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Maldives Monetary
Authority Act 1981
This Act is to make provision for the
establishment of Maldives Monetary Authority
and to provide for matters incidental
thereto and connected thereto. It is hereby
enacted as follows:
Chapter I - Preliminary
1. This Act is called 'Maldives Monetary
Authority Act 1981'. The President of
the Republic may appoint different dates
in relation to the coming into effect
of the different provisions of this Act.
2. In this Act unless the context otherwise
requires:
- 'Asset' means: anything of value that
is owned;
- 'Authority' means: Maldives Monetary
Authority established under Article 3;
- 'Bank' means: a financial institution
whose business includes the acceptance
of deposits of money transferable by cheque;
- 'Banking business' means: ( 1) the
business of receiving funds from the public
or from a member or members thereof through
the acceptance of money deposits payable
upon demand or after a fixed period or
after notice, or any operation through
the frequent sale or replacement of bonds,
certificates, notes or other securities,
and the use of such funds either in whole
or in part for loans or investments for
the account and at the risk of the person
doing such business and, (2) any other
activity recognized by the Authority as
customary banking practice which a financial
institution engaging in the activities
described in (1) may additionally be authorised
to do;
- ' Bill of Exchange ' means: an unconditional
order in writing addressed by one person
to another, requiring the person to whom
it is addressed to pay on demand or at
a fixed date or determinable future time,
a sum certain in money to or to the order
of a specified person or to the bearer;
- ' Board' means: the Board of Directors
of the Authority;
- ' Bullions' means : gold and silver
in bars or in the mass; and also large
quantities of gold, silver and other metal
coins especially when regarded by weight;
- 'Cheque' means: an unconditional order
in writing drawn on a banker signed by
the drawer, requiring the banker to pay
on demand a sum certain in money to, or
to the order of a specified person or
to the bearer;
- 'Clearing house' means: an association
of banks located in the same city agreeing
to join together to facilitate the daily
exchange of cheques, drafts and notes
among themselves;
-'Department of Finance' means: the Department
of Finance of the Government of Maldives;
-'Discount' means: an amount deducted
from the principal amount of a sale transaction;
or to deduct from the principal amount.
- 'External Reserve' means: holdings
of certain assets usually gold, Special
Drawing Rights and Foreign Claims;
-'External Transaction' means: any dealing
involving foreign exchange earned by the
country or remitted abroad from the country;
- 'Financial Institution' means: any
person doing banking business;
- 'Fiscal Agency' means: a body looking
after financial matters in all respects;
- 'General Reserve' means: the General
Reserve established under Article 27;
- 'Government' means: the Government
of Maldives;
-'Legal Tender' means: currency in circulation
prescribed by Act as tender which must
be accepted for payment by the person
to whom it is tendered.
- 'Liability' means: anything which a
person is liable to return or give.
- 'Monetary' means: of or relating to
money or to the mechanisms by which it
is supplied to and circulates in the economy;
- 'Notes' and 'Coins' means: notes and
coins issued under the terms of this Act
to be used as currency;
- 'Overdraft' means: maley drawn from
a bank account in excess of the amount
deposited;
- 'Promissory Notes' means: an unconditional
promise in writing signed by the maker,
to pay at a fixed date or a determinable
time a sum certain in money to, or to
the order of a specified person or to
the bearer;
- 'Rediscount' means: resale of a promissory
note or bill of exchange by the one who
has bought it;
- 'Reserve' means: cash maintained in
a bank's own vault, or, claims in cash
on deposit with compulsory or optional
depositories;
- 'Security' means: (1) a written instrument
which is issued in bearer or registered
form and is of a type commonly dealt in
upon securities exchanges or markets or
commonly recognized in any area in which
it is issued or dealt in as a medium for
investment;
(2) a written instrument evidencing mortgage
of property or a pledge in respect of
a loan;
- 'Treasury Bill' means: non-interest
bearing obligations of a government, sold
at less than face value.
Chapter II - Constitution
3. There is hereby established an Authority
to be known as the Maldives Monetary Authority,
which shall be a body corporate under
that name with perpetual succession. It
may, in such name, sue or be sued, and
may enter into contracts, and, subject
to the provisions of this Act, may acquire,
purchase, take, hold and use real and
personal property of every description
and may convey, assign, surrender and
yield up, charge, mortgage, transfer or
otherwise dispose of, or deal with or
in, real or personal property .
4. The principal purposes of the Authority
shall be:
(a) to issue currency and regulate the
availability, and international value
of the Maldivian Rufiyaa;
(b) to provide advisory services to the
Government on banking and monetary matters;
(c) to supervise and regulate banking
so as to promote a sound financial structure;
and
(d) to promote in the country and outside
the country the stability of Maldivian
currency and foster financial conditions
conducive to the orderly and balanced
economic development of Maldives.
5. The Authority shall have its head
office in Male ' and may establish such
branch offices within Maldives as it sees
fit.
6 . ( 1) There shall be a Board of Directors
of the Authority that shall be responsible
for a policy and affairs of the Authority.
(2) The Board shall consist of:
(a) The Minister in charge of Finance
as ex officio Governor of the Authority;
(b) Senior-most official of the Department
of Finance as ex officio Vice Governor
of the Authority;
(c) Three members appointed by the President
of the Republic from amongst heads of
Government Offices responsible for economic
subjects; and
(d) Two members from the private sector
appointed by the President of the Republic.
(3) The two members appointed under Section
2 (d) of this Article shall be persons
of recognized standing and experience
in administration, finance and business
. Such a member shall not, at the time
of his appointment or during his tenure
as a member of the Board, be a public
officer, or hold any post or a substantial
number of shares in any financial institution
under this Act and the regulatory jurisdiction
of the Authority.
(4) Four members shall constitute a quorum.
(5) Each member serving on the Board
by virtue of Section (2) (c) of this Article
shall nominate the senior-most official
of his office or offices to participate
as his Alternate on the Board if he cannot
attend due to being absent from Male '
or for any other reason or being in-charge
of more than one office.
(6) The Governor shall preside at meetings
of the Board. In his absence any member
nominated by him shall preside at the
meeting.
7. (1) Subject to the provisions of this
Act, the Authority shall make and implement
regulations for its own procedures, and
in particular, make regulations or rules
regarding meetings and the holding of
meetings , the keeping and custody of
minutes, and the opening, keeping, closing
and audit of accounts.
(2) The expenses and remuneration to
be received by the two members appointed
under Article 6, Section 2 (d) shall be
determined by the Board with the approval
of the President of the Republic. The
other members of the Board shall receive
no remuneration.
8. The President of the Republic may,
on the recommendation of the Board engage
officers or terminate their services,
fix the amount and manner of paying their
remuneration and prescribe the terms and
conditions f or their employment, as it
may consider necessary for due performance
of the functions of the Authority. The
ex-officio Vice Governor shall serve as
the executive head of the Authority.
9. The Board shall meet as often as the
Governor may consider the business of
the Authority may require but not less
frequently than four times a year .
10. (1) No member of the Board shall
act as a delegate of any commercial, financial,
agricultural, industrial, or other interest
or receive or accept directions there
from in respect of duties to be performed
under this Act.
(2) All members of the Board shall fully
disclose to the Board any commercial,
financial, agricultural, industrial or
other interest that they may have directly
or indirectly in any matter which becomes
the subject of Board decision.
(3 ) No member of the Board nor any officer
of the Authority shall accept any gift
f or himself or for his spouse or his
spouse's parents or children or brothers
or sisters or for persons with whom he
may have business or financial connections
which would result in him being partial
in the performance of his duties under
the Act.
(4) Any person who contravenes the provisions
of this Article shall be guilty of an
offense and enable to a fine not exceeding
10,000 rufiyaa or to imprisonment or banishment
or house arrest for a period not exceeding
one year or to both such fine and such
imprisonment or banishment or house arrest.
11. (1) No member of the Board, nor any
Officer of the Authority, shall disclose
to any person any material information
relating to the affairs of the Authority
or of any bank or other financial institution
or other person which he has acquired
in the performance of his duties under
this Act except f or the purpose of the
performance of his duties or when lawfully
required to do so by a court.
(2) Any person who contravenes the provisions
of this Article shall be guilty of all
offence and liable to imprisonment or
banishment or house arrest for a period
not exceeding two years, or a fine not
exceeding 20,000 rufiyaa, or to both such
fine and such imprisonment or banishment
or house arrest.
Chapter III - Maldivian
Currency
12. The unit of currency of Maldives
shall be the rufiyaa, which shall be divided
into one hundred laari.
13. The President of the Republic in
consultation with the Board may decide
an external value for the rufiyaa having
due regard to the obligations that Maldives
has assumed in accordance with the provisions
of any international monetary agreement
to which it is a party. Notices of any
change in the external value of the rufiyaa
shall be published by the Authority on
the instructions of the President of the
Republic.
14. (1) The Authority shall have the
sole right to issue legal tender notes
and coins in Maldives, and no other person
shall issue notes or coins or any documents
or tokens which are likely to pass as
legal tender .
(2) The Authority shall:
(a) arrange for the printing of notes
and the minting of coins and for all matters
relating thereto and f or the security
of such notes and coins;
(b) issue, withdraw, reissue, and at its
discretion, exchange notes and coins,
including notes and coins issued by the
Government before the coming into force
of this Act .
15. (1) Notes issued under this Act shall
be of such form and design and printed
from such plates and on such paper as
the Board authorises. Denominations shall
be such as may, from time to time, be
specified by the Authority .
(2) Coins issued under this Act shall
be of such denominations and of such weight,
form and design and made of such metal
or metals as may, from time to time, be
specified by the Authority.
(3) Notes and coins issued by the Government
which were legal tender and not cancelled
before the coming into force of Article
14 shall in all respects be legal tender
.
16. (1) Subject to the provisions of
Section (2) of this Article a tender of
payment of money if made in the following
manner shall be legal tender
(a) in the case of notes, for the payment
of any amount;
(b) in the case of one laari coins, for
the payment of an amount not exceeding
one rufiyaa; and
( c) in the case of coins of denominations
higher than one laari, for the payment
of an amount not exceeding fifty times
the face value.
(2) A note or coin that has been illegally
dealt with shall not be legal tender .
( 3 ) For the purpose of this Act:
(a) a note shall be deemed to have been
illegally dealt with if otherwise than
by fair wear or tear its number, denomination,
or signature has been damaged or its original
characteristics written or drawn have
been willfully altered;
(b) a coin shall be deemed to have been
illegally dealt with if, otherwise than
by fair wear or tear it has been damaged
or lightened or has been willfully defaced
by having any word, number or anything
written or drawn stamped or engraved thereon,
whether it has or has not been thereby
diminished or lightened.
17. ( 1) In any proceedings in which
the genuineness of any notes or coin purporting
to have been issued by the Authority shall
be in question a certificate under the
hand of a duly authorised officer of the
Authority to the effect that such currency
note or coin is authentic or spurious
shall be accepted by all courts of law
as evidence of the authenticity of such
currency note or coin.
(2) The officers shall not be questioned
with respect to any such certificate.
18. (1) The President of the Republic
may, by notice issued on the recommendation
of the Authority, declare that any notes
or coins shall, with effect from such
date as may be specified in the notice,
cease to be legal tender in Maldives.
Provided that after such notes or coins
shall have so ceased to be legal tender,
the Authority shall be obliged to redeem
any such notes and coins if presented
to the Authority within such period as
may be specified by the President of the
Republic in the said notice.
( 2 ) An amount equivalent to the face
value of any such notes or coins ceasing
by Presidential notice under Section (
1) above to be legal tender and not presented
to the authority within the time specified
by the President shall be transferred
to the Government and deducted from the
liabilities of the Authority .
19. No person shall be entitled to claim
from the Authority the value of any lost,
stolen, mutilated or imperfect note or
coin; or of any note or coin which has
been illegally dealt with. However the
Authority may, at its discretion, determine
the circumstances and conditions under
which the value of any note or coin which
has been illegally dealt with or of any
mutilated or imperfect note or coin may
be refunded .
Chapter IV - Functions and Financial Provisions
20. On the coming into operation of this
Act there shall be transferred from the
Government to the Authority all the functions
pertaining to the Authority including
currency note issue functions, banking
functions and reserve management functions
together with the appropriate staff and
such property, including unissued currency
and such assets and corresponding liabilities
as are necessary for the assumption of
these functions upon such transfer, the
liability for currency issued by the Government
and remaining outstanding and the liability
of the Government for the deposit accounts
shall become the liabilities of the Authority.
21. ( l) The Authority shall be the depository
of the External Reserves of the Maldivian
Government.
(2) The Authority shall maintain an External
Reserve of internationally accepted reserve
assets consisting of all or any of the
following on such terms and conditions
as the Board may prescribe:
(a) gold;
(b) foreign exchange in the form of notes
or bank balances held abroad;
(c) any internationally recognized reserve
assets, including
- the reserve position of Maldives in
the General Department of the International
Monetary Fund;
- the holding of any special drawing rights
in the International Monetary Fund by
Maldives;
(d) bills of exchange and promissory notes
payable in foreign currency outside Maldives
specified by the Board;
(e) treasury bills issued by foreign governments
bought by the Authority.
(f) securities issued or guaranteed by
foreign governments or international financial
institutions bought by the Authority .
(3) The Authority shall use its best
endeavours to maintain the External Reserve
at a level which is appropriate in relation
to the external transactions of Maldives.
22. The Authority may:
a) open accounts for, and accept deposits
from, the Government its agencies and
public entities, banks and other financial
institutions in Maldives.
(b) act as correspondent, banker, agent
or depository for any monetary authority,
central bank or international financial
institution;
(c) open and maintain accounts with such
banks or other depositories and appoint
them as correspondents or agents of the
Authority in or outside Maldives as may
be necessary;
(d) buy, sell or deal in gold coins,
bullion or foreign exchange;
(e) buy, sell, invest, or deal in treasury
bills and other securities issued or guaranteed
by foreign governments or international
financial institutions;
(f) buy, sell, invest, or deal in treasury
bills and other securities issued or guaranteed
by the Government;
(g) make loans, advances and rediscounts
to banks and other financial institutions
in Maldives for periods not exceeding
90 days on terms and conditions which
the Board may prescribe;
(h) make temporary advances to the Government
as may be agreed;
(i) make advances to the Government on
terms and conditions to be agreed upon
in respect of subscriptions and other
payments relating to the membership of
Maldives in any international financial
institution, the participation of Maldives
in any account thereof, and any transactions
and operations undertaken in connection
therewith;
(j) act as fiscal agency of the Government
in its dealings with international financial
institutions and undertake other financial
agency work for the Government;
(k) borrow money for the purpose of the
business at the Authority, and may give
securities for money so borrowed as provided
by Law with the approval of the President
of the Republic and,
(l) in conjunction with the banks, organise
and manage a Clearing House.
23. (1) The Authority may buy and sell
and determine dealing rates for gold and
foreign exchange .
(2) The Authority may determine and make
public the rates at which gold and foreign
currencies may be bought, sold or dealt
in by banks and other persons authorised
to do so in Maldives
(3) The Authority may determine a mid
rate around which buying and selling rates
may be established.
(4) Sale of special or commemorative
coins for foreign currency shall not be
treated as a foreign currency transaction
for the purpose of this Article.
24. The Authority shall not:
(a) open accounts for, or accept deposits
from, any person except as provided in
paragraphs (a) and (b) of Article 22;
(b) enter into any transaction authorised
in paragraphs (d) and (e) of Article 22
except with the Maldivian Government,
its agencies and public entities, banks
maintaining accounts with the Authority
and other financial institutions, foreign
monetary authorities and central banks,
foreign Governments and International
Financial Institutions;
(c) purchase or retain ownership of real
estate except insofar as is necessary
for the conduct of its business and for
the living quarters of its officers.
Chapter V - Capital,
Profit and Reserves
25. (1) The authorised capital of the
Authority shall be four million rufiyaa
and may be increased from time to time
by such amounts as may be proposed by
the Board and approved by the President
of the Republic. No reduction of capital
shall be effected except by an amendment
of this Act.
(2) Upon the establishment of the Authority
the Government shall pay towards its authorised
capital an amount of one million rufiyaa
and such further amounts as may from time
to time, be proposed by the Board and
approved by the President of the Republic.
(3) All capital of the Authority, as
and when issued, shall be for the sole
account of the Government and shall not
be transferable nor capable of being claimed
in a court nor subject to mortgage.
26. The net profits of the Authority
for any financial year shall be determined
by the Authority after meeting all current
expenditure for that year and after making
provisions for
(a) bad debts as determined by the Board,
doubtful debts and depreciation of assets;
(b) such other purposes as the Board may
deem necessary; and
(c) the redemption of any securities
issued by the Government under Article
27, Section (3).
Provided that profits and losses arising
under Article 28 shall not be included
in the calculation.
27. (1) The Authority shall establish
its General Reserve to which shall be
allocated at the end of each financial
year 50 percent of the net profit of the
Authority, until such time as the General
Reserve is equal in amount to the authorised
capital of the Authority after which 25
percent of the net profit shall be allocated
to the General Reserve until the General
Reserve is equal to twice the authorised
capital.
(2) After allocations have been made
to the General Reserve under Section(
1) the remainder of the net profit of
each year shall be transferred to the
Government.
(3) If the Authority should make a net
loss which exceeds the amount of the General
Reserve at the end of that year, a sum
equivalent to such excess shall be paid
to the Authority by the Government in
non-negotiable, non-benefit bearing securities.
28. (1) The Authority shall make a valuation
of its assets and liabilities in gold,
foreign currencies or other units of account
at least quarterly .
(2) The gains arising from any change
in the valuation of the Authority's assets
or liabilities in gold, foreign currencies
or other units of account, as a result
of alterations of the external value of
the rufiyaa, or of any change in the values,
parities, or exchange rates in respect
of such assets in relation to the rufiyaa
shall be credited to a Revaluation Reserve
Account and neither they nor the losses
arising from any such change shall be
included in the computation of the annual
profits and losses of the Authority.
(3) The losses arising from any such
change shall be set off against any credit
balance in the Revaluation Reserve Account.
Notwithstanding any other provision of
this Act, if such balance is insufficient
to cover such losses, the Government shall
issue to the Authority non-negotiable,
non-benefit bearing securities for the
amount, required to adjust such losses
.
(4) Any credit balance in the Revaluation
Reserve Account at the end of each financial
year of the Authority shall be applied
first to the redemption of any securities
issued under Section (3) of this Article.
After redemption of securities if the
remaining balance is 100,000 rufiyaa or
more, one fifth of the remaining balance
shall be paid to the Government.
If the remaining balance is less than
100 ,000 rufiyaa, it shall be paid in
full to the Government.
(5) No credits or debits shall be made
to the Revaluation Reserve Account except
in accordance with the provisions of this
Article.
Chapter VI - Relations
with Banks and other Financial Institutions
29. (1) No bank or other financial institution
shall commence or carry on banking business
in Maldives, unless it holds a licence
granted by the Authority for that purpose
.
Banks which are in existence in Maldives
on the date of the commencement of this
Act shall be granted a licence forthwith.
(2) The Authority shall prescribe licensing
conditions for the purpose of Section
(1) of this Article.
(3) The Authority shall have the power
to revoke a licence granted under this
Article, whenever a bank or other financial
institution fails to comply with the conditions
specified in the licence or with any provisions
of this Act, or Regulations made under
Article 36 of this Act.
Provided that the bank or other financial
institution shall be entitled to appeal
against the decision of the Authority
to the President of the Republic within
30 days of being informed of the decision,
and the decision of the President of the
Republic shall be final and conclusive.
30. (1). The Authority may, periodically
or at its discretion cause an inspection
to be made by any of its officers of any
bank or other financial institution, and
its books and accounts for the purpose
of ascertaining its manner of operation.
(2) Any officer authorised under this
Article to inspect a bank or other financial
institution may require.
(a) any director, or officer of any bank
or other financial institution to furnish
such information as the Authority may
consider necessary for the purpose of
the inspection;
(b) or require any such director, or officers
to produce for inspection any books, records,
or other documents in his possession or
custody containing or likely to contain
any such information .
(3) Without prejudice to the provisions
of Article 29 (3), any person who -
(a) fails, refuses or neglects to comply
with any requirement of an officer of
the Authority made under Section (2) of
this Article; or
(b) in complying with any such requirement,
furnishes any information or produces
any book, record or other document which
he knows to be false,
is guilty of an offence and liable on
conviction to a fine not exceeding 20
,000 rufiyaa.
3. (1) The Authority may, by written
notice to each bank or other financial
institution at its principal place of
business in Maldives, prescribe the maintenance
of required reserves against deposit and
other similar liabilities determined for
this purpose .
(2) The reserve prescribed under Section
(1) shall be maintained by way of cash
holdings or by way of deposits with the
Authority in such manner as the Authority
prescribes.
(3) The Authority may prescribe different
ratios for different classes of deposit
and other similar liabilities and the
method of determining these ratios:
Provided that:-
(a) The Authority shall not require banks
or other financial institutions to hold
a total amount of reserves in excess of
40 percent of the total deposit and other
similar liabilities to which reserve ratios
have been made applicable:
Provided, however, that when the monetary
situation requires, the Authority may,
with the concurrence of the President
of the Republic prescribe higher ratios;
(b) the initial prescription of, or any
increase in , the reserve ratios shall
be effective only after atleast 15 days
' notice thereof has been given;
(c) the Authority may determine the reserve
ratios on the basis of averages held over
such period as the Authority prescribes;
(d) the reserve ratios shall be uniform
for each class of financial institutions
in Maldives.
(4) The Authority may impose on any bank
or other financial institution which fails
to maintain required reserve ratios prescribed
under this Article a charge at an annual
rate not in excess of twice the highest
effective service charge determined by
the Authority to have been charged any
of the customers of that bank or other
financial institution during the period
of the deficiency.
(5) The charge mentioned in Section (4)
may be imposed as from the date on which
the deficiency occurs .
32. (1) The Authority may, with the written
authority of the President of the Republic,
prescribe by written notice to each bank
or other financial institution at its
principal place of business in Maldives
-
(a) maximum and minimum amounts of benefits
payable in respect of deposit and other
similar liabilities and methods of calculation
thereof; and
(b) the permissible purposes, maximum
totals, maximum amounts beyond which the
Authority's approval is necessary, maximum
maturities and maximum service charge
and minimum cash deposit or security required,
in respect of -,
( i) the making of advances , whether
by loans or overdrafts, and investments;
(ii) the discounting of bills of exchange,
promissory notes and other commercial
or financial paper;
(iii) the issuing of letter of credit;
(iv) the granting of acceptances and
other forms of credit .
(2 ) With the approval of the President
of the Republic, Section (1) may be made
applicable by the Authority, and by written
notice, to any person having as a main
object of his business the extension of
credit.
(3) The Authority may examine the accounts,
books and papers of any person who, it
has reason to suspect, is extending or
has extended credit in contravention of
Section ( 1) and the refusal to submit
such accounts, books and papers shall
be evidence of such contravention.
(4) Notices issued under this Article
shall apply uniformly in Maldives and
shall come into effect on such date specified
not earlier than 14 days after the date
of issue and the Authority in its notices
may differentiate between financial institutions
and other creditors or classes thereof
in respect of the items set out in Section
(1) .
(5) Any bank or other financial institution
which contravenes Section (1) of this
Article is liable to pay to the Authority
for each such contravention a charge not
exceeding 2 ,000 rufiyaa f or every day
during which the contravention continues
.
(6) Any person to whom Section (1) is
made applicable pursuant to Section (2)
shall be guilty of an offence if -
(a) he contravenes Section (1) of this
Article; or
(b) he supplies to the Authority any false
information or information of which he
is not sure of the truth; or
(c) he fails to furnish to the Authority
within a reasonable time given to him
any information required by the Authority
to satisfy the Authority that he is complying
with Section (1) of this Article, and
is liable on conviction-
(i) in the case of an offence under paragraph
(6) (a) of this Article, to a fine not
exceeding 2 ,000 rufiyaa for each day
during which the contravention continues;
or
(ii) in the case of an offence under paragraph
(6) (b) or (6) (c) of this Article to
a fine not exceeding 20,000 rufiyaa.
33. A bank or other financial institution
in Maldives shall maintain assets consisting
of claims payable in rufiyaa and other
assets- situated in Maldives in such minimum
proportions of its deposit and similar
liabilities payable in rufiyaa as the
Authority may prescribe.
34. The Authority may prescribe the maximum
amount of the working balances which banks
and other financial institutions may hold
in foreign currencies generally or in
any specified currency or currencies.
Chapter VII - Miscellaneous
Provisions
35. (1) The Authority shall, as soon
as may be after the end of every month,
make up a statement of the condition of
the Authority as at the close of business
on the last business day of each month
and may publish it.
(2) At the end of each calendar year
the Authority shall prepare and submit
to the President of the Republic a report
on its operations during the past year
together with a copy of its annual accounts
certified by the auditor and shall publish
this report and annual accounts after
obtaining the approval of the President.
(3) The accounts of the Authority shall
be audited by the Government Auditor of
Maldives or by an auditor approved by
him.
36. The Board may, with the approval
of the President of the Republic, make
regulations for the proper execution of
the provisions of this Act.
37. Any punishment for offenses committed
under this Law shall this Law only be
as specified in this Act
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