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International Business Corporation (Amendments) Act 1999

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No. 10 of 1999. The International Business Corpora- 1 ANTIGUA
tion (Amendment) Act 1999. AND


I Assent,

Yvonne Maginley,
Goyernor-General 's Deputy.

3 1st December, 1999.


No. 10 of 1999

AN ACT to amend the International Business Corporation
Act Cap. 222.

[ 30th March, 2000 ]

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 1999.

2. Section 238 of the International Business Corporation Amendment ofsec-
Act (in this Act referred to as the principal Act is repealed and tion 238.
substituted by the following -

"238. A banking corporation, that is to say, a corpo-
ration that is licensed to carry on international busi-
ness solely or together with any other international trade
or business, shall as a condition of that licence, have a
minimum capitalization of not less than five million



Amendment of sec-
tion 242.

Amendment of sec-
tion 244.

Amendment of sec-
tion 260.

Amendment of sec-
tion 316.

2 The International Business Corpora- No. 10 of 1999.
tion (Amendment) Act 1999.

United States dollars or its equivalent in other currency
and comply with such other requirement as may be pre-
scribed by regulations under this Act.

3. Section 242 of the principal Act is amended by the repeal
of paragraph (aa) and the substitution of the following -

"(aa) an annual a d t e d return in the Enghsh language and
calculated in the United States dollars, prepared by
an auditor approved by the Board after consultation
with the Executive Director, and providing an analy-
sis of customers' liabilities to the corporation in re-
spect of loans, advances and other assets of the cor-
poration, a profit and loss statement, a balance sheet
and the statenlent of assets and liabilities, which re-
turn shall be submitted not later than ninety days af-
ter the end of the year to which it relates.

4. Section 244 of the principal Act is amended in subsec-
tion (la) by deleting therefrom the words "business affairs of a
corporation or".

5. Section 260 (2) of the principal Act is repealed and the
following substituted -

"(2) An examiner may not copy or otherwise record
information relating to the name or the account of any
depositor or the name of any settler or beneficiary of a
trust, if the deposit agreement or instrument establish-
ing the account or trust, as ,the case may be, directs that
it be kept secret, unless the examiner has reasonable
grounds for believing that the information is relevant to his
examination or the investigation of a criminal activity".

6. Section 3 16 of the principal Act is amended by inserting
after subsection 6 (c) the following -

"(4 no person shall be qualified to be a member of the
Board if such person is a shareholder, director, of-
ficer or employee of a banking, insurance or trust
corporation licensed under this Act".

(21) by repealing subsection (7) and substituting the fol-
lowing -

(7) An Executive Director and Deputy
Executive Director, each with at least seven
years banking, trust, insurance and or related

No. 10 of 1999. The International Business Corpora- 3 ANTIGUA
tion (Amendment) Act 1999. AND

experience, shall be appointed to or removed
from the office by the Board with the approval
of the Minister of Finance.

7. Section 3 17 (1) of the principal Act is repealed and the Amendment of sec-
following substituted - tion 3 17.

"(1) Notwithstanding any other provision of t h s Act,
the Board may, after consultation with the Executive Di-
rector, approve by resolution the issue or revocation of a

8. Section 360 (4) of the principal Act is repealed and the Amendment of sec-
following substituted - tion 360.

"(4) The Board may, with the approval nf the Minis-
ter of Finance, appoint persons to or remove such per-
sons from the offices established by this section".

9. Section 373 of the principal Act is repealed and the fol- Amendment of sec-
lowing substituted - tion 373.

"373. Nothing in this Act shall prevent the Authority
from disclosing information concerning the ownership,
management, operations and the financial returns sub-
mitted in compliance with section 242 of a licensed in-
stitution to enable or assist a foreign regulatory author-
ity to exercise its regulatory functions, except that no
customer information may be disclosed without an order
from a court of competent jurisdiction".

Passed the House of Representatives Passed the Senate this 9th day of
thls 29th day of November, 1999. December, 1999.

B. Harris,

M. Percival,

S. Walker, S. Walker,
Clerk to the House ofRepresentatives. Clerk to the Senate.

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

- By Authority, 2000.
800-3.2000 [Price $1.551