International Business Corporations (Amendments) Act 2004

Link to law: http://laws.gov.ag/acts/2004/a2004-5.pdf

No. 5 of 2004. The International Business 1 ANTIGUA
Corporations (Amendment) Act, 2004. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

29th July, 2004.

ANTIGUA AND BARBUDA

No. 5 of 2004

AN ACT to anlend the International Business Corporations
Act.

[ Published in the Official Gazette
Vol. XXIV No. 57 dated 29th July, 20041

ENACTED by the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the International Business Shorttitle.
Corporations (Amendment) Act, 2004.

2. The International Business Corporations Act, referred to Amendmentof
in this Act as the principal Act, is amended in section 2 as section2
follows - Cap. 222.

(a) by the insertion in its appropriate alphabetical order
of the following -

" "Minister" means the Ministerresponsible for the
portfolio of Finance."

and

(b) by the repeal of subsection 2(5).

ANTIGUA 2 The Intertzational Business No. 5 of 2004.
AND Corporations (Amendment) Act, 2004.

BARBUDA

Amendment of 3. Section 65 of the principal Act is amended by the deletion
section65. of subsections (1) and (2) and by the substitution of the

following -

"(1) The Board may, on the recommendation of the
appropriate official, direct a corporation to effect changes
in the composition ofthe corporation's board of directors
and management if the Board considers that such a
change is required to ensure that directors and officers of
the corporation are fit and proper persons and have the
skills commensurate with the size and nature of the
activities of the corporation.

(2) Any corporation that fails to con~ply with the
directions of the Board under paragraph (1) conmits an
offence and on conviction is liable to a fine not exceeding
twenty thousand dollars."

Amendment of 4. Section 259 of the principal Act is amended by the
section 259. insertion, immediatley after subsection (2) of the following -

"(3) The Administrator shall submit a report to the
Minister on the examination made under subsection (2),
which shall include the report made by the exanliner and
copies of balance sheets, statements and other relevant
documents."

Amendment of
section 31 6.

5. Section 3 16 of the principal Act is amended as follows -

(a) by the repeal of subsections (4) and (5) and the
substitution of the following -

"(4) The Commission shall, in performing its
functions under this Act, take any necessary action,
including but not limited to issuing any guidelines
or directions required to ensure the integrity of the
business corporations sector and failure to comply
with such guidelines or directions shall be dealt
with under section 359 A (1) (c) of this Act.

(5) The Commission shall be managed by a Board
of Directors comprised of four persons appointed by
the Minister after approval by the Cabinet."; and

@) by the repeal of subsections (7) and (8) and the
substitution of the following -

No. 5 of 2004. The International Business 3 ANTIGUA
Corporations (Amendment) Act, 2004. AND

BARBUDA

"(7) There shall be a Secretary to the Board who
shall be appointed by the Board, after consultation
with the Minister. The Secretary shall attend all
meetings of the Board, record all the minutes of
each meeting and perform any function which is
necessary for the implementation of the work of the
Board.

(8) The Cabinet shall appoint to the service of the
Conmission an Administrator and a Deputy Ad-
ministrator, each of whom holds an appropriate
qualification in business administration, account-
ing orbanking and finance and has post-qualificaiton
experience of a least seven years. The Administra-
tor shall be the chief executive officer of the Com-
mission. The Deputy Administrator shall perform
such functions as the Board may determine."; and

(c) by the addition immediately after subsection (13) of
the following -

"(14) The officers and employees of the Com-
mission shall be immune from legal process with
respect to acts performed by them in their official
capacity, except when the Commission waives this
immunity."

6. Section 3 17 of the principal Act is amended as follows - Amendment of
section 3 17.

(a) by the repeal of subsection (2) and the substitution
of the following -

"(2) The Minister may, on the recommendation
of the Board, amend any regulations prescribing
fees and any amendment which increases or intro-
duces new fees shall be effective six months after
publication in the Gazette. "; and

(b) by the repeal of subsection (6) and the substitution
of the following -

"(6) The Commission shall pay forty percent of
all revenue received from fees into the Consolidated
Fund."

ANTIGUA 4 The International Business No. 5 of 2004.
AND Corporations (Amendmenl) Act, 2004.

BARBUDA

Amendment of 7. Section 359A of the principal Act is amended in subsec-
secti0n359A. tion (1) by the insertion after the word "institution" of the

following -

"or a director or officer of a corporation or a non-bank
financial institution."

Passed the House of Representatives this Passed the Senate this 15th day
8th day of July, 2004. of July, 2004.

D. Giselle Isaac-~rrinhel,
Speaker.

Dr. Edmund Mansoor,
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 Walter A. Massiah, Government Printer

- By Authority, 2004.
800-7.04 [ Price $2.25 ]
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