Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694878323191.pdf (Antigua and Barbuda)
No.

18 of 2005 The International Business Corporations (Amendment) Act, 2005 1 ANTIGUA AND BARBUDA [ L.S. ]

I Assent, James B. Carlisle, Governor-General.

15th November, 2005.

ANTIGUA AND BARBUDA No.

18 of 2005 BILL FO AN ACT to amend the International Business Corporations Act, Cap.

222.

[ Published in the Official Gazette Vol.

XXV No.

77 dated 1st December, 2005 ] ENACTED by the Parliament of Antigua and Barbuda as follows — 1.

This Act may be cited as the International Business Short title.
Corporations (Amendment) Act, 2005.

2.

The International Business Corporations Act, in this Act referred to as the principal Act, is amended in section 5 by insert- ing immediately after subsection (3) the following — Amendment of section 5.

(4) A corporation shall not be incorporated under this Act for — (a) (b) the purposes of facilitating any criminal activ- ity; or any object or purpose which is prohibited by this Act or by any other law in force in Antigua and Barbuda.
ANTIGUA AND BARBUDA 2 The International Business Corporations (Amendment) Act, 2005 No.

18 of 2005 Section 218 amended.

3.


Section 218 of the principal Act is amended by inserting “(1)” after “218” and by adding the following new subsection — (2) A receiver manager of a corporation appointed under an instrument by the appropriate official shall — (a) (b) comply with any request for information from the appropriate official within a reasonable time; produce for examination all records and documents pertaining to the corporation in respect of which he has been appointed a receiver manager.
Section 238 repealed and replaced.

4.

The principal Act is amended by the repeal of section 238 and the substitution of the following — “A banking corporation, that is to say, a corporation that is licensed to carry on international banking business solely or together with any other international trade or business shall as a condition of that licence, have a minimum capi- talization as may be prescribed by regulations made under this Act.” Amendment of section 287.

5.
5.

Section 287 of the principal Act is amended by inserting immediately after subsection (3) the following — “(4) The appropriate official may remove the receiver- manager appointed under subsection (1) if in the opinion of the appropriate official the receiver man- ager.— (a) (b) has violated or is violating the provisions of this Act, the regulations or the guidelines is- sued under this Act; or has conducted or is conducting the business of the corporation in an unsatisfactory and imprudent manner”.
No.

18 of 2005 The International Business Corporations (Amendment) Act, 2005 3 ANTIGUA AND BARBUDA Passed the House of Representatives this 14th day of October, 2005 Passed the Senate this 3rd dayof November, 2005 D. Giselle Isaac-Arindell, Speaker.

Yvonne Henry, Clerk to the House of Representatives.

Mackenzie M. Frank, Vice President.

Yvonne Henry, Clerk to the Senate.


____________ Printed at the Government Printing Office, Antigua and Barbuda, by Eric T. Bennett, Acting Government Printer —By Authority, 2005.

800—11.05 [ Price$1.90 ] ANTIGUA AND BARBUDA THE INTERNATIONAL BUSINESS CORPORATIONS (AMENDMENT) ACT 2005 ARRANGEMENT OF SECTIONS Section 1.

2.

3.

4.

5.

Short title.

Amendment of section 5.

Section 218 amended.

Section 238 repealed and replaced.

Amendment of section 287.