Companies Amendment Act 2010
FA E R
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AT F
TQUO U

BERMUDA

COMPANIES AMENDMENT ACT 2010

2010 : 23

WHEREAS it is expedient to amend the Companies Act 1981 to enable schemes of
arrangement in sections 99 to 101 to apply to non-resident insurance undertakings;

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
This Act may be cited as the Companies Amendment Act 2010.

Amends section 4
Section 4 of the Companies Act 1981 (application) is amended by inserting the

following after subsection (1A)—

Sections 99 to 101 shall apply to non-resident insurance
undertakings, except that a non-resident insurance undertaking shall only be
entitled to propose a scheme of arrangement with its creditors or any class of
creditors, and not with its shareholders or any class of shareholders.”

“(1B)

[Assent Date: 29 March 2010]

[Operative Date: 29 March 2010]

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