Home | Databases | WorldLII | Search | Feedback Cook Islands Sessional Legislation

  Download original PDF

International Partnership Amendment Act 2013

COOK ISLANDS

INTERNATIONAL PARTNERSHIP ACT 2013

No. 14

Examined and certified by:

Clerk of the Parliament

In the name and on behalf of Her Majesty Queen Elizabeth the Second I hereby assent to this Act this 9^th day of December, 2013

Queen's Representative

Contents

1 Title
2 Commencement
3 Principal Act amended
4 Accounts

_______________

An Act to amend the International Partnerships Act 1984

The Parliament of the Cook Islands enacts as follows—

1 Title

This Act is the International Partnership Amendment Act 2013.

2 Commencement

This Act comes into force on the day after the day on which it receives the assent of the Queen's Representative.

3 Principal Act amended

This Act amends the International Partnership Act 1984.

4 Accounts

The following section is inserted after section 7-

"7A Accounts to be kept

"(1) An international partnership or a limited partnership must keep accounting records that are sufficient to show and explain the international company's transactions, which, gives a true and accurate record of—

"(a) all sums of money received and expended by the partnership:

"(b) all sales and purchases of goods by the partnership:

"(c) all assignments of rights or assumption of liabilities by the partnership:

"(d) all transactions of the company affecting the assets or liabilities of the partnership; and

"(e) the assets and liabilities of the partnership,—

and will at any time enable the financial position of an international company to be determined with reasonable accuracy.

"(2) The accounts of a partnership must be retained within the Cook Islands by the trustee company which is the partner, or provides a registered office for a partner, such accounts to be held either in hard copy or in electronic format with hard copy easily and immediately printable from it.

"(3) Any partner of an international partnership or general partner of a limited partnership which or who fails to take all reasonable steps to secure compliance by the partnership with the requirements of this section commits an offence under this Act.

"(4) The accounts and records must be retained within the Cook Islands, for a period of not less than 6 years following the completion of the transaction to which the records and underlying documentation relate."

_______________

This Act is administered by the Financial Supervisory Commission.