Document ID: chunk:federal_register_of_legislation:C2004A02860:body:0:p2
Version: federal_register_of_legislation:C2004A02860
Segment Type: other
Provision Reference: 
Character Range: 2432–5090

Annual report and returns
6. Section 11 of the Principal Act is amended by omitting from sub-section (1) "three" and substituting "5".

Registration of companies
7. Section 19 of the Principal Act is amended by inserting after paragraph
(2) (a) the following paragraph:
    "(aa) where the company has a share capital—that the sum of its paid-up share capital and the amount standing to the credit of its share premium account is not less than $2,000,000;".

8. After section 19 of the Principal Act the following section is inserted:

Conditions
"20. (1) The Commissioner or the Treasurer may at any time, by notice in writing served on a company, impose conditions to which the registration of the company is subject.
"(2) Subject to sub-section (4), where the registration of a company is subject to a condition, and it appears at any time to the Commissioner or the Treasurer that the condition is no longer necessary or should be varied, the Commissioner or the Treasurer shall, by notice in writing served on the company, revoke or vary the condition.
"(3) Subject to sub-section (4), where a company whose registration is subject to a condition applies to the Commissioner or the Treasurer, by notice in writing, for the condition to be revoked or varied, the Commissioner or the Treasurer shall—
    (a) if it appears to him that the condition is no longer necessary or should be varied—revoke or vary the condition; or
    (b) in any other case—refuse to revoke or vary the condition,
and shall serve on the company notice in writing of his decision.
"(4) The Commissioner is not empowered by sub-section (2) or (3) to revoke or vary a condition imposed or varied by the Treasurer.
"(5) In this section, unless the contrary intention appears, 'condition' includes, where a condition is varied, the condition as varied.
"(6) If a direction given or issued under section 40, 52 or 58 is inconsistent with a condition imposed under this section, the direction is invalid to the extent of the inconsistency.".
9. Section 39 of the Principal Act is repealed and the following section is substituted:

Investment of statutory funds
"39. (1) Subject to this Act, the assets of a fund of a company may be invested (subject to any provisions in the instruments constituting the company or in the articles of association or other rules of the company that impose restrictions upon the manner in which the assets of the company may be invested) in such manner as the company thinks fit.
"(2) Subject to sub-sections (3) and (4), a company shall not, except with the approval of the Commissioner, invest any assets of a fund of the company—
    (a) in a related