International Business Corporations (Amendment) Act 2000

Link to law: http://laws.gov.ag/acts/2000/a2000-2.pdf

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

BARBUDA

[ L.S. ]

I Assent,

James B Carlisle,
Governor-General.

17th March, 2000

ANTIGUA AND BARBUDA

No. 2 of 2000.

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

[ 23rd March, 2000.1

ENACTED by the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the International Business Corpo- Shoatitle
rations (Amendment) Act, 2000.

2. Section 2 of the International Business Corporations Act in Amendmentof
this Act referred to as the principal Act, is amended as follows: secti0n2 Cap.

222.

(a) in subsection (1) by

(i) repealing paragraph (aa) and substituting the
following:

" "Authority" means the International Finan-
cial Sector Regulatory Authority;";

ANTIGUA 2 international Business Corporation No. 2 of 2000.
AND (Amendment) Act 2000.

BARBUDA

(b) by inserting after subsection (4) a new subsection as
follows:

"(5) Any reference to "Wnister" or "Minister of
Finance" means Minister with responsibility, for For-
eign Affairs."

Amendment of 3. Section 227 of the principal Act is amended in subsection
section 227. (I) by inserting after "business" in the second place it occurs the

following:

"or such other business as the Minister may prescribe in
regulations to this Act as requiring a licence in the public
interest.".

Amendment of
section 3 16.

4. Section 316 of the principal Act is amended as follows:

(a) by repealing subsection (1) and substituting the follow-
ing:

"(1) There is established an International Financial
Sector Regulatory Authority.";

(b) by repealing subsections (3) to (23) and substituting
the following:

"(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.

(4) The Authority shall, in performing its
functions under this Act take any necessary action
required to ensure the integnty of the
international business corporations sector.

(5) The Authority shall be managed by a Board of
Directors comprised of three members to be appointed
by the Minister after consultation with the Prime
Minister.

(6) The Minister shall, with the approval of
Cabinet, appoint a Chairman from amongst the
members of the Board.

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

BARBUDA

(7) The Minister shall designate a public officer
as secretary to the Board who shall be responsible for
recording the minutes of the meetings of the Board.

(8) An Executive Director shall be appointed by
the Board and shall be an ex oficio member of the
Board without voting rights.

(9) A Board member may at any time resign his
office by instrument in writing addressed to the
Minister and the resignation shall take effect from
receipt of the instrument by the Minister.

(10) The procedures and meetings of the Board
shall be conducted in accordance with the rules set
out in the Schedule.

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

(12) The Authority shall have a common seal
which shall be affixed to all deeds, documents and
other instruments requiring the seal and signed by
the Executive Director.

(13) Notwithstanding the provisions of section
2(5), the Authority shall maintain accounts of its
transactions to the satisfaction of the Minister of
Finance and the accounts shall be audited annually
by the Director of Audit or some other suitable
person appointed by the Minister.".

5. "Section 317 of the principal Act is amended

(a) by repeahng subsection (1) andsubstituting thefollow-
ing:

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

Amendment of
section 317.

(b) by repealing subsection (6) and substituting the fol-
lowing:

ANTIGUA 4 International Business Corporation No. 2 of 2000.
AND (Amendment) Act 2000.

BARBUDA

"(6) The Authority shall retain all revenues from
fees received until the expenses of effective regulation
have been met at which time any swplus may be
transferred to the Consolidated Fund.".

Amendment of 6. Schedule I1 to the principal Act is amended
Schedule II.

(a) in section 6 by repealing "four members" and substitut-
ing the following:

"three members"; and

(b) by repealing any reference to "Deputy Chairman"
wherever it occurs.

Passed the House of Representatives Passed the Senate this 28th day
this 17th day of February, 2000. of February, 2000.

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, 2000.
800-3.00 [ Price $2.25 1
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