Companies Act 1981 (Fifth Schedule) Amendment Order 1997

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1997/Statutory%20Instruments/Companies%20Act%201981%20%28Fifth%20Schedule%29%20Amendment%20Order%201997.pdf

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Companies Act 1981 (Fifth Schedule) Amendment Order 1997
Title 17
Laws of Bermuda Item 5(i)

1989 Revision 1

BERMUDA STATUTORY INSTRUMENT

BR 17/1997

COMPANIES ACT 1981 (FIFTH SCHEDULE) AMENDMENT
ORDER 1997

[made under section 131(7) of the Companies Act 1981 [title 17 item 5] and
brought into operation on 1 April 1997]

Citation and commencement
1 This Order may be cited as the Companies Act 1981 (Fifth
Schedule) Amendment Order 1997 and shall come into operation on 1
April 1997.

Amends Part II of the Fifth Schedule
2 Part II of the Fifth Schedule to the Companies Act 1981 is
amended in paragraph 1—

(a) under the heading "A EXEMPTED COMPANIES"—

(i) by inserting next after paragraph (b) the
following—

"(bb)(i) Where the exempted
company is a small
foreign sales corpora-
tion which does not
lease aircraft $500

(ii) Where the exempted
company is a regular
foreign sales corpora-
tion which does not
lease aircraft $1,000

COMPANIES ACT 1981 (FIFTH SCHEDULE) AMENDMENT
ORDER 1997NOTICE 1993

2 1989 Revision

(iii) Where the exempted
company is a foreign
sales corporation,
whether small or
regular, which leases
aircraft $1,680.00";

(b) by inserting next after the definition of "finance
business" the following definition—

"foreign sales corporation" means a company
which—

(a) has been registered under this Act as an
exempted company; and

(b) has been designated as a foreign sales
corporation under the Internal Revenue Code, of
the United States of America, and has submitted
to the Registrar a certified copy of the document
which—

(i) evidences such designation; and

(ii) specifies whether the company
is a small or regular foreign
sales corporation;";

(c) by deleting the full stop from the definition of "mutual
fund business" and substituting a semi-colon;

(d) by inserting next after the definition of "mutual fund
business" the following definitions—

"small foreign sales corporation" means a foreign sales
corporation which, under the Internal Revenue Code
of the United States of America, has been so
designated;

Title 17
Laws of Bermuda Item 5(i)

1989 Revision 3

"regular foreign sales corporation" means a foreign sales
corporation which, under the Internal Revenue Code
of the United States of America, has been so
designated.".

COMPANIES ACT 1981 (FIFTH SCHEDULE) AMENDMENT
ORDER 1997NOTICE 1993

4 1989 Revision

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