Banks and Deposit Companies Fees Amendment Act 2
BANKS AND DEPOSIT COMPANIES (FEES) AMENDMENT ACT
2001
1989 Revision 1
BERMUDA
2001 : 10
BANKS AND DEPOSIT COMPANIES (FEES) AMENDMENT ACT
2001
[Date of Assent: 27 March 2001]
[Operative Date: 27 March 2001]
WHEREAS it is expedient to amend the Banks and Deposit
Companies (Fees) Act 1975:
Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:
Citation
1 This Act may be cited as the Banks and Deposit Companies
(Fees) Amendment Act 2001.
Interpretation
2 In this Act "the principal Act" means the Banks and Deposit
Companies (Fees) Act 1975.
Section 3 of principal Act repealed and replaced
3 Section 3 of the principal Act is repealed and replaced by the
following
"Annual fee for banks
3 (1) Every bank shall on or before 31st January in every year
after the year in which the bank was granted its licence pay to
BANKS AND DEPOSIT COMPANIES (FEES) AMENDMENT ACT
2001
2 1989 Revision
the Accountant-General the appropriate annual fee prescribed in
Part I of the Second Schedule.
(2) Every bank shall at the time of payment of the annual
fee deliver to the Accountant-General a declaration signed by two
directors of the bank declaring the value of the consolidated
gross assets (in all currencies) of the bank as at the end of the
bank's last complete financial year.
(3) A bank which, in relation to a declaration made under
subsection (2), makes a statement which it knows to be false or
misleading in a material particular, or recklessly makes a
statement which is false or misleading in a material particular,
shall be guilty of an offence and liable on summary conviction to
a fine of $50,000.
(4) Where the offence against subsection (3) committed by a
bank is proved to have been committed with the consent or
connivance of, or to be attributable to neglect on the part of, any
director, secretary or other officer of the bank, he as well as the
bank shall be guilty of that offence and be liable to be proceeded
against and punished accordingly.".
First Schedule to principal Act repealed and replaced
4 The First Schedule to the principal Act is repealed and replaced
by the following
"FIRST SCHEDULE
(Section 2)
Upon the issue of a licence to a bank: $100,000
Upon the issue of a licence to a deposit
company: $2,500".
Second Schedule to principal Act repealed and replaced
5 The Second Schedule to the principal Act is repealed and
replaced by the following—
BANKS AND DEPOSIT COMPANIES (FEES) AMENDMENT ACT
2001
1989 Revision 3
"SECOND SCHEDULE
(Sections 3 and 3A)
ANNUAL FEES
PART I — Banks
(a) Where the bank has consolidated
gross assets (in all currencies) of
less than $2,000,000,000 in value: $250,000
(b) Where the bank has consolidated
gross assets (in all currencies) of
$2,000,000,000 but less than
$5,000,000,000 in value: $1,375,000
(c) Where the bank has consolidated
gross assets (in all currencies) of
$5,000,000,000 or more in value: $1,500,000
PART II — Deposit Companies
Every deposit company $10,000".