Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694878566934.pdf (Antigua and Barbuda)
ANTIGUA AND BARBUDA THE INTERNATIONAL BUSINESS CORPORATIONS (AMENDMENT) ACT, 2008 No.

19 of 2008 [ Printed in the Official Gazette Vol.

XXVIII No.85 dated 24th December, 2008. ]

________ Printed at the Government Printing Office, Antigua and Barbuda, by Eric T. Bennett, Government Printer — By Authority, 2008.

800—12.08 [ Price $2.95 ] The International Business Corporations (Amendment) Act, 2008.

No.

19 of 2008 No.

19 of 2008 The International Business Corporations (Amendment) Act, 2008.
THE INTERNATIONAL BUSINESS CORPORATIONS (AMENDMENT) ACT, 2008 ARRANGEMENT Sections 1.

Short title.

2.

Amendment of section 65-Disqualified directors 3.

Amendment of section 316-Establishment of the Commission 4.

Amendment of section 359A-Imposition and assessment of administrative penalty 5.

Amendment of section 373-Cooperation with regulatory authorities The International Business Corporations (Amendment) Act, 2008.

No.

19 of 2008 No.
No.

19 of 2008 No.

19 of 2008 The International Business Corporations (Amendment) Act, 2008.

[L.S.]

I Assent, Louise Lake-Tack, Governor-General.

14th December, 2008.

THE INTERNATIONAL BUSINESS CORPORATIONS (AMENDMENT) ACT, 2008 ANTIGUA AND BARBUDA No.

19 of 2008 AN ACT to amend the International Business Corporations Act.

ENACTED by the Parliament of Antigua and Barbuda as follows: 1.

Short title This Act may be cited as the International Business Corporations (Amendment) Act, 2008.

2.
Amendment of section 65 Disqualified directors Section 65 of the International Business Corporations Act Cap.222, hereafter referred to as the principal Act is amended as follows— By inserting immediately after subsection (3) the following— “(4) For the purposes of this section, in determining whether a person is a fit and proper person, the following must be taken into account (i) (ii) the person’s probity, competence and soundness of judgment for fulfilling the responsibility of the position; the diligence with which that person has fulfilled or is likely to fulfil the respon- The International Business Corporations (Amendment) Act, 2008. sibilities of the position; No.
19 of 2008 (iii) the previous conduct and activities of that person in business or financial matters; and (iv) the person being adjudged to be bankrupt, convicted in a court of law of an offence involving fraud or dishonesty.”.

3.
Amendment of section 316 Establishment of the Commission Section 316 of the principal Act, is amended as follows— (a) by repealing subsection (4) and substituting the following— “(4) The Commission shall, in performing its functions under this Act, take any necessary action, including but not limited to issuing any guidelines, directions, rules and orders required to ensure the integrity of the licensed corporations and failure to comply with such guidelines, directions, rules and orders shall be dealt with under section 359A(1)(c).”.
(b) by repealing subsection (14) and substituting the following subsection— “(14) An officer or employee of the Commission shall not be personally liable for any act or default done or omitted to be done in good faith, in the course of the business of the Commission.”.

4.
4.

Amendment of section 359A Imposition and assessment of administrative penalty Section 359A of the principal Act is amended as follows— (i) in subsection (1), by repealing the words “Ten Thousand United States Dollars” and substituting the following words “One Hundred Thousand United States Dollars”.
(ii) by inserting after subsection (1) the following— “(1) A In addition to the penalty imposed in subsection (1), the Commission may impose a penalty of an amount not exceeding Five Thousand United States Dollars per day for each day that the offence continues.”.

(iii) by repealing paragraph (c) of subsection (1) and substituting the following— “(c) comply with any guidelines, directions, rules and orders given in writing by the Commission.”.

5.
5.

Amendment of section 373 Cooperation with regulatory authorities No.

19 of 2008 The International Business Corporations (Amendment) Act, 2008.
Section 373 of the principal Act is repealed and the following substituted— “Nothing in this Act shall prevent the Commission from disclosing information concerning the ownership, management, operations and the financial returns submitted by a financial institu- tion in compliance with section 242 of a licensed institution to enable or assist a regulatory authority to exercise its regulatory functions subject to an agreement of confidentiality and a Memorandum of Understanding between the Commission and such regulatory authorities, except that no customer information may be disclosed without an order from a court of com- petent jurisdiction.”.
Passed the House of Representatives on the 10th day of November, 2008.

Passed the Senate on the 13th day of November, 2008.

D. Gisele Isaac-Arrindell, Speaker.

Yvonne Henry, Clerk to the House of Representatives.

Hazlyn M. Francis, President.

Yvonne Henry, Clerk to the Senate.