term money market; “branch”, in relation to a bank, includes the head office of the bank. PART II. – FORMS. 2. DECLARATION OF SECRECY. A declaration of secrecy for the purposes of Section 14 of the Act shall be in Form 1. 3. FINANCIAL STATEMENTS. (1) Subject to Subsection (2), for the purposes of Section 32(1)(b) of the Act the prescribed form is Form 2. (2) The Board is not required to include in a financial statement furnished under Section 32 of the Act an item included in Form 2 if no amount is applicable to the item. 4. APPLICATIONS FOR FURTHER LOANS. An application for a further loan under Division VI.3 of the Act shall be in Form 3, and shall contain the particulars specified in that form. PART III. – GENERAL PROVISIONS. 5. OFFICE HOURS. Branches and agencies of the Rural Development Bank shall be open for transaction of business on such days, and during such hours, as the Bank determines. 6. INFORMATION TO BE FURNISHED BY CUSTOMERS. The Rural Development Bank may require a person who wishes to transact banking business with the Bank to furnish to the Bank particulars of his name, address and occupation and such other particulars as, in the opinion of the Bank, are necessary to enable the Bank to conduct the business properly. 7. DUTY OF BANK TO INQUIRE AS TO OPERATIONS ON ACCOUNTS. The Rural Development Bank shall not be under any liability by reason of its failure to ascertain that the method in accordance with which a firm, company, society, local authority, club or other body of persons desires to operate on an account, to deal with a security or to transact any other business with the Bank is in accordance with any deed, articles, rules or other instrument of the firm, company, society, local authority, club or body. 8. POWERS OF ATTORNEY, ETC. When any business is to be transacted with the Rural Development Bank under a power of attorney, probate of a will or letters of administration of an estate, the Bank may require– (a) the original power of attorney, probate or letters of administration to be produced to the Bank; and (b) a copy of the power of attorney, probate or letters of administration to be lodged with the Bank. 9. SECRECY. An officer, agent or other person carrying on any business of the Rural Development Bank must not– (a) permit a person to have access to, or furnish to a person copies of, or extracts from, books or papers belonging to, or in the possession of, the Bank; or (b) furnish to a person information relating to the business of the Bank, other than information furnished to or on the order of a customer of the Bank in respect of his own matters, except by direction or authority of the Bank or under compulsion or obligation of law. Penalty: A fine not exceeding K100.00. PART IV. – SPECIAL PROVISIONS RELATING TO EX-SERVICEMEN’S CREDIT LOANS. 10. PROCEDURE AT MEETINGS OF THE BOARD. Meetings of the Board for the purposes of Part VI of the Act shall be held in camera, and all information given at such a meeting is, except for the purposes of that Part, confidential. 11. INTEREST ON LOANS. (1) Subject to Subsections (2) and (3), interest on a loan to which Part VI of the Act applies is payable at the rate of 3.75% per annum. (2) Interest on arrears of principal or interest is payable at the rate of 4.75% per annum instead of the interest prescribed by Subsection (1). (3) Where the amount of a loan or loans made to any one person, whether at the same time or at different times exceeds in total K50,000.00, the rate of interest on the amount in excess of K50,000.00 is, unless the Minister directs that this section does not apply, 5% per annum plus an additional 1% per annum on any arrears of principal or interest in relation to that excess amount. 12. ACCOUNTS. The Rural Development Bank shall maintain for each borrower separate accounts, in such a manner as to reflect, to the best of the ability of the Bank, full and accurate details of the state of the loan from time to time. 13. ADVANCE PAYMENTS. The Rural Development Bank may refuse to accept payment of the whole or part of the principal and interest of a loan before the time when payment is due unless that payment– (a) is of K20.00 or a multiple of K20.00; and (b) is made on a day on which an instalment of principal or interest is due under Section 37 of the Act. SCHEDULE 1 PAPUA NEW GUINEA. Rural Development Bank Act 1965. Form 1 – DECLARATION OF SECRECY. Act, Sec. 14. Form 1.Reg., Sec. 2. PAPUA NEW GUINEA. Rural Development Bank Act 1965. Form 2 – [1]BALANCE-SHEET AS AT 31 DECEMBER 20.... http://www.paclii.org/pg/legis/consol act/rdbr1967321/#fn1#fn1 Act, Sec. 32(1)(b). Form 2.Reg., Sec. 3. PAPUA NEW GUINEA. Rural Development Bank Act 1965. Form 3 – APPLICATION FOR FURTHER LOAN. Act, Sec. 45, 46. Form 3.Reg., Sec. 4. Office of Legislative Counsel, PNG [1] Schedule 1, Form 2 amended by No. 47 of 1977, Schedule 2. http://www.paclii.org/pg/legis/consol act/rdbr1967321/#fnB1#fnB1