Banks and Deposit Companies (Consequential Amendments) Order

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1999/Statutory%20Instruments/Banks%20and%20Deposit%20Companies%20%28Consequential%20Amendments%29%20Order.pdf
Published: 1999

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Banks and Deposit Companies (Consequential Amendments) Order 1999
BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999

1

BR 81 / 1999

BANKS AND DEPOSIT COMPANIES ACT 1999

1969 : 56

BANKS AND DEPOSIT COMPANIES ( CONSEQUENTIAL
AMENDMENTS) ORDER 1999

In exercise of the powers conferred upon the Minister of Finance
by section 62(1) of the Banks and Deposit Companies Act 1999, the
following Order is hereby made:

Citation and commencement
1 This Order may be cited as the Banks and Deposit Companies
(Consequential Amendments) Order 1999 and shall come into operation
on 1 January 2000.

Consequential amendments
2 The enactments specified in column 1 of the Schedule are
amended in the manner specified in column 2 of the Schedule.

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999) ORDER 1999

2

SCHEDULE

COLUMN 1
ENACTMENT

COLUMN 2
AMENDMENT

Banks Act 1969
(Appeals to the
Supreme Court)
Rules 1971

The Rules are repealed

Banks and Deposit
Companies (Fees) Act
1975

1. Section 1 is amended 

(a) by repealing the definition of "bank" and
substituting the following definition

""bank" means an institution licenced
as a bank under the Banks and
Deposit Companies Act 1999;";

(b) by repealing the definition of "deposit
company" and substituting the following
definition

"deposit company" means an institution
licenced as a deposit company
under the Banks and Deposit
Companies Act 1999.".

2. Section 2 is amended by deleting the words
"Banks Act 1969 or, as the case may be, the
Deposit Companies Act 1974." and substituting
"Banks and Deposit Companies Act 1999.".

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999

3

Bermuda Bar Act
1974

Section 1 is amended by repealing the definition of
"bank" and substituting the following definition

""bank" means an institution licensed as a bank
under the "Banks and Deposit Companies
Act 1999;".

Bermuda
Immigration and
Protection Act 1956

Section 9(3)(b) is amended by deleting the words
"Banks Act 1969" and substituting the words
"Banks and Deposit Companies Act 1999".

Betting Act 1975 1. Section 12(1) is amended by deleting the
words "a bank licensed under the Banks Act 1969"
and substituting "an institution licensed as a bank
under the Banks and Deposit Companies Act
1999".

2. Section 12(2) is amended by deleting the
words "a bank licensed under the Banks Act 1969"
and substituting "an institution licensed as a bank
under the Banks and Deposit Companies Act
1999".

Commissioners for
Oaths and Notaries
Public Act 1972

The Schedule is amended in paragraph 5 by
deleting the words "being a bank licensed under
the Banks Act 1969" and substituting "being an
institution licensed as a bank under the Banks
and Deposit Companies Act 1999;".

Companies Act 1981 1. Section 113(1)(d) is repealed.

2. Section 129(1)(e)(iv) is amended by deleting
the words "a bank licensed under the Banks Act
1969" and substituting "an institution licensed as
a bank under the Banks and Deposit Companies
Act 1999".

3. Section 143(e)(iv) is amended by deleting the
words "a bank licensed under the Banks Act 1969"
and substituting "an institution licensed as a bank
under the Banks and Deposit Companies Act
1999".

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999) ORDER 1999

4

4. Section 158(d) is amended by deleting the
words "subject to the special provisions relating to
banks under the Banks Act 1969".

5. Paragraph (a)(i) of the Ninth Schedule is
repealed and the following paragraph is substituted


"(i) deposit-taking business as defined in the
Banks and Deposit Companies Act 1999;".

6. Paragraph (a)(ii) of the Ninth Schedule is
repealed.

Companies
(Minimum Share
Capital) Order 1983

Paragraph 2 is amended by deleting the words
"section 4(2)(c) of the Deposit Companies Act 1974,
section 3(1)(e) of the Banks Act 1969 and".

Corporate Services
Tax Act 1995

Section 2(2)(a)is amended by deleting the words
"Banks Act 1969" and substituting "Banks and
Deposit Companies Act 1999".

Credit Unions Act
1982

Section 2 is amended in the definition of "approved
auditor" by deleting the words "section 25 of the
Banks Act 1969" and substituting "section 46(6) of
the Banks and Deposit Companies Act 1999".

Exempted
Partnerships Act
1992

Section 19(1)(e)(iv) is amended by deleting the
words "a bank licensed under the Banks Act 1969"
and substituting "an institution licensed as a bank
under the Banks and Deposit Companies Act
1999;".

Foreign Currency
Purchase Tax Act
1975

1. Section 1A is amended by repealing the
definition of "bank" and substituting the following
definition 

"bank" means an institution licensed as a bank
under the Banks and Deposit Companies
Act 1999;".

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999

5

2. Paragraph 1(e) of the Second Schedule is
amended by deleting the words "a deposit company
licensed under the Deposit Companies Act 1974"
and substituting "an institution licensed as a
deposit company under the Banks and Deposit
Companies Act 1999".

Insurance Act 1978 Section 1(1)(c) is amended by repealing the
definition of "bank" and substituting the following
definition

""bank" means an institution licensed as a bank
under the "Banks and Deposit Companies
Act 1999;".

Overseas
Partnerships Act
1995

Section 11(1)(e)(iv) is amended by deleting the
words "a bank licensed under the Banks Act 1969"
and substituting "an institution licensed as a bank
under the Banks and Deposit Companies Act
1999;".

Proceeds of Crime
Act 1997

Section 41(9) is amended

(a) by repealing paragraph (a) and
substituting the following paragraph

"(a) any institution licensed as a bank
or a deposit company under the
Banks and Deposit Companies Act
1999;"

(b) by repealing paragraph (b).

Proceeds of Crime
(Money Laundering)
Regulations 1998

Regulation 2(2) is amended 

(a) by repealing paragraph (a)(i) and
substituting the following paragraph

"(i) any institution licensed as a bank
or a deposit company under the
Banks and Deposit Companies Act
1999;"

(b) by repealing paragraph (a)(ii).

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999) ORDER 1999

6

Public Funds Act
1954

Section 4(5)(b)(i) is amended by deleting the words
"bank licensed under the Banks Act 1969" and
substituting "institution licensed as a bank under
the Banks and Deposit Companies Act 1999;".

Public Treasury
(Administration and
Payments) Act 1969

Section 15 is amended by deleting the words "any
licenced bank, within the meaning of the Banks
Act 1969," and substituting "an institution licenced
as a bank under the Banks and Deposit
Companies Act 1999,".

Real Estate Agents'
Licensing Act 1976

Section 1 is amended by repealing the definition of
"bank" and substituting the following definition 

""bank" means an institution licensed as a bank
under the Banks and Deposit Companies
Act 1999;".

Rules of the Supreme
Court 1985

Item 8 in the table is amended by deleting the
words "Banks Act 1969 section 28".

Stamp Duties Act
1976

1. Section 47(3)(a) is amended by deleting the
words "in a bank licensed under the Banks Act
1969 or in a deposit company licensed under the
Deposit Companies Act 1974" and substituting "in
an institution licensed as a bank or a deposit
company under the Banks and Deposit Companies
Act 1999".

2. The Schedule is amended in Head 31, by
repealing paragraph (b)(i)(cc) of the exemptions and
substituting the following paragraph

"(cc) an institution licensed as a bank under
the Banks and Deposit Companies Act
1999".

BANKS AND DEPOSIT COMPANIES (CONSEQUENTIAL
AMENDMENTS) ORDER 1999

7

Taxes Management
Act 1976

Section 13(4) is repealed and the following
subsection is substituted 

" (4) Nothing in this section shall
authorise the Collector to obtain from an
institution licensed as a bank or a deposit
company under the Banks and Deposit
Companies Act 1999, any information as to
the business affairs of any customer of such
an institution except on the authority of an
order of the Supreme Court or a judge.".

Trustee Act 1975 1. Paragraph 3 of the First Schedule is amended
by deleting the words "licensed bank to which the
Banks Act 1969 applies " and substituting
"institution licensed as a bank under the Banks
and Deposit Companies Act 1999.".

2. Paragraph 3A (a) of the First Schedule is
amended by deleting the words "a deposit company
licensed under the Deposit Companies Act 1974"
and substituting "an institution licensed as a
deposit company under the Banks and Deposit
Companies Act 1999".

Made this 23rd day of December, 1999

Minister of Finance