International Business Corporations (Amendment) (No 2) 1998

Link to law: http://laws.gov.ag/acts/1998/a1998-17.pdf

No. 17 of 1998. The International Business 1 ANTIGUA
Corporations (Amendment) (No. 2) AND

Act, 1998. BARBUDA

[L.S. ]

I Assent,

Dr. RA. Walwyn, OBE,
Governor-General 's Deputy.

28th October, 1998.

ANTIGUAAND BARBUDA

No. 17 of 1998

AN ACT to amend the International Business Corporations
Act, Cap. 222.

[ 12th November, f998 ]

ENACTED by ,the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the International Business short title.
Corporations (Amendment) (No.2) Act, 1998.

2. Section 2 of the International Business Corporations ACt Amendment of
(in this Act referred to as the "principal Act") is amended as section 2 of Cap.
follows: 222.

(a) in subsection (1)

(i) by inserting afier (a) the following paragraph:

"(aa) "Authority" means the International
Financial Sector Authority;"

(ii) by repealing fl and substituting the following
paragraph:

ANTIGUA 2 The International Business No. 17 of 1998.
AND Corporations (Amendmeno (no. 2)

BARBUDA Act, 1998.

"&I "Director" means the Executive Director or
the Deputy Director of the Authority"; and

(b) by repealing subsection (3) and substituting the
following subsection:

"(3) The expressions "appropriate official",
"Board , "Chairman", "licensee",
"Superintendent", and "Supervisor", are
defined in Part 111."

Amendment of
section 5 of Cap.
222.

3. Section 5 of the principal Act is amended as follows:

(a) in sut)section (1) by

(i) inserting after "incorporation" the following:

"and the prescribed fees";

(ii) repealing "Director of International Business
Corporations" and substituting "Director"; and

(b) by inserting after subsection (2) the following
subsection:

"(2a) In the case of a corporation proposing to do
business inbanking, trust, or insurance business, the
articles of incorporation and the prescribed fees
must be accompanied by an application for a licence
in accordance with Part 111."

Amendment of 4. Section 6 of the principal Act is amended by inserting after
section 6 of Cap. subsection (I) the following subsection:
222.

"(la) In respect of a proposed corporation not
intending to carry on international banlung, trust or
insurance business, the articles of incorporation
must state that the corporation will not carry on
international banking, trust or insurance business."

Amendment of 5. Section 9 of the principal Act is repealed and the following
secti"n90fCa~.222. Section is substituted:

No. 17 of 1998. The International Business
Corporations umendment) (No. 2)

Act, 1998.

3 ANTIGUA
AND

BARBUDA

"9. (1) In the case of a corporation not proposing to do
international banking, trust or insurancebusiness on receipt
0 f

(a) the articles of incorporation; and

(b) the prescribed fees,

the Director must issue a certificate of incorporation in
accordance with section 327.

(2) In the case of a corporation proposing to do
international banking, trust, or insurance business, on
receipt of

(a) the articles of incorporation;

(b) the prescribed fees; and

(c) the approval of the licence under section 3 17
from the Board,

the Director must issue a certificate of illcorporation in
accordance with section 327.

(3) The certificate issued under subsections (1) and (2)
is conclusive proof of the incorporation of the corporation
named in the certificate.".

6. Section 61 of the principal Act is repealed and the Amendment of
following section is substituted: section 61 of Cap.

222.

"6 1. A corporation must have at least one director, and
in the case of banking, trust or insurance corporations, all
directors must be natural persons, and at least one director
must be a citizen and resident of Antigua and Barbuda."

7. Section 182 of the principal Act is amended by inserting Amendment of
after subsection (3) the following subsection: section 182 of Cap. 222.

ANTIGUA 4 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

"(4) In the case of a body corporate proposing to do
business in banking, trust, or insurance, articles of
continuance must be accompanied by an application for a
licence for such business pursuant to Part 111.".

Amendment of 8. Section 183 of the principal Act is amended by inserting
section 183 of Cap. after "section 182," thefollo&ng:
222

"and in the case of a body corporate proposing to do
business inbanking, trust, or insurance, upon the issuance
of a licence for such business under section 229,".

Amendment of 9. Section 226 of the principal Act is amended by inserting
section 226 of Cap. after paragraph (b) the following paragraphs:
222.

"(ba) "Board" means the Board of Directors of the
Authority; and

''fib) "Chairman" means the Chairman of the Board and
includes the Deputy Chairman acting as the
Chairman:".

Amendment of 10. Section 227 of the principal Act is repealed and the
section 227 of Cap. following section is substituted:
222.

"227. (1) No licence shall be required under this Part
with respect to any international trade or business other
than international banking, trust or insurance business.

(2) Any international banking, trust or insurance
business shall be required to obtain a licence under this
Part in order to carry on such business.

(3) A certificate of incorporation may not be issued to
a corporation whose articles of incorporation do not
provide that the corporation is restricted from carrying
on any international banking, trust or insurance business
unless the Board has granted approval for a licence under
section 229.

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(4) A corporation shall not carry on, within Antigua
and Barbuda, any business activity that is not necessary or
incidental to the international trade or business for which
it is licenced under this Part.

(5) In this section "business activity" means any
trade business, venture or concern for profit or gain.

(6) Nothing in this or any other Act shall prevent a
corporation licensed to carry on an international banking,
trust or insurance business from lending to the
Government of Antigua andBarbuda.".

11. Section 228 of the principal Act is repealed and the Amendment of
following section is substituted: section 228 of Cap.

222.

"228. A person who intends to incorporate or continue
a corporation under this Act to carry on an international
banking, trust or insurance business shall, onbehalf of the
intended corporation, submit tothe Authority an application
in the prescribed form, along with the articles of
incorporation or articles of continuance, as the
circumstances require, and the annual licence fee
prescribed in the regulatians, which fee shall be non-
refundable.".

12. Section 229 of the principal Act is repealed and the Amendment of
following section is substituted: section 229 of Cap.

222.

"229. The appropriate official upon the filing of an
application for a licence with the Director in accordance
with section 228, and after such investigation and inquiry
as is required pursuant to this Part andupon approval of the
Board, must issue such licence if he has no reason to
believe that it would be contrary to the public interest to
do so.".

13. Section 230 of the principal Act is repealed and the Amendment of
following section substituted: section 230 of Cap.

222.

ANTIGUA 6 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

"Appeals. 230. If the Authority refuses to issue a
licence to a corporation, that decision may be
appealed within thirty days of the refusal to
the Minister of Finance, whose decision
thereon shall be final.".

Amendment of 14. Section 23 1 of the principal Act is amended as follows:
section 23 1 of Cap.
222.

(a) in subsection (1) by repealing '(1)"; and

(b) by repealing subsection (2).

Amendment of 15. Section 23 5 of the principal Act is amended as follows:
section 235 of Cap.
222.

(a) by repealing subsection (2) and substituting the
following subsection:

"(2) It is also a condition of a licence issued
under this Part that the licensee will not establish
any subsidiaq within or outside of Antigua and
Barbuda without approval of the Authority."; and

(5) by inserting afier subsection (2) the following
subsections:

"(3) It is also a condition of a licence issued
under this Part that the licensee will not establish
any branch outside of Antigua and Barbuda without
approval of the Authority.

(4) It is also a condition of a licence issued under
this Part that the licensee will not offer or provide
any services on the Internet without approval of the
Authority.".

Amendment of 16. Section 236 ofthe principal Act is amended in subsection
section 236 of Cap.
222.

(1) by repealing paragraph (c) and substituting the following
paragraph:

"(c) is convicted of an offence under this Act, or an
offence under the Money Laundering (Prevention)
Act or a prescribed offence listed in the Second

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Act, 1998. BARBUDA

Schedule to the Money Laundering (Prevention)
Act.".

17. Section 238 of the principal Act is repealed and the Amendment of
following section is substituted: section 238 of Cap.

222.

"23 8. Abanlung corporalion, that is to say, a corporation
that is licensed tocany on an internationalbanking business
solely or together with any other international trade or
business, shall, as a condition of that licence, comply with
the minimal capitalization requirements and such other
requirements as are prescribed in the regulations made
under this Act.".

18. Section 240 of the principal Act is amended by inserting Amendment of

after "corporation" the following: section 240 of Cap. 222.

"must operate in a lawful and prudent manner, and".

19. Section 242 of the principal Act is amended in subsection Amendment of
(1) as follows: section 242 of Cap.

222.

(a) in paragraph (a),

(i) by inserting after "return7' the following:

''calculated in United States dollars"; and

(ii) by repealing "and" at the end of the paragraph;
and

(?I) by inserting after paragraph (a) the following
paragraphs:

"(aa) an annual audited return in theEnghshlanguage
and calculated in United States dollars,
prepared by an auditor approved by the Board,
and providing an analysis of customers'
liabilities to the corporation in respect to
loans, advances and other assets of the
corporation, a profit and loss statement, a

ANTIGUA 8 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

balance sheet and the statement of assets and
liabilities, which return shall be submitted not
Iater than ninety days after the end of the year
to which it relates;

(ab) an annual certification attesting to the
ownership, directors and officers of the
institution; a n d .

Amendment of 20. Section 244 of the principal Act is amended as follows:
section 244 of Cap.
222. (a) in subsection (1) by repealing "in the performance

or exercise of those duties or functions or pursuant
to an order of a court of competent jurisdiction in
Antigua and Barbuda" and substitutingthe following:

"(a) in the performance or exercise of those
duties or functions;

(5) pursuant to a request by an examiner
or inspector under this Act;

(c) pursuant to a request by the Supe~visory
Authority under the Money Laundering
(Prevention) Act; and

(a7 pursuant to an order of a court of
competentjurisdiction in Antigua and
Barbuda.";

(5) by inserting after subsection (1) the following
subsection:

"(1 a) It shall be unlawful for a person to disclose
any information relating to the business affairs of a
corporation or a customer of a corporation that he
has acquired in the performance of his duties

(a) as an employee of Government: or

(5) as a Director, agent, employee of the
Authority or person designated by the
Authority to perform functions under
this Act,

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except in the performance or exercise of those
functions in compliance with a requirement of
this Act or any other statute. or pursuant to an
order of a court of competent jurisdiction in
AntiguaandBarbuda. ";

(c) in subsection (4) by repealing "Nothing in this Act
impairs" and substituting the following:

"subject to the provisions of this Act it is"; and

(d) in subsection (5) by inserting after "Act" the
following:

"Money Laundering (Prevention) Act,".

21. Section 245 of the principal Act is repealed and the Amendment of
following section is substituted: section 245 of

Cap.222.

"245. The annual audited returns providedunder section
242 shall remain confidential, except that the balance
sheets and profit and loss statements required in such
returns shall be published in the Gazette, at the cost of the
banking corporation."

22. Section 246 of the principal Act is repealed and the Amendment of
foliowing section is 246 substituted: section 246 of Cap.

222.

"246. A trust corporation, that is to say, a corporation
that is licensed to carry on an international trust business
solely or together with any other international trade or
business, shall, as a condition of that licence, comply with
the minimal capitalization requirements and such other
requirements as prescribed in the regulations issued
under this Act.".

23.Section 259 of the principal Act is repealed and the Amendment of
following section is substituted: section 259 of Cap.

222.

"259. (1) The appropriate official or an examiner
appointed by the Board shall examine the affairs of even
bank, trust or insurance corporation at least once a year.

ANTIGUA 10 The International Business No. 17 of 1998.
AND Corporations (Amendment) (no. 2)

BARBUDA Act. 1998.

(2) When the Board has reasonable grounds for
believingthat a bank, trust or insurance corporation is not
in a sound financial condition, or is not operating in a
reasonable and prudent manner, or is otherwise not
operatingin compliance with this Act, it shall immediately
appoint one or more examiners from w i h n or outside
the Authority to examine the affairs of the corporation,
and notify the corporation in writing of the examination,
the purpose of the examination, the reasonable grounds
for the examination and the names of the examiners
appointed.".

Amendment of 24. Section 260 of the principal Act is repealed and the
section 260 of Cap. following section is substikted:
222.

"260. (1) A corporation shall, at such time as the
examiner fixes, produce for the examiner all books,
minutes, cash, securities, vouchers, customer
idenhfkation, customer account and transaction records,
and all other documentation and records relating to its
assets, liabilities, and business generally or to any bank,
trust or insurance activity, and shall give the examiner
such information concerning its affairs business and
activities as the Examiner requests of it.

(2) An examiner may not copy or otherwise record
information relative .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 establishing
account or trust, as the case may be, directs that it be kept
secret.

(3) Notwithstanding subsection (2), if the examiner
has reasonable suspicion that accounts or transactions
could constitute or be related to money laundering, he
shall immediately file a written report of the suspicious
activity with the Supervisory Authority through the
Director, i denwng the account by name and number and
reporting the basis of this suspicion.

(4) A suspicio~s activity report filed in accordance
with subsection (3) shall be treated in the same manner and
have the same legal effect as a suspicious activity report

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filedby a financial institution under the Money Laundering
(Prevention) Act. 1996.

(5) Where an examiner is not being granted access to
all records, documeiltation and information he requires,
the appropriate official or the Director may apply to the
court for an order to produce the information necessary
for a successful examination, and the court if satisfied that
it is required in the public interest by the examiner for the
proper perfomlance of his duties under this Part shall
grant the order.

(6) Failure of the corporation to comply with the order
of the court shall be grounds for inimediate revocation of
its licence by the Board.".

25. Section 261 of the principal Act is amended Amendment of
section 26 1of Cap.
222.

(a) in subsection (I), by repealing paragraph (b) and
substituting the following:

"(b) the appropriate official may, in order to advise
the corporation on the action to be taken by it
to remedy the situation, appoint for that
purpose a person, who, in the opinion of the
appropriate official, has had training and
experience in the same business that the
corporation carries on.

(b) by inserting afier subsection (1) the following
subsections:

"(la) If the corporation is dissatisfied with the
report, recommendations, remedial measures or
other results of any examination, it may appeal in
writing to the Board within ten days of receiving
written noacation of such finding or action.

( lb) Upon receipt of an appeal filed in accordance
with subsection (la), all action relative to findings
of the examination shall be suspended, and the
Board shall render a decision on the appeal in
writing within thirty days.

ANTIGUA 12 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

(lc) If the corporation is dissatisfied with a decision
rendered in accordance with subsection ( lb), it may appeal
in writing to the Wnister of Finance within ten days of
receiving written notification of that decision and the
Minister shall render a decision on the appeal in writing
within thirty days, and such decision shall be final."; and

(c) in subsection (2), by repealing "appropriate official"
and substituting

Amendment of 26. Section 262 of the principal Act is repealed and the
section 262 Of Cap. following section is substituted:
222.

"262. An insurance corporation that is to say, a
corporation that is licensed to carry on an international
insurance business solely or together with any other
international trade or business, shall, as a condition of that
licence, comply with the minimal capitalization
requirements and such other requirements as prescribed
in the Regulations issued under this Act."

Amendment of 27. DivisionH of the principal Act is amended in the heading
Division Of by repealing the following:
222.

"Annual".

Amendment of 28. Section 282 of the principal Act is repealed and the
section 282 Of Cap. following section is substituted:
222.

"Fees 282. The Minister of Finance shall make
regulations prescribing the fees payable under
this Act."

Amendment of 29. Section 283 of the principal Act is repealed and the
283 Of Cap. following section is substituted:

222.

"Payment of fees. 283. All fees prescribed under this Act
shall be paid at the times and in the manner
prescribed by t h s Act and the Regulations."

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Act, 1998. BARBUDA

30. Section 287 of the principal Act is amended in subsection Amendment of
(1) as follows: section 287 of Cap.

222.

(a) by repealing paragraph (b) and substituting the
following paragraph:

"(b) its business is not being conducted in
accordance with the provisions of this Act,
the Money Laundering (Prevention) Act 1996,
any other statute, or the regulations made
thereunder, or, in the case of an international
banlung, trust or insurance corporation, its
business is being conducted in an imprudent
manner:",

(b) by repealing paragraph (c) and substituting the
following paragraph:

"(c) the corporation refuses to submit to an
examination or investigation of its records or
operations as required by this Act, the Money
Laundering (Prevention) Act 1996 any other
statute or the regulations made thereunder;":
and

(c) in paragraph (d), by repealing "under this Act".

31. The heading in PART V of the principal Act is repealed Amendment of
and the following heading is substituted: Part v of of Cap.

222.

"ADMINISTRATION AND GENERAL

DIVISION A: DUTIES AND POWERS OFTHE AUTHORITY
AND THE EXECUTIVE DIRECTOR"

32. Section 3 16 of the principal Act is repealed and the Amendment of
following section is substituted: section 3 16 of Cap.

222.

"Establishment of 3 16. (1) There is hereby established for
the the purposes of this Act the International

Financial Sector Authority.

ANTIGUA 14 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

(2) The Authority shall be a body corporate
with perpetual succession and a common seal
having the capacity to sue and be sued in its
own name and the capacity to do anythmg and
enter into any transaction which, inthe opinion
of the Authority, is necessary to ensure the
proper performance of its functions.

(3) The Authority shall be responsible for
the administration of this Act, including but
not limited to, issuing certificates of
incorporation to international business
corporations, regulating international
business corporations, licensing and
regulating international financial institutions,
and fostering the development of Antigua and
Barbuda's international business corporations
sector

(4) The Authority shall, in performing any
of its functions under this Act take such
action as may be necessary and practicable to
ensure the integrity and growth of the
international business corporations sector.

(5) The Authority may enter into contracts
with third parties at such remuneration and on
such terms and conditions as it thinks fit, and
such parties will be empowered to act with
the authority vested in them through and in
accordance with the terms of such contract.

(6) The Authority shall be managed by a
Board of Directors, which shall consist of
the following persons

(a) a Chairman with at least ten years
banking, trust insurance andlor
related experience, appointed for
a term of five years in the first
instance under an engagement
agreement by the Minister of
Finance with the approval of the

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Act, 1998. BARBUDA

Cabinet with compensation to be
determined by the Minister of
Finance, who shall be responsible
for the administration of the
Authority, including calling and
presiding over meetings of the
Board. and may only be removed
by the Minister of Finance with
the approval of the Cabinet in
accordance with the terms of h ~ s
engagement agreement;

(b) a Deputy Chairman, with at least
ten yearsbanking, trust. insurance
and/or related experience
appointed for a term of five years
in the first instance under an
engagement agreement by the
Minister of Finance with the
approval of the Cabinet with
compensation to be determined
by the Minister of Finance, who
shall act as chairman in the
chairmans absence, whose
compensation shall be
determined by the Mnister of
Finance, and who may only be
removed by the Minister of
Finance with the approval of the
Cabinet, in accordance with the
terms of his engagement
agreement; and

(c) four other persons, each with at
least seven years banking, trust,
insurance and/or related
experience, appointed for a term
of five years each in the first
instance under engagement
agreements by the Mnister of
Finance with the approval of the
Cabinet whose compensation
shall be determined by the
Minister ofFinance, and who may
only be removed by the Minister

ANTIGUA 16 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

of Finance with the approval of
the Cabinet. in accordance with
the terms of their engagement
agreements.

(7) An Executive Director and Deputy
Executive Director. each with at least seven
years banking, trust. insurance and/or related
experience, shall be appointed for a term of
five years each in the first instance under
engagement agreements by the Board with the
approval of the Minister of Finance with
compensations to be determined by the Board,
and maybe removed by the Board in accordance
with the terms of their engagement
agreements.

(8) The Board shall appoint andemploy at
such remuneration and on such terms and
conditions as it thinks fit, any such other
officers. servants. and agents as it thinks
necessary for the proper performance of its
functions.

(9) In the absence or inability to act of any
member cftheBoardother thanthe Chairman,
the Minister of Finance may appoint any
person to act temporarily in the place of that
member.

(10) In the absence or inability to act of
the Executive Director, the Deputy Executive
Director will act in his place.

(1 1) The Chairman may at any time resign
his office by instrument in writing addressed
to the Minister of Finance, and such
resignation shall take effect as from the date
of receipt of such instrument by the Minister
of Finance.

(12) Any member of the Board, other than
the Chairman, may at any time resign hls

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office by instrument in writing addressed to
the Minister of Finance and transmitted
through the Chairman, which resignation shall
become effective either forty-eight hours
afier receipt by the Chairman or immediately
upon receipt by the Minister of Finance,
whichever occurs first.

(13) All powers of the Authority, vested
under this Act, either generally in the
Authority, or specifically in the Executive
Director or in an appropriate official, are
also vested in the Board, which may exercise
those powers directly through the Chairman
in matters of urgency when deemed necessaly
by the Board for the proper administration of
the Authonty's functions.

(14) The proceedings of the meetings of
the board shall be recorded in minutes
maintained by a Secretaly appointed by the
Board.

(15) The procedures and meetings of the
Board shall be conducted in accordance with
the rules set out in the Schedule, which may
be amended by regulation by the Minister of
Finance with the approval of the Cabinet.

(16) Service on the Authority of any legal
process and notices shall be effected by
delivery at the principal office of the
Executive Director.

(17) The Authority shall have a common
seal which shall be affixed to all deeds
documents and other instruments requiring
the seal.

(18) Any document requiring the seal of
the Authority shall be made in the presence of
the Executive Director, who shall sign every

ANTIGUA 18 The International Business No. 17 of 1998.
AND Corporations (Amendment) (No. 2)

BARBUDA Act, 1998.

such document to whlch the seal is affixed
and such signing shall be sufficient evidence
that such seal was duly and properly affixed
and that the same is the lawful seal of the
Authority.

(19) The Minister of Finance may, after
consultation with the Chairman, give to the
Authority directions of a general character
as to the policy to be followed in the
performance of its functions in relation to
matters appearing to him to concern the
public interest.

(20) The Authority shall maintain
accounts of i ts transactions to the
satisfaction of the Minister of Finance and
such accounts shall be audited annually by
the Director of Audit or some other suitable
person appointed by the Minister of
Finance.

(2 1) The members, officers, employees
and servants of the Authority shall grant to
the person appointed under this section to
audit its accounts, access to all books,
documents, cash and securities of the
Authority and shall give to such person
upon request all such information as may
be within their knowledge in relation to the
operation of the Authority.

(22) The Authority shall present to the
Mnister ofFinance withln three months after
the expiration of each calendar year a report

(a) dealing generally with the
activities of the Authority during
its last financial year;

(b) containing such information
relating to the proceedings and
policy of the authority as in its

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opinion can be made public
without detriment to the public
interest; and

(c) including a statement of its
account audited in accordance
with .this section.

(23) A person who is a member of the
Board shall cease to hold office on:

(a) notification by the Board of a
finding by two-thirds of its
members or his permanent
incapacity or serious neglect of,
or misconduct in, office if
approved by the Minister of
Finance; or

(71) his being declared bankrupt or
compounding with, or suspending
payment to, his creditors; or

(c) his conviction in a court of
competent jurisdiction of any
offence involving fraud or
dishonesty; or

(d) his being sentenced for an offence
involving a term of imprisoninent
of or exceeding six months.".

33. Section 317 of the principal Act is repealed and the Amendment of
following section is substituted: section 3 17 of Cap.

222.

"Approval
Board.

of the 3 17. (1) Notwithstanding any other
provision of this Act, no licence may be
issued or revoked without the approval of the
Board.

(2) The fees prescribed under the
regulations shall ordy be increased effective

ANTIGUA 20 The International Business No. 17 of 1998.
AND Corporations (Amendment) (no. 2)

BARBUDA Act, 1998.

1st January of any year and notice of the
increase must be published in the Gazette on
or before 30th June of the preceding year.
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