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International Business Companies (Amendment) Act 1996

NIUE

INTERNATIONAL BUSINESS COMPANIES (AMENDMENT) ACT 1996

ANALYSIS

Title
1. Short title and commencement
2. Name
3. Election, term and removal of directors
4. Fees
5. Licence fees
6. Optional registration of other documents

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1996, No. 215

AN ACT TO AMEND THE INTERNATIONAL BUSINESS COMPANIES ACT 1994

BE IT ENACTED by the Niue Assembly in Session Assembled, and by the authority of same, as follows:

1. Short Title and Commencement - (1) This Act may be cited as the International Business Companies (Amendment) Act 1996, and shall be read together with and deemed part of the International Business Act 1994 (hereinafter referred to as the principal Act).

(2) This Act shall come into force on the 1st day of January 1997.

2. Name - (1) Section 11 (1) of the principal Act is hereby amended-

(a) By inserting after the words, "Societe par actions" the words "Societe a responsabilite" and "Gesellschaft mit beschrankter Haftung";

(b) By inserting after the abbreviation, "GmbH." the abbreviations, "S.A.R.L." and "S.a.r.l."

(2) Section 11 (7) of the principal Act is hereby amended by omitting the figures and words, "30 days" and "72 hours" and substituting the figures and words, "60 days" and "7 days" respectively.

3. Election, term and removal of directors - Section 43 (1) of the principal Act is hereby amended by omitting the word, "subscribers" and substituting the word, "subscriber".

4. Fees - (1) Section 104 of the principal Act is hereby amended-

(a) by omitting the figures, "$10,000" wherever they appear and substituting the figures, "$50,000";

(b) by repealing paragraph (t) and inserting the following paragraph:

"(t) $200 upon registration by the Registrar of a company incorporated under this Act;

(i) if the authorised capital of the company does not exceed $50,000 and some or all of its shares have no par value; or

(ii) The company has no authorised capital and all of its shares have no par value."

(c) by repealing paragraph (z) and inserting the following paragraph:

"(z) $50 upon registration by the Registrar of any documents referred to in sections 111B and 111C."

5. Licence fees - (1) Section 105 of the principal Act is hereby amended by omitting the figures "$10,000" wherever they appear and substituting the figures "$50,000".

(2) Section 105 (1) of the principal Act is hereby amended by repealing paragraph (c) and inserting the following paragraph:

"(c) $200 if on the licence fee payment date-

(i) its authorised capital does not exceed $50,000 and some or all of its shares have no par value; or

(ii) it has no authorised capital and none of its shares have a par value".

6. Optional registration of other documents - The principal Act is hereby amended by inserting the following section after section 111B -

"111C. Optional registration of other documents - A company incorporated under this Act may submit to the Registrar, for registration, any document or copy of a document in connection with the company and the Registrar, if he accepts the document for registration, shall retain and register such document or copy thereof."

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This Act was passed by the Niue Assembly on the 11^th day of December 1996.