Companies Amendment Act 2001

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/2001/Acts/Companies%20Amendment%20Act%202001.pdf

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Companies Amendment Act 2001
COMPANIES AMENDMENT ACT 2001

1

BERMUDA

2001 : 30

COMPANIES AMENDMENT ACT 2001

[Date of Assent: 14 August 2001]

[Operative Date: 14 August 2001]

WHEREAS it is expedient to amend the Companies Act 1981.

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:

Short title
1. This Act may be cited as the Companies Amendment Act 2001.

Interpretation
2. In this Act "the principal Act" means the Companies Act 1981.

Section 29 of principal Act amended
3. Section 29(1) of the principal Act is amended by

(a) inserting "and" at the end of paragraph (c);

(b) deleting "and" at the end of paragraph (d); and

(c) deleting paragraph (e).

COMPANIES AMENDMENT ACT 2001

2

Section 46 of principal Act amended
4. Section 46(2)(b) of the principal Act is amended by deleting "and
after" and substituting "or after".

Section 77A of principal Act amended
5. Section 77A of the principal Act is amended by inserting the
following subsections after subsection (4)

" (4A) A resolution in writing made in accordance with this
section shall constitute the holding of a meeting where so
required by this Act and the date of such meeting shall be the
date of the resolution determined in accordance with subsection
(3).

(4B) A resolution in writing made in accordance with this
section receiving, accepting, adopting or approving financial
statements or any other document shall be deemed to be the
laying of such statements or other documents before the
company in general meeting.".

Section 133A inserted in principal Act
6. The principal Act is amended by inserting the following section
after section 133

Mutual fund exempted from requirement of a permit
133A (1) Section 133 shall not apply to a mutual fund
exempted under subsection (2).

(2) A mutual fund is exempt if it engages a person in
Bermuda to be the mutual fund's administrator or registrar to
perform any or all of the following services or activities for the
mutual fund in Bermuda

(a) corporate secretarial;

(b) accounting;

(c) administrative;

(d) registrar and transfer agency;

(e) in relation to the marketing or dealing with the
holders of its shares, the activities specified in
section 136(4).

(3) In this section "mutual fund" has the meaning given in
section 136(5).".