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International Business Companies (Amendment No 2) Act 1998

NIUE

INTERNATIONAL BUSINESS COMPANIES
(AMENDMENT No. 2) ACT, 1998

No: 241

Arrangement of provisions

Provision number

1 Short title
2 Name
3 Striking off
4 Restoration to Register
5 Fees
6 License fees

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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

(1) This Act may be cited as the International Business Companies (Amendment No. 2) Act 1998, and shall be read together with and deemed part of the International Business Companies 1994 and the International Business Companies (Amendment) Act 1998 (hereinafter referred to as the Principal Act)

(2) This Act shall come into force on the 1st January, 1999.

2 Name

Section 11 (8) (b) of the Principal Act is hereby amended by adding the words "or Romanized version" after "English translation".

3 Striking -off

(1) Subsections (5) and (6) of Section 99 of the Principal Act are hereby repealed and substituted by the following Subsection-

"(5) If a company fails to pay the increased license fee referred to in Subsection (4) of Section 105 on or before the expiration of a period of three (3) months, that is, eight (8) months from the anniversary date of the incorporation of the company, the Registrar shall strike the name of the company off the Register on the date immediately following such period of eight (8) months from the anniversary date of the incorporation of the company."

(2) Subsection (11) of Section 99 of the Principal Act is hereby repealed and the following subsection inserted-

"(11) Subsection (5) does not apply to a company in the process of being wound up and dissolved."

4. Restoration to Register

(1) Subsection (3) of Section 100 of the Principal Act is hereby amended by omitting the words "subsection (6) of section 99" and substituting "subsection (5) of section 99".

5. Fees

(1) Section 104 (1) of the Principal Act is hereby amended -

(a) by repealing paragraph (a) and inserting the following paragraph:

"(a) $150.00 upon the registration by the Registrar of a company incorporated under this Act."

(b) by omitting paragraph (b) in its entirety;

(c) by repealing paragraph (d) and inserting the following paragraph-

"(d) $500.00 upon the registration by the Registrar of articles of merger or consolidation."

(d) by repealing paragraph (e) and inserting the following paragraph-

"(e) $500.00 upon the registration by the Registrar of articles of arrangement."

(e) by omitting paragraphs (r), (s), (t) and (u) in their entirety.

6. License Fees

(1) Section 105 (1) of the principal Act is hereby amended

(a) by repealing subsections (1) and (4) and inserting the following subsections-

"(1) A company that is on the Register in any year shall on the anniversary of its date of incorporation or up to three (3) months thereafter pay to the Registrar a license fee of $150.00."

"(4) If a company fails to pay the amount due as an increased license fee under subsection (3) at or before the expiration of a period of 2 months from the time specified in subsection (1), that is, five (5) months from the anniversary date of the incorporation of the company then the license fee increases by 50 per cent of that amount."

The Niue Assembly passed this Act on the 26^th day of November 1998.

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