Companies Amendment (No. 2) Act 2010
FA E R
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AT F
TQUO U
BERMUDA
COMPANIES AMENDMENT (NO. 2) ACT 2010
2010 : 39
WHEREAS it is expedient to amend the Companies Act 1981 to permit local and
exempted companies to acquire leasehold interests in residential units forming part of hotel
developments;
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
This Act may be cited as the Companies Amendment (No. 2) Act 2010.
Amends section 120
Section 120 of the Companies Act 1981 (“the Act”) is amended—
in subsection (3) by—
deleting the words “subsection (2)” and substituting the words “this
section”; and
deleting the words “of land, or the holding of land, in trust” and
substituting “or the holding of land”; and
inserting immediately after subsection (4) the following—
Notwithstanding subsection (1), a local company that has a physical
presence in Bermuda may, with the previous sanction in each case of the Minister
but not otherwise, take by way of lease or letting agreement for a term not exceeding
131 years, or such longer period as is provided for in a hotel concession order made
under the Hotels Concession Act 2000, land in Bermuda that is designated as
tourist accommodation or a hotel residence by regulations made under section
“(5)
1
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(a)
(i)
(ii)
(b)
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COMPANIES AMENDMENT (NO. 2) ACT 2010
102D(1)(ba) of the Bermuda Immigration and Protection Act 1956, provided that it
does not exceed in the whole the limit of the company’s land holding powers
specified in its memorandum.
For the purpose of subsection (5) a local company has a physical
presence in Bermuda if it operates from Bermuda with staff and management
present in Bermuda, has an affiliate that does so, or is a member of a group, one
of the members of which operates in that manner. ”.
(6)
Amends section 129
Section 129 of the Act is amended—
in subsection (1) by inserting immediately after paragraph (a) the
following—
acquire or hold land that is designated as tourist accommodation
or a hotel residence by regulations made under section 102D(1)(ba)
of the Bermuda Immigration and Protection Act 1956, unless—
the company has a physical presence in Bermuda and the
Minister responsible for Immigration has given his consent by
issuing a licence under Part VI of that Act; and
the land is acquired or held by way of lease or tenancy
agreement for a term not exceeding 131 years, or such longer
period as is provided for in a hotel concession order made
under the Hotels Concession Act 2000; ”; and
“(aa)
(i)
(ii)
by inserting immediately before subsection (1A) the following—
For the purpose of subsection (1)(aa)(i) an exempted company has a
physical presence in Bermuda if it operates from Bermuda with staff and
management present in Bermuda, has an affiliate that does so, or is a member of
a group, one of the members of which operates in that manner. ”.
“(1AA)
Commencement
The provisions of this Act come into operation on a day or days appointed by the
Minister of Finance by notice in the Gazette.
[Assent Date: 26 July 2010]
[Operative Date: 03 September 2010]
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(a)
(b)
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