International Business Corporations (Amendment) Act 2005

Link to law: http://laws.gov.ag/acts/2005/a2005-18.pdf

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The Int'l Business Corp. (Amendment) Act 2005
ANTIGUA
AND

BARBUDA

No. 18 of 2005 The International Business Corporations
(Amendment) Act, 2005

1

ANTIGUA AND BARBUDA

No. 18 of 2005

BILL FO
AN ACT to amend the International Business Corporations

Act, Cap. 222.

[ Published in the Official Gazette Vol. XXV No. 77
dated 1st December, 2005 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows —

1. This Act may be cited as the International Business
Corporations (Amendment) Act, 2005.

2. The International Business Corporations Act, in this Act
referred to as the principal Act, is amended in section 5 by insert-
ing immediately after subsection (3) the following —

(4) A corporation shall not be incorporated under this Act
for —

(a) the purposes of facilitating any criminal activ-
ity; or

(b) any object or purpose which is prohibited by
this Act or by any other law in force in Antigua
and Barbuda.

Short title.

Amendment of
section 5.

[ L.S. ]

I Assent,

James B. Carlisle,
Governor-General.

15th November, 2005.

ANTIGUA
AND

BARBUDA

The International Business Corporations
(Amendment) Act, 2005

No. 18 of 20052

3. Section 218 of the principal Act is amended by inserting
“(1)” after “218” and by adding the following new subsection —

(2) A receiver manager of a corporation appointed under an
instrument by the appropriate official shall —

(a) comply with any request for information from the
appropriate official within a reasonable time;

(b) produce for examination all records and documents
pertaining to the corporation in respect of which he
has been appointed a receiver manager.

4. The principal Act is amended by the repeal of section 238
and the substitution of the following —

“A banking corporation, that is to say, a corporation that is
licensed to carry on international banking business solely
or together with any other international trade or business
shall as a condition of that licence, have a minimum capi-
talization as may be prescribed by regulations made under
this Act.”

5. Section 287 of the principal Act is amended by inserting
immediately after subsection (3) the following —

“(4) The appropriate official may remove the receiver-
manager appointed under subsection (1) if in the
opinion of the appropriate official the receiver man-
ager.—

(a) has violated or is violating the provisions of
this Act, the regulations or the guidelines is-
sued under this Act; or

(b) has conducted or is conducting the business
of the corporation in an unsatisfactory and
imprudent manner”.

Section 238
repealed and
replaced.

Amendment of
section 287.

Section 218
amended.

ANTIGUA
AND

BARBUDA

No. 18 of 2005 The International Business Corporations
(Amendment) Act, 2005

3

Passed the Senate this 3rd dayof
November, 2005

Mackenzie M. Frank,
Vice President.

Yvonne Henry,
Clerk to the Senate.

Passed the House of Representatives
this 14th day of October, 2005

D. Giselle Isaac-Arindell,
Speaker.

Yvonne Henry,
Clerk to the House of Representatives.

____________
Printed at the Government Printing Office, Antigua and Barbuda,

by Eric T. Bennett, Acting Government Printer
—By Authority, 2005.

800—11.05 [ Price$1.90 ]

ANTIGUA AND BARBUDA

THE INTERNATIONAL BUSINESS CORPORATIONS

(AMENDMENT) ACT 2005

ARRANGEMENT OF SECTIONS

Section

1. Short title.

2. Amendment of section 5.

3. Section 218 amended.

4. Section 238 repealed and replaced.

5. Amendment of section 287.