International Business Corporations (Amendment) (No 2) Act 2000

Link to law: http://laws.gov.ag/acts/2000/a2000-10.pdf

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No. 10 of 2000. International Business Corporations 1 ANTIGUA
(Amendment) (No.2) Act 2000. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

9th August, 2000.

ANTIGUA AND BARBUDA

No. 10 of 2000

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

[loth August, 2000 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the International Business Cor- short title.
porations (Amendment) (No. 2) Act, 2000.

2. Section 128 of the International Business Corporations Act, Amendment of
in this Act referred to as the principal Act, is amended by re- section 128
pealing subsection (1) and substituting the following: Cap. 222.

"(1) A corporation must at all times have a registered
office and a resident agent in Antigua and Barbuda and
the resident agent shall be responsible for the records and
registers to be kept at the registered office.".

3. Section 130 of the principal Act is amended as follows: Amendment
section 130.

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

ANTIGUA 2 International Business Corporations No. 10 of 2000.
AND (Amendment) (No.2) Act 2000.

BARBUDA

"(d) in the case of bearer shares

(i) the total number of bearer shares
issued;

(ii) the names of the beneficial own-
ers; and

(iii) the number identification and
date of issue of each bearer cer-
tificate.";

(6) after subsection (2) the following subsections are
inserted:

"(2a) the resident agent shall be responsible for
keeping the register referred to in subsection (2)
and if

(a) he fails to keep the register in accor-
dance with subsection (2); or

(b) he knowingly enters false information
in the register, he commits an offence
and is liable on conviction to a fine of
$50,000.00 and the court may direct
that the registration of the corporation
be revoked.

(2b) A shareholder, director or officer of a cor-
poration who knowingly or who ought reasonably
to have known that he was providing the resident
agent with false information to be recorded in the
register kept by the resident agent in accordance
with subsection (2) commits an offence and is li-
able on conviction to a fine of $50,000.00 and the
court may direct that the registration of the corpo-
ration be revoked.

Amendment of 4. Section 344 of the principal Act is amended in subsection
section 344. (1)

(a) by inserting after "Division" the following:

", the Money Laundering (Prevention) Act, or
in connection with a request under the Mutual As-
sistance in Criminal Matters Act or any mutual le-
gal assistance in criminal matters treaty";

(b) by repealing "or" in paragraph (k);

No. 10 of 2000. International Business Corporations 3 ANTIGUA
(Amendment) (No.2) Act 2000. AND

BARBUDA

by repealing the full stop at the end of paragraph (1)
and substituting the following:

"; or"; and

(d) after paragraph (1) by inserting the following para-
graph:

"(rn) an order requiring the resident agent to dis-
close the names of the beneficial owners of
the bearer shares kept in the register under
section 130(2).".

Passed the House of Representatives
this 7th day of June , 2000.

B. Harris,
Speaker.

Yvonne Henry,
De,ptrty Clerk tto the House o f

Representatives.
7'

Passed the Senate this 20th day of
June, 2000.

Senator Llewellyn Smith,
Vice President.

Sylvia Walker,
Clerk to the Senate

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

- By Authority, 2000.
800--8.00 [Price $1.901