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Vanuatu Sessional Legislation |
Commencement:
REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES (AMENDMENT)
ACT NO. 9 OF 1994
Arrangement of Sections
1. Amendment of the International Companies Act No. 32 of 1992
2. Amendment of section 1 of the principal Act
3. Amendment of section 4 of the principal Act
4. Amendment of section 5 of the principal Act
5. Amendment of section 84 of the principal Act
6. Amendment of section 85 of the principal Act
7. Amendment of section 90 of the principal Act
8. Amendment of section 92 of the principal Act
9. Amendment of section 101 of the principal Act
10. Amendment of section 114 of the principal Act
11. Replacement of section 116 of the principal Act
12. Repeal of section 119 of the principal Act
13. Amendment of section 122 of the principal Act
14. Amendment of section 124 of the principal Act
15. Commencement
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REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES (AMENDMENT) ACT
NO. 9 OF 1994
An Act to amend the International Companies Act No. 32 of 1992.
BE IT ENACTED by the President and Parliament as follows: -
AMENDMENT OF INTERNATIONAL COMPANIES ACT NO. 32 OF 1992
AMENDMENT OF SECTION 1 OF THE PRINCIPAL ACT
2. Section 1 of the principal Act is amended in subsection (1) -
(a) by deleting the word "Registrar" in the definition of "Certified copy" and substituting the word "Commission";
(b) by inserting after the definition of "Certified copy" the following new definition: -
""Commission" means the Vanuatu Financial Services Commission established by the Vanuatu Financial Services Commission Act No. 35 of 1993;";
(c) by inserting after the definition of "company limited both by shares and by guarantee" the following new definition: -
"company number" means the identification number given in respect of each company by the Commission;
(d) in the definition of "Register" by deleting the word "Registrar and substituting the word "Commission"; and
(e) by deleting the definition of "Registrar".
AMENDMENT OF SECTION 4 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 5 OF THE PRINCIPAL ACT
4. Section 5 of the principal Act is amended in subsection (2) -
(a) by inserting the word "and" at the end of paragraph (a);
(b) by deleting the words "certificate stating" in paragraph (b) and substituting the words "certificate authenticated by its official seal stating";
(c) by deleting the words "liability and that the company is entitled to commence the business; and" in paragraph (b) and substituting the word "liability"; and
(d) by deleting paragraph (c).
AMENDMENT OF SECTION 84 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 85 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 90 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 92 OF THE PRINCIPAL ACT
8. Section 92 of the principal Act is amended -
(a) in subsection (1) by deleting the words "may continue" and substituting the words "may apply to continue";
(b) in subsection (2) -
- (i) by deleting the semi colon at the end of paragraph (c) subparagraph (iv) and substituting a full stop;
- (ii) by deleting the word "and" at the end of paragraph (c) subparagraph (iv); and
- (iii) by deleting paragraph (d);
(c) in subsection (4) by deleting the word "shall" and substituting the word "may"; and
(d) in subsection (5) by deleting the words "under his hand and" and substituting the words "authenticated by its official".
AMENDMENT OF SECTION 101 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 114 OF THE PRINCIPAL ACT
REPLACEMENT OF SECTION 116 OF THE PRINCIPAL ACT
11. Section 116 is repealed and the following section is substituted: -
"INCOME OF THE COMMISSION AND PAYMENTS TO THE GOVERNMENT
116. (1) The Commission shall retain as its income: -
(a) 20% of each fee paid under paragraphs (a) or (d) of section 111 subsection (2);
(b) 10% of each fee paid under section 112 subsection (1), excluding any increase in fee paid under subsection (2) of that section;
(c) 50% of each increase in fee paid under section 112 subsection (2);
(d) 100% of each fee paid under paragraphs (h), (i), (j), (l) or (n) of section 111 subsection (2); and
(e) all fees charged by the Commission under section 111 subsection (3).
(2) The Commission shall pay the balance of the fees referred to in subsection (1) (if any) together with all other fees paid under this Act to the Treasury on account of the Revenue Fund."
REPEAL OF SECTION 119 OF THE PRINCIPAL ACT
12. Section 119 of the principal Act is hereby repealed.
AMENDMENT OF SECTION 122 OF THE PRINCIPAL ACT
AMENDMENT OF SECTION 124 OF THE PRINCIPAL ACT
COMMENCEMENT
15. This Act shall come into force on the date of its publication in the Gazette.
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SCHEDULE
Where each word specified in the following table appears in the sections listed under that word in the table, the appropriate deletion and substitution shall take effect as follows:
(a) the word "Registrar" or "registrar" shall be deleted and the word "Commission" shall be substituted;
(b) the word "he" shall be deleted and the word "its" shall be substituted;
(c) the word "he" shall be deleted and the word "it" shall be substituted;
(d) the word "him" shall be deleted and the word "it" shall be substituted;
(e) the word "who" shall be deleted and the word "which" shall be substituted.
TABLE
REGISTRAR HIS HE HIM WHO
4 111 4 5 84
5 113 5 72 85
7 92 117 101(4)
10 106 113
14 110(1)
34 122
35 123
58
72
74
76
77
78
84
85
86
87
90
92
93
94
101
102
103
106
107
110
111
112
113 including headnote
117
120
121
122
123
124
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URL: http://www.paclii.org/vu/legis/num_act/ica1994326