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Prevention of Fraud (Investments) (Amendment) Act 2012

REPUBLIC OF VANUATU


PREVENTION OF FRAUD (INVESTMENTS) (AMENDMENT)ACT NO. 7 OF 2012


Arrangement of Sections


REPUBLIC OF VANUATU


Assent: 30/05/2012
Commencement: 02/07/2012


PREVENTION OF FRAUD (INVESTMENTS) (AMENDMENT)
ACT NO. 7 OF 2012


An Act to amend the Prevention of Fraud (Investments) Act [CAP 70].
Be it enacted by the President and Parliament as follows-


1 Amendment


The Prevention of Fraud (Investments) Act [CAP 70] is amended as set out in the Schedule.


2 Commencement


This Act commences on the day on which it is published in the Gazette.


SCHEDULE
AMENDMENTS OF THE PREVENTION OF FRAUD (INVESTMENTS) ACT [CAP 70]


1 Title of the Act


Delete “Prevention of Fraud (Investments) Act”, substitute
“Dealers in Securities (Licensing) Act”


2 Reference to Prevention of Fraud (Investments) Act


A reference in any other Act or instrument to the “Prevention of Fraud (Investments) Act” is taken to be a reference to the “Dealers in Securities (Licensing) Act.”


3 Subsection 1(1) (definition of minister)


Repeal the definition; substitute


““minister” means the minister responsible for Finance and Economic Management;”


4 Subsection 1(1) (definition of securities)


Repeal the definition; substitute


““securities” means

(a) shares in the share capital of a corporation; or

(b) an instrument that creates and acknowledges the indebt securities that is issued by a corporation or a public office including:


(i) debentures; or

(ii) debenture stock; or

(iii) loan stock; or

(iv) bonds; or

(v) certifications of deposit; or


(c) a right, despite whether or not conferred by warrant, to subscribe for shares or debt securities; or


(d) a right under a depositary receipt; or


(e) an option to acquire or dispose of any security falling within any other provision of this Act; or


(f) a right under a contract for the acquisition or disposal of the relevant securities under which the delivery is to be made at a future date and at a price agreed when the contract is made in accordance with the terms of that contract; or


(g) the proceeds of Foreign Exchange or FOREX; or


(h) the proceeds of precious metals; or


(i) the proceeds of commodities.


  1. Subsection 1(1)

Insert in their correct alphabetical positions:


““depositary receipt” means a certificate or a written record of a document that:


(a) is issued by or on behalf of a person who holds any relevant securities of a particular issuer; and


(b) acknowledges that another person is entitled to the rights in relation to the relevant securities of the same kind;



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