Banks and Deposit Companies Amendment Act 2005
BANKS AND DEPOSIT COMPANIES AMENDMENT ACT 2005



BERMUDA

2005 : 41

BANKS AND DEPOSIT COMPANIES AMENDMENT ACT 2005

Date of Assent: 29 December 2005
Operative Date: Notice in Gazette


WHEREAS it is expedient to amend the Banks and Deposit Companies
Act 1999:

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, which amends the Banks and Deposit Companies Act
1999 (the “principal Act”), may be cited as the Banks and Deposit
Companies Amendment Act 2005.

Amends section 39
2 Section 39 of the principal Act is amended―

(a) by repealing subsection (2) and substituting the
following subsection ―

"(2) The person appointed by an institution to make the
report required under subsection (1)(b) shall forthwith
give written notice to the Authority of any fact or matter
of which he becomes aware which is likely to be of
material significance for the discharge, in relation to the
institution, of the Authority’s functions under this Act.”;

(b) by inserting after subsection (2), the following
subsection ―


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BANKS AND DEPOSIT COMPANIES AMENDMENT ACT 2005


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“(3) Without prejudice to section 60(1), regulations
made under that section shall prescribe the facts or
matters which are likely to be of material significance for
the discharge of the Authority’s functions under this
Act.”.

Amends section 46
3 Section 46 of the principal Act is amended ―

(a) in subsection (4), by repealing paragraph (d) and
substituting the following paragraph ⎯

“(d) becomes aware of any fact or matter which is
likely to be of material significance for the
discharge, in relation to the institution, of the
Authority’s functions under this Act.”;

(b) by inserting after subsection (4) the following subsection
⎯

(4A) Without prejudice to section 60(1), regulations
made under that section shall prescribe the facts or
matters which are likely to be of material significance for
the discharge of the Authority’s functions under this
Act.”;

(c) in subsection (5), by deleting “this section” and
substituting “subsections (1), (3) and paragraphs (a), (b)
and (c) of subsection (4)”.

Amends section 54
4 Section 54 of the principal Act is amended by inserting the
following subsection next after subsection (5) ⎯

"(5A) Section 52 does not preclude the disclosure of
information to the Institute of Chartered Accountants of
Bermuda for the purpose of instituting disciplinary proceedings
for a breach of any duty imposed on its members under this
Act.".

Amends section 55
5 Section 55(2) of the principal Act is amended by deleting “by
section 52 ⎯” and substituting “by section 52 or ⎯”.

Commencement
6 This Act comes into operation on such day as the Minister may
appoint by Notice published in the Gazette; and the Minister may
appoint different days for different provisions.