International Business Corporation (Amendment) Act 2002

Link to law: http://laws.gov.ag/acts/2002/a2002-10.pdf

No. 10 of 2002. The International Business Corporation 1 ANTIGUA
(Amendment) Act 2002. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

29th April, 2002.

ANTIGUA AND BARBUDA

No. 10 of 2002

AN ACT to amend the International Business Corporation
Act.

[ 16th May, 2002 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows -

1. This Act may be cited as the International Business Cor- short title.
poration (Amendment) Act 2002.

2. The International Business Corporation Act, in this Act Amendment
referred to as the principal Act, is amended in section 316 as section 316.
follows -

(a) by the repeal of subsection (1) and the substitution
of the following -

"(1) There is established a Financial Ser-
vices Regulatory Commission;"

(b) by the repeal of subsection (3) and the substitution
of the following -

ANTIGUA 2 The International Business Corporation No. 10 of 2002.
AND (Amendment) Act 2002.

BARBUDA

"(3) The Commission shall be responsible
for -

(a) the administration of this Act, in-
cluding but not limited to, issu-
ing certificates of incorporation to
international business corpora-
tions, regulating international
business corporations, licensing
and regulating international fman-
cia1 institutions;

(b) regulating businesses operated or
carried on under the Financial In-
stitution Non-Banking Act, the
Cooperative Societies Act and the
Insurance Act.

(c) by the repeal of subsection (5) and the insertion of
the following -

"The Commission shall be managed by a
Board of Directors comprised of four persons
appointed by the Minister after approval by
the Cabinet and the Administrator who shall
be an ex-oficio member of the Board with
voting rights."

(d) by the repeal of subsection (8) and the substitution
of the following--

"(8) There shall be an Administrator who
shall be appointed by the Cabinet. The Ad-
ministrator shall be a person qualified in busi-
ness administration, accounting or banking
and finance and shall have a post qualifica-
tion experience of at least seven years. The
Administrator shall be the administrative and
technical head of the Commission.

Amendment of 3. Section 360 of the principal Act is amended as follows -
Section 360.

(a) by the repeal of subsections (1) and (2) and the sub-
stitution of the following -

(1) The Commission shall establish an of-
fice under the direction and control of the Ad-
ministrator to be known as the Supervisor of

No. 10 of 2002. The International Business Corporation 3 ANTIGUA
(Amendment) Act 2002. AND

BARBUDA

International Banks and Trust Corporations,
with such powers and duties as are conferred
or imposed upon that office by this Act or any
other statute, or delegated to it by the Com-
mission.

(2) The Commission shall establish an of-
fice under the direction and control of the Ad-
ministrator to be known as the Superinten-
dent of International Insurance Corporations,
with such powers and duties as are conferred
or imposed upon that office by this Act or
any other enactment, or delegated to it by the
Commission.

(3) The Commission shall establish an of-
fice under the direction and control of the Ad-
ministrator to be known as the Director of
Gaming with such powers and duties as are
conferred or imposed upon the office by this
Act or any other statute, or delegated to it by
the Commission.

(4) The Commission shall establish an of-
fice under the direction and control of the Ad-
ministrator to be known as Manager of Inter-
national Business Corporations and other Non-
banking Financial Institutions with such pow-
ers and duties as are conferred or imposed
upon the office by this Act or any statute or
delegated to it by the Commission.

(b) by the renumbering of subsections (3), (4) and (5)
as subsections (9, (6) and (7).

4. The principal Act is amended by deleting - Miscellaneous
amendments.

(a) all references to "the Authority" and substituting
therefor "the Commission";

(b) all references to "Executive Director" and substi-
tuting therefor "the Administrator".

(c) Paragraph 7 of Schedule I1 and substituting the fol-
lowing -

"(7) The decision of the Board shall be by
a majority of votes, and in addition to the origi-
nal vote, the Chairman shall have a casting
vote if the voting is otherwise equal."

ANTIGUA 4 The International Business Corporation NO. 10 of 2002.
A N D (Amendment) Act 2002.

BARBUDA

Passed the House of Representatives Passed the Senate this 29th day
this 24th day of April, 2002. of April, 2002.

B. Harris
Speaker.

M. Percival
President.

S. Walker S. Walker
Clerk to the House of Representatives. Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Donovan Southwell, Government Printer

- By Authority, 2002.
8 0 0 4 . 0 2 [ Price$2.25 ]
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