companies amendment (no. 2) act 1998 laws/1998/acts/companies... · 2016-07-19 · 3 the principal...

COMPANIES AMENDMENT (NO 2) ACT 1998

1

BERMUDA1998 : 35

COMPANIES AMENDMENT (NO. 2) ACT 1998

[Date of Assent 17 July 1998]

[Operative Date ]

WHEREAS it is expedient to amend the Companies Act 1981:

Be it enacted by The Queen's Most Excellent Majesty, by andwith the advice and consent of the Senate and the House of Assembly ofBermuda, and by the authority of the same, as follows:

Citation1 This Act which amends the Companies Act 1981 ("the principalAct") may be cited as the Companies Amendment (No. 2) Act 1998.

Amendment of section 2 of principal Act2 Section 2 of the principal Act is amended—

(a) in subsection (1), by inserting after the definition of"affiliated company" the following—

""appointed jurisdiction" means a jurisdictionappointed under subsection (10);"

(b) by adding the following next after subsection (9)—


2

" (10) The Minister may appoint a jurisdictionand shall cause the appointment to be published in anappointed newspaper.".

Insertion of new sections in principal Act3 The principal Act is amended by inserting after section 4 thefollowing new sections—

"Restricted business activities4A (1) No company shall have objects that enable it tocarry on any restricted business activity set out in the NinthSchedule without the consent of the Minister.

(2) The Minister may, by order subject to the negativeresolution procedure, amend the Ninth Schedule by addition,deletion or variation of any restricted business activity.

(3) An application for consent under subsection (1)shall be in such form and accompanied by such documents asthe Minister may determine.

(4) Where the Minister refuses to grant his consentunder subsection (1), he shall not be bound to assign any reasonfor his refusal and his decision shall not be subject to appeal orreview in any court.

(5) The Registrar shall refuse to register a companythat has objects as referred to in subsection (1) unless theconsent of the Minister is first obtained.

(6) Any person aggrieved by a decision of the Registrarunder subsection (5) may appeal to the Minister whose decisionshall be final.

(7) Subject to subsection (8), an application for consentand any documents accompanying any such application shall betreated as confidential by the Minister and all public officershaving access thereto.

(8) Subsection (7) does not preclude—

(a) the disclosure of information for the purpose ofenabling or assisting the Minister to exercise orperform any functions conferred upon him bythis Act;

(b) the disclosure of information or the transmittingof an application for consent and itsaccompanying documents to the Bermuda


3

Monetary Authority for the purpose of enablingor assisting that Authority to exercise or performany functions conferred upon the Authority bythe Bermuda Monetary Authority Act 1969.

Prohibited business activities4B (1) No company shall carry on any prohibited businessactivity set out in the Tenth Schedule.

(2) The Minister may, by order subject to the negativeresolution procedure, amend the Tenth Schedule by addition,deletion or variation of any prohibited business activity.

(3) Where a company carries on any prohibitedbusiness activity in contravention of subsection (1), the companymay, on the application of the Registrar, be wound up by theCourt pursuant to section 161.".

Amendment of section 6 of principal Act4 Section 6 of the principal Act is repealed and the following issubstituted—

"Registration of companies6 (1) An application for registration of a company shallbe in such form as may be prescribed by rules made undersection 288 and shall be accompanied by such documents asthe Minister may determine.

(2) Not more than three months prior to an applicationfor registration of a local company the applicant shall publish inan appointed newspaper an advertisement announcing theintention to incorporate the local company specifying the nameand stating its proposed objects.

(3) The Minister may, by order subject to the negativeresolution procedure, prohibit the registration of companies or aclass of companies the minimum share capital of which is lessthan an amount stated in the order.

(4) The Registrar shall refuse to register a company ifhe is of the opinion that—

(a) in the case of a company limited by guaranteeits purpose is not one of the purposes referred toin section 5(3); or


4

(b) its memorandum shows that its minimum sharecapital will be less than the amount required bythe Minister by order under subsection (3).

(5) Any person aggrieved by a decision of the Registrarunder subsection (4) may appeal to the Minister whose decisionshall be final.".

Amendment of section 10 of principal Act5 Section 10(1) of the principal Act is repealed and the following issubstituted—

"10 (1) Subject to section 8(1) and (2), a company may byresolution change its name if the Registrar has approved theproposed name.".


(a) in subsection (1), by deleting the words "A company" andsubstituting the words "Subject to the provisions of thissection, a company";

(b) in subsection (2), by deleting the words "section 6(3)"wherever they appear and substituting the words"section 6(2)";

(c) in subsection (7)—

(i) in paragraph (a), by deleting the words"accompanied by a copy of the consent of theMinister that he approves of the alteration";

(ii) in paragraph (b)(ii), by deleting the words"together with a copy of the consent of theMinister that he approves of the alteration";

(d) in subsection (7A), by deleting the words "if he issatisfied that the alteration has received the consent ofthe Minister" and substituting the words "subject tosection 4A";

(e) in subsection (9), by deleting the words "accompanied bya copy of the consent of the Minister that he approves ofthe alteration".

Amendment of section 14 of principal Act7 Section 14(2) of the principal Act is repealed and the following issubstituted—


5

" (2) The memorandum shall be delivered to theRegistrar who, if he is satisfied—

(a) that the company will be in compliance with thisAct; and

(b) that, where applicable, the Controller of ForeignExchange has given permission under theExchange Control Act 1972 for the issue ofshares in the company,

shall register the memorandum, issue a certificate ofincorporation showing the date of registration and attach to thecertificate a facsimile of the memorandum delivered to him.".

Amendment of section 14A of principal Act8 Section 14A of the principal Act is amended—

(a) in subsection (1), by deleting the words "in pursuance ofan application in that behalf complying" andsubstituting the words "in accordance";

(b) by deleting subsection (4);

(c) in subsection (5), by adding at the end thereof the words"and be accompanied by the documents specified insubsection (6)";

(d) in subsection (6)—

(i) by deleting the words "(4)" and substituting thewords "(5)";

(ii) by deleting the words "; and" precedingparagraph (c);

(iii) by deleting paragraph (c);

(e) by deleting subsection (7) and substituting the following:

" (7) Sections 6 and 12(7A) shall apply, with thenecessary changes, to a re-registration under thissection as they apply to the registration of a companyand the registration of a company's memorandum thathas been altered.".


(a) in subsection (4),


6

(i) by deleting the full stop at the end of subsection(4)(d) and substituting the words "; or";

(ii) by inserting the following:

"(e) an offer certified in writing by an officer ofthe company on behalf of the board ofdirectors to be an offer which the boardconsiders as not being calculated to result,directly or indirectly, in shares becomingavailable to persons other than personswhose ordinary business involves theacquisition, disposal or holding of shares,whether as principal or agent.".

(b) in subsection (5), by deleting the words "or of any personwith consent to incorporate a company".

Amendment of section 66 of principal Act10 Section 66(3) of the principal Act is amended by deleting thewords "the proper period" and substituting the words "fourteen daysfrom the receipt of a written request".


(a) in subsection (3)—

(i) by deleting the word "fourteen" and substitutingthe word "twenty-one";

(ii) by deleting the words "a retiring" where theytwice appear and substituting the words "anincumbent";

(iii) by deleting the words "the retiring" andsubstituting the words "the incumbent";

(b) by inserting next after subsection (3) the following—

" (3A) No person shall accept appointment orconsent to be appointed as auditor of a company if he isreplacing an auditor who has resigned, been removed orwhose term of office has expired or is about to expire, orwho has vacated office, until he has requested andreceived from that auditor a written statement of thecircumstances and the reasons why, in that auditor'sopinion, he is to be replaced.


7

(3B) Notwithstanding subsection (3A), a personmay accept appointment or consent to be appointed asauditor of a company if, within fifteen days after makingthe request referred to in that subsection, he does notreceive a written statement as requested.

(3C) No auditor of a company is in breach of anyduty to which he is subject as auditor of that companyby reason of his communicating in good faith to theperson making the request referred to in subsection (3A)any information or opinion in response to suchrequest.";

(c) in subsection (5), by deleting the full-stop at the end ofthe subsection and substituting a colon and by theaddition of the following:

" Provided that, not less than twenty-one daysbefore the date of the meeting, notice in writing of theproposed resolution is given to the incumbent auditorand to the auditor proposed to be appointed.";

(d) by inserting next after subsection (5) the following—

" (5A) An auditor of a company who has resigned,been removed, or whose term of office has expired or isabout to expire, or who has vacated office, shall beentitled—

(a) to attend the general meeting of thecompany at which he is to be removedor his successor is to be appointed;

(b) to receive all notices of, and othercommunications relating to, thatmeeting which a member is entitled toreceive; and

(c) to be heard at that meeting on any partof the business of the meeting thatrelates to his duties as auditor or formerauditor;";

(e) by adding next after subsection (10) the following—

" (11) Any oral or written statement made undersubsection (3A) or (5A) by an auditor or former auditorenjoys qualified privilege.


8

(12) An appointment as auditor of a person whohas not requested a written statement from the formerauditor under subsection (3A) is voidable by a resolutionof the shareholders at a general meeting.".

Amendment of section 102 of principal Act12 Section 102 of the principal Act is amended by deleting the word"transferor" wherever it appears and substituting the word "subject".


(a) in subsection (1), by deleting the words "the consent ofthe Minister given in his discretion" and substituting thewords "section 4A";

(b) by deleting subsection (2).

Amendment of section 104A of principal Act14 Section 104A of the principal Act is amended—

(a) by deleting the heading of the section and substitutingthe following—

"Amalgamation of exempted company and foreigncorporation and continuation as an exemptedcompany";

(b) in subsection (1)—

(i) by deleting the words "104E" and substitutingthe words "104D";

(ii) by deleting the words "apply to the Minister forconsent to";

(c) by deleting subsection (2) and substituting the following:

" (2) A foreign corporation shall obtain allnecessary authorizations, if any, required under the lawsof the jurisdiction in which it was incorporated or ispresently registered in order to enable it to amalgamateand continue as an exempted company registered inBermuda, and shall file with the Registrar documentaryproof of such authorizations.";

(d) by deleting subsections (3) and (5).


9

Repeal and replacement of sections 104B to 104G of principal Act15 The principal Act is amended by deleting sections 104B to 104Gand substituting the following:

"Amalgamation of exempted company and foreigncorporation and continuation as a foreign corporation104B (1) One or more exempted companies and one or moreforeign corporations may amalgamate and continue as a foreigncorporation (in this section and sections 104C and 104D referredto as "the amalgamated corporation") to which the laws of thejurisdiction in which it is proposed that the amalgamatedcorporation will continue (in this section and sections 104C and104D referred to as "the foreign jurisdiction") shall apply.

(2) An exempted company shall not amalgamatepursuant to subsection (1) unless—

(a) an officer of such company has made a statutorydeclaration to the effect that there arereasonable grounds for believing that—

(i) such company is, and the amalgamatedcorporation will be, able to pay itsliabilities as they fall due;

(ii) the realizable value of the amalgamatedcorporation's assets will not be less thanthe aggregate of its liabilities and issuedshare capital and share premiumaccount of all classes; and

(iii) either no creditor of such company willbe prejudiced by the amalgamation oradequate notice has been given inaccordance with section 104D(4) to allknown creditors of such company andno creditor objects to the amalgamationotherwise than on grounds that arefrivolous or vexatious;

(b) an irrevocable deed poll is executed by suchcompany and its directors, pursuant to which—

(i) such company and each of its directorsmay be served with legal process inBermuda in any proceeding arising outof actions or omissions of such companyoccurring prior to the amalgamation,


10

and provision is made for theappointment of a person withinBermuda as agent for such company forthe service of process for a period of notless than three years from the effectivedate of the amalgamation and for asigned acceptance of the appointment;or

(ii) such company and each of its directorsmay be served with legal process at aspecified address in the UnitedKingdom, the United States of Americaor any appointed jurisdiction, andwhereby such company and suchdirectors submit to the non-exclusivejurisdiction of the courts of that countryor jurisdiction;

(c) each foreign corporation which is amalgamating hasobtained all necessary authorizations, if any, requiredunder the laws of the jurisdiction in which it wasincorporated or is presently registered to enable it to soamalgamate;

(d) the foreign jurisdiction is an appointed jurisdiction; and

(e) not more than three months prior to the effective date ofthe amalgamation—

(i) each exempted company which is amalgamatingshall advertise in an appointed newspaper; and

(ii) each foreign corporation which is amalgamatingshall advertise in a national newspaper in thejurisdiction in which it was incorporated or ispresently registered,

its intention to amalgamate and continue as a companyin the foreign jurisdiction.

Documents to be filed on amalgamation and continuation asa foreign corporation104C (1) An exempted company shall not amalgamatepursuant to section 104B unless on or before the effective date ofthe amalgamation such company files with the Registrar a noticeof the amalgamation which shall contain or have attachedthereto the following information:


11

(a) the effective date of the amalgamation;

(b) the name of the foreign jurisdiction;

(c) the address of the registered office or theprincipal business address of the amalgamatedcorporation in the foreign jurisdiction;

(d) a copy of the statutory declaration requiredpursuant to section 104B(2)(a); and

(e) a copy of the irrevocable deed poll requiredpursuant to section 104B(2)(b).

(2) Within thirty days after the date of the issuethereof, the amalgamated corporation continuing as a result ofan amalgamation pursuant to section 104B shall file with theRegistrar a copy of the certificate of amalgamation issued by theappropriate authority of the foreign jurisdiction, or, if no suchcertificate of amalgamation is issued, such other documentaryevidence of the amalgamation as shall be issued by suchauthority.

(3) The documents filed with the Registrar pursuant tosubsections (1) and (2) shall be open to public inspection.

Provisions applicable to amalgamation and continuation as aforeign corporation104D (1) The provisions of sections 105 to 107 shall apply,with the necessary changes, to an amalgamation pursuant tosection 104B in the same way as they apply to an amalgamationpursuant to section 104, except that the provisions of section106 shall apply only to amalgamating exempted companies.

(2) The effect of an amalgamation pursuant to section104B shall be the same as in the case of an amalgamationpursuant to section 104A, except insofar as the laws of theforeign jurisdiction otherwise provide.

(3) The effective date of an amalgamation pursuant tosection 104B shall be the date that the amalgamation is effectivepursuant to the laws of the foreign jurisdiction.

(4) For the purposes of section 104B(2)(a), adequatenotice is given if—

(a) a notice in writing is sent to each known creditorhaving a claim against the company thatexceeds $1,000; and


12

(b) notice is published in an appointed newspaperstating that such company intends toamalgamate with any specified exemptedcompanies or one or more specified foreigncorporations, or both, and that a creditor ofsuch company may object to the amalgamationwithin thirty days from the date of the notice.".

Amendment of section 107 of principal Act16 Section 107(1)(b)(ii) of the principal Act is amended by deletingthe words "of amalgamation".


(a) in subsection (2), by deleting paragraph (a) andsubstituting the following—

"(a) a certified copy of the resolution or other authority,if any, of each amalgamating company";

(b) in subsection (4), by deleting the words "subsection (2)"and substituting the words "subsection (3)(d)".

Amendment of section 109 of principal Act18 Section 109(g) of the principal Act is amended by deleting thewords "the memorandum of amalgamation shall be deemed to be thememorandum of the amalgamated company and".

Amendment of section 113 of principal Act19 Section 113(1)(c) of the principal Act is amended by deleting thewords "of class (a) or (b) above".

Amendment of section 114B of principal Act20 Section 114B of the principal Act is amended by the addition ofthe following—

" (6) The Minister shall lodge with the Registrar a copy ofevery licence granted under this section and the licence shall beavailable for public inspection by members of the public at theoffice of the Registrar during normal business hours.".

Amendment of section 120 of principal Act21 Section 120(1) of the principal Act is amended—

(a) by deleting the colon preceding the proviso;


13

(b) by deleting the proviso.

Amendment of section 127 of principal Act22 Section 127 of the principal Act is amended by deletingparagraph (ii) and substituting the following—

"(ii) is a company registered under this Act andstated in its memorandum to be an exemptedcompany;".

Amendment of section 129 of principal Act23 (1) Section 129(1) of the principal Act is amended by insertingafter the words "any other Act or" the words ", with the consent of theMinister, by".

(2) Section 129(1)(a) of the principal Act is repealed and thefollowing is substituted—

"(a)to acquire and hold land in Bermuda except—

(i) land required for its business by way of lease ortenancy agreement for a term not exceeding fiftyyears; or

(ii) with the consent of the Minister granted in hisdiscretion, land by way of lease or tenancyagreement for a term not exceeding twenty-oneyears in order to provide accommodation orrecreational facilities for its officers andemployees;".

Amendment of section 129A of principal Act24 Section 129A of the principal Act is amended by inserting nextafter subsection (4) the following—

" (4A) The Minister shall lodge with the Registrar a copy ofevery licence granted under this section and the licence shall beavailable for inspection by members of the public at the office ofthe Registrar during normal business hours.".

Amendment of section 131 of principal Act25 Section 131(1)(a) of the principal Act is amended by deleting thewords "by two directors or by one director and the secretary" andsubstituting the words "on behalf of the company".

Amendment of section 132C of principal Act26 Section 132C of the principal Act is amended—


14

(a) by deleting the heading to the section and substitutingthe words "Continuance in Bermuda";

(b) in subsection (1), by deleting the words "apply to theMinister for consent to" and substituting the words ",subject to section 4A,";

(c) by deleting subsection (2) and substituting the following:

" (2) A foreign corporation seeking to becontinued in Bermuda shall—

(a) obtain all necessary authorizations, ifany, required under the laws of thejurisdiction in which it was incorporatedor is presently registered in order toenable it to continue as an exemptedcompany registered in Bermuda;

(b) provide a memorandum of continuancein such form as the Minister maydetermine;

(c) provide financial statements of theforeign corporation prepared for a periodending within twelve months of theproposed date of continuance.";

(d) by deleting subsection (3) and substituting the following:

" (3) A foreign corporation shall deliver to theRegistrar the memorandum of continuance forregistration.";

(e) by deleting subsections (6), (7), (8), (9), (10), (11) and(12).

Repeal and replacement of sections 132G to 132K of principal Act27 The principal Act is amended by deleting sections 132G to 132Kand substituting the following:

"Exempted company may discontinue out of Bermuda132G (1) An exempted company may be discontinued underthis Act and be continued in a jurisdiction outside Bermuda as ifit had been incorporated under the laws of that otherjurisdiction.

(2) An exempted company shall not be discontinuedpursuant to subsection (1) unless—


15

(a)(i) a resolution of the members or eachclass of members is passed in generalmeeting approving the discontinuance,provided that at any such meeting eachshare of the company shall carry theright to vote in respect of suchdiscontinuance whether or not itotherwise carries the right to vote; or

(ii) the discontinuance is approved in suchmanner as may be authorised by thebye-laws of the company;

(b) a statutory declaration has been signed by thedirectors of the company stating that thecompany is solvent and can meet all of itsliabilities and obligations and that thediscontinuance will not adversely affect theinterests or rights of bona fide creditors andmembers;

(c) an irrevocable deed poll is executed by suchcompany and its directors pursuant to which—

(i) such company and each of its directorsmay be served with legal process inBermuda in any proceeding arising outof actions or omissions of such companyprior to the discontinuance andprovision is made for the appointment ofa person within Bermuda as agent forsuch company for the service of processfor a period of not less than three yearsfrom the date of discontinuance and fora signed acceptance of the appointment;or

(ii) such company and each of its directorsmay be served with legal process at aspecified address in the UnitedKingdom, the United States of Americaor any appointed jurisdiction, andwhereby such company and suchdirectors submit to the non-exclusivejurisdiction of the courts of that countryor jurisdiction;


16

(d) at least fourteen days prior to the discon-tinuance such company advertises in anappointed newspaper and in a nationalnewspaper in each jurisdiction within which itcarried on a substantial part of its trade orbusiness activities its intention to discontinueunder this Act and continue in the namedjurisdiction; and

(e) the jurisdiction in which such company is to becontinued is an appointed jurisdiction.

Documents to be filed on discontinuance132H (1) An exempted company shall not be discontinuedpursuant to section 132G unless on or before the effective dateof the discontinuance, such company files with the Registrar anotice of the discontinuance which shall contain or haveattached thereto the following information:

(a) the effective date of the discontinuance;

(b) the name of the jurisdiction in which thecompany will continue;

(c) the address of the registered office or theprincipal business address of the company inthe jurisdiction in which the company willcontinue;

(d) a copy of the statutory declaration requiredpursuant to section 132G(2)(b); and

(e) a copy of the irrevocable deed poll requiredpursuant to section 132G(2)(c).

(2) Within thirty days after the date of the issue thereofa company which has been discontinued pursuant to section132G shall file with the Registrar a copy of the instrument ofcontinuance issued to the company by the appropriate authorityof the jurisdiction into which the company has been continued,or, if no such instrument of continuance is issued, such otherdocumentary evidence of such continuance as shall be issued bysuch authority.

(3) On receipt of the copy of the instrument ofcontinuance or other documentary evidence of continuance, theRegistrar shall file that instrument or document and issue acertificate of discontinuance which shall be in such form as the


17

Minister may determine and thereupon the company shall ceaseto be registered as a company in Bermuda.

(4) The documents filed with the Registrar pursuant tosubsections (1), (2) and (3) shall be open to public inspection.

Effect of discontinuance132I (1) The effective date of the discontinuance of acompany pursuant to section 132H shall be the date that suchcompany's continuance in the appointed jurisdiction is effectivepursuant to the laws of such other jurisdiction, and suchdiscontinuance and continuance shall not be deemed to operateto—

(a) create a new legal entity; or

(b) prejudice or affect the continuity of the bodycorporate which was formerly the company thatwas subject to this Act.

(2) On the effective date of the discontinuance of acompany pursuant to section 132H this Act shall cease to applyto such company except as is required by the provisions hereof.".

Amendment of section 143 of principal Act28 Section 143(a) of the principal Act is repealed and the followingis substituted—

"(a) acquire or hold land in Bermuda except—

(i) land required for its business by way of lease ortenancy agreement for a term not exceeding fiftyyears; or

(ii) with the consent of the Minister granted in hisdiscretion, land by way of lease or tenancyagreement for a term not exceeding twenty-oneyears in order to provide accommodation orrecreational facilities for its officers andemployees;".

Amendment of section 161 of principal Act29 Section 161 of the principal Act is amended by inserting afterparagraph (c) the following new paragraph—

"(d) the company engages in a prohibited business activity incontravention of section 4B;".


18

Amendment of First Schedule to principal Act30 Paragraph 12 of the First Schedule to the principal Act isamended—

(a) by deleting the word "twenty-one" and substituting theword "fifty";

(b) by deleting the words "similar period" and substitutingthe words "term not exceeding twenty-one years".

Amendment of Second Schedule to principal Act31 The Second Schedule to the principal Act is amended—

(a) by deleting the words "A company" and substituting thewords "Subject to section 4A, a company";

(b) by deleting the full stop at the end thereof;

(c) by adding the following new paragraph—

"(v) to be and carry on the business of a mutualfund within the meaning of section 156A.";

(d) by adding the following proviso—

" Provided that none of these objects shall enablethe company to carry on restricted business activity asset out in the Ninth Schedule except with the consent ofthe Minister.".

Amendment of Schedules to principal Act32 The principal Act is amended by adding the Ninth Schedule andthe Tenth Schedule thereto as set out in the First Schedule to this Act.

Consequential amendments to other Acts33 The Acts specified in column 1 of the Second Schedule areamended in the manner set out in column 2 of that Schedule.

Commencement34 This Act comes into operation on such day as the Minister ofFinance may appoint for the purpose by notice published in the Gazetteand different days may be appointed for the coming into operation ofdifferent provisions of this Act.


19

FIRST SCHEDULE (section 32)

"NINTH SCHEDULE (section 4A)

RESTRICTED BUSINESS ACTIVITIES

Restricted business activities are—

(a) the carrying on of the business of providing financialservices including—

(i) banking business as defined in the Banks Act1969;

(ii) deposit-taking business as defined in theDeposit Companies Act 1974;

(iii) trust business as defined in the TrustCompanies Act 1991;

(iv) insurance business as defined in the InsuranceAct 1978;

(v) custody and administration of securities;

(b) any business activity which is not specified in theSecond Schedule.

TENTH SCHEDULE (section 4B)

PROHIBITED BUSINESS ACTIVITIES

The following are prohibited business activities—

(a) trafficking in armaments as defined in the Armaments(Control) Act 1964;

(b) except as authorized by law, operating lotteries asdefined in the Lotteries Act 1944 or gambling facilities,including the operation thereof through the Internet;

(c) except as authorized by law, importation, exportationtrading in, manufacture, production or supply ofcontrolled drugs as defined by the Misuse of Drugs Act1972.".


20

SECOND SCHEDULE (section 33)

CONSEQUENTIAL AMENDMENTS

COLUMN 1Act

COLUMN 2Amendment

Banks Act 1969 Insert the following after section 11(2)—

" (3) The applicant shall, not less thanseven days prior to an application for a licenceunder subsection (1), advertise in anappointed newspaper, as defined in theCompanies Act 1981, the applicant's intentionto apply for a licence.".

Bermuda MonetaryAuthority Act 1969

In section 21(1)(d), insert after the words"incorporation of companies" the words"which propose to carry on any restrictedbusiness activity as set out in the NinthSchedule to the Companies Act 1981".

In section 22, delete the words "section 6(2)"and substitute the words "section 4A(3) orsection 6(1)".

Credit Unions Act1942

Insert the following after section 3(3)—

" (3A) The applicant shall, not less thanseven days prior to an application forregistration under subsection (2), advertise inan appointed newspaper, as defined in theCompanies Act 1981, the applicant's intentionto apply for registration.".

Deposit Companies Act1974


" (2A) The applicant shall, not less thanseven days prior to an application for a licenceunder subsection (2), advertise in anappointed newspaper, as defined in theCompanies Act 1981, the applicant's intentionto apply for a licence.".


21

Trust Companies Act1991


" (2A) The applicant shall, not less thanseven days prior to an application for a licenceunder subsection (1), advertise in anappointed newspaper, as defined in theCompanies Act 1981, the applicant's intentionto apply for a licence.".