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Foreign Investment (Amendment) Act 1989

REPUBLIC OF KIRIBATI
(No. 6 of 1989)

I assent,

(Sgd: I. Tabai)
Beretitenti.
16/01/1990

AN ACT TO AMEND THE FOREIGN INVESTMENT ACT 1985 AND FOR CONNECTED PURPOSES

Commencement:
1989

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

Short title

1. This Act may be cited as the Foreign Investment (Amendment) Act 1989.

Interpretation

2. In this Act unless the context otherwise requires –

"Commission" has the meaning assigned to it under the principal Act;

"Foreign enterprise" has the meaning assigned to it under the principal Act;

"principal Act" means the Foreign Investment Act 1985.

Amends section 5 of the principal Act

3. Section 5 of the principal Act is hereby amended –

(a) in subsection (1) by the addition of the following –

"(f) the Secretary for Foreign Affairs";

(b) by the insertion immediately after subsection 3 of the following new subsection –

"3A. In the absence of the Chairman or Deputy Chairman at any meeting of the Commission, the members of the Commission present at such meeting may elect one of their number to preside at such meeting".

Amends section 6 of the principal Act

4. Section 6(1) of the principal Act is hereby amended by the repeal of that section and the substitution of the following –

"Meeting of the Commission

6. (1) Meetings of the Commission shall be convened on the instructions of the Chairman or on the requisition in writing of not less than 3 members of the Commission and shall be held on such dates and at such times, being not less than once every month, as the Chairman or such 3 members may direct."

A new subsection (2) to section 12

5. Section 12 of the principal Act is hereby amended –

(a) by the renumbering of "Section 12" as "Section 12(1)"; and

(b) by the insertion immediately after the renumbered section 12(1) of a new subsection (2) as follows –

"(2) Where the approval of an application for foreign investment under this section necessarily involves the fixing of a fee to be paid by a foreign enterprise, the Commission may fix such fee".

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FOREIGN INVESTMENT (AMENDMENT) ACT 1989

EXPLANATORY MEMORANDUM

1. This short Act seeks to amend the Foreign Investment Act 1985 (Cap. 33A) by –

(a) increasing the membership of the Foreign Investment Commission to include the Secretary for Foreign Affairs;
(b) empowering the members of the Commission present at any meeting of the Commission to elect one of their number to preside at such meeting in the event that neither the Chairman nor Deputy Chairman of the Commission is present at such meeting;
(c) providing that apart from the Chairman, 3 members of the Commission may, in writing, requisition that a meeting of the Commission should be held;
(d) enjoining the Commission to hold a meeting at least once every month instead of once every two months as in the existing legislation; and
(e) empowering the Commission to fix a fee or fees where the approval of an application for foreign investment necessarily involves the fixing of a fee or fees to be paid by a foreign enterprise or foreign enterprises.

2. The proposed amendments are contained in clauses 3, 4 and 5 of the Act.

3. The proposed amendments are considered desirable in order to enhance the effectiveness and/or efficiency of the Commission. The amendments will also help to improve and speed up the procedures for the processing and approval by the Commission of applications for foreign investment in Kiribati.

Michael N. Takabwebwe
Attorney General