Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694265444705.pdf (Marshall Islands)
Associations Law (Amendment) Act, 2020 BILL No:39P .t.zOz}- J?

naex NTTIIELA OF TF{E RE['{JB{,IC OF TF{E MARSF{AI_r, ISLANDS 4XST CONSTITUTION REGUTAR SESSION, 2O2O Republic of the Marshall Islands lepilpilin Ke Ejukaan ASSOCIATIONS LAW (AMENDMENT) ACT, 2O2A Index Section s101.

s102.

s103.

s104.

s105.

s106.

Short Tit1e...........

Amendments to the Business Corporations Act.

Amendments to the Revised Partnership Act.

...........

Amendments to the Limited Partnership Act.

...........
...........

Amendments to the Limited Liability Company Act.............

Effective Date.
Effective Date.

......... Fage ..................3 .....................3 ..............4 ..............4 ....................4 ............5 dffi Repubiic o( the tffilvldrshall Islands Pagel lndexBlLL No:39P.1.20 20 l,t Associations Law (Amendment) Act, 2020 Page2 Republicofthe $ffi Mirshall Islands{3*fl1 Associations Law (Amendmenl) Act, 2020 BILL No:39p .L.2O2O- 27 yo1 NITIJELA OF'TF{E REI'UtsLIC OF TFIE MARSHALL ISI,ANDS 41ST CONSTITUTION REGUI,AT{.
SESSION, 2O2O Republic of the Marshail Islands lEilpilin Ke Ejukaan ASSOCIATIONS LAW (AMENDMENT) ACT, 2O2O AN ACT to amend Title 52 of the Marshall Islands Revised Code to prohibit non- resident domestic entities from carrying on business as virfual asset service providers.

BE IT ENACTED 8Y TF{E NXTXJETA OF Ti-IE REI'UBI-IC OF TFIE MAITSHAI.I- ISI-ANDS 5101.

Short Title.

This Act may be cited as the Associations Law (Amendment) Act,2020.

5102" An'lendn:lents to the Business CCIrporations Act.
(1) Section 3(5) tf the Republic of the Marshall Islands Business Corporations Act is hereby amended as follows: 53.

Appiication of tsusiness Corporations Act.

(5) Nature of business permitted; powers.


A non-resident domestic corporation may caffy on any lawful business, purpose or activity with the exception of the business of granting poiicies of insurance or assuming insurance risks or operating as a virtual asset service provider as defined in the Banking Act 1987 (17MIRC, Chapter 1), trust services or banking.

ffi$,"I.HHx;i,!

:l:, Page3 BILL No:3eP t zozo- )* yoz Associations Law (Amendment) Act, 2020 5103.
Amendments to the Revised Partnership,{ct. (1) Section 77(1) ,f the Republic of the Marshall Islands Revised Partnership Act is'hereby amended as follows: 577.

Nature of business permitted; powers; regulation by foreign authorities.
(1) A non-resident domestic partnership may caffy on any lawful business, purpose or activity with the exception of the business of granting policies of insurance or assuming insurance risks or operating as a virtual asset service provider as defined in the Bnnking Act 1987 (17MIRC, Chapter 1), trust services or banking.

5104.

An'rendments to the Limited Fartnership Act.

(1) ss.
(1) ss.

(1) Section 5(1) ,f the Republic of the Marshall Islands Limited Partnership Act is hereby amended as follows: Nature at business permitted; powers; regulation by foreign authorities" A limited partnership may carry on any lawful business, purpose or activity with the exception of the business of granting policies of insurance or assuming insurance risks or operating as a virtual asset service provider as defined in the Banking Act 1987 (1a4IRC, Chapter 1), trust services or banking 5105.
Amendments to the Limited Liability Cornpany Act.

(1) Section 6(1) of the Republic of the Marshall Islands Limited Liability Company Act is hereby amended as follows: 56.

Nature of business permitted; powers; regulation by foreign authorities.
(1) A limited liability company may carry on any lawful business, purpose or activity with the exception of the business of granting policies of insurance or assuming insurance risks or operating as a Page4 Republic of rhe i*% Mirshatt tstundsilffil Associations Law (Amendment) Act, 2020 B|LL No:39p.1.2020- a+ S106 virtual asset service provider as defined in the Banking Act 79g7 (121\4IRC, Chapter 1), trust services or banking.

5106.

Effective Datd.


This Bill, and all Acts contained herein, shall take effect in accordance with the Constitution and the Rules of Procedures of the Nitijela CER.TIF{CAT'E That Nitijela Bill No:^39 was passed by the Nitijela of the Republic of the tr hereby certify: 1.

Marshalt Islands on the tO+!- ary oi Mr;;rU 2.


That I am satisfied that Nitijela Bill No: 39 was passed in accordance with the relevant provisions of the Constitution of the Republic of the Marshali Islands and the Rules of Procedures of the Nitijela.

I hereby place my signature before *" ar".U thi, l/fuday of irio,'rlo " 2020.

Attest: Hon" Kenneth A. Kedi Speaker S. Watak Mo Clerk Nitijela of the Marshall Islands Nitijela of the Marshall Islands ffi Repubtic of rhe 'i*ffii Mdrshall Islands Page5