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or other documents rquired by this Act to be filed by him before the articles or other documents become effective, the Director must, (a) within sixty days after the receipt thereof by him or sixty days after he receives any approval required under any other Act, whichever is the later date, and, (b) after giving the p... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) If the Director does not file or give written notice of his refusal to file any articles or document within the time limited therefor in subsection (I), then, for the purposes of section 210, the Director has refused to file the articles or document.
210.
A person who feels aggrieved by a decision of Appeal from ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
the Director may apply to the court for an order r e q u i r i n ~ the Director to c h i g ; his decision; and upon the applical tion the court may so order and make any further order it thinks fit.
2 1.
If a corporation or any director, officer, Restraining order, etc. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
employee, agent, auditor, trustee, receiver, receiver-manager or liquidator of a Corporation does not comply with this Act, the regulations, articles, by-laws, or any unanimous shareholder agreement of the corporation, a complainant or creditor of the corporation may, in addition to any other right he has, apply to the... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
116 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Summary application.
212.
Where this Act states that a person may apply to the court, the application may be made in a summary manner by s u m m o ~ s or by such other manner as may bk provided by the rules of court, but subject to any ord... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
213.
(1) A person may not be appointed a receiver or receiver-manager of any assets of a corporation, and may not act as such a receiver or receiver-manager, if the person ( a ) is a body corporate, or ( b ) is an undischarged bankrupt. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) If a person who was appointed to be a receiver or receiver-manager becomes disqualified under subsection (1) or under any provision contained in a debt obligation or trust deed, another person may be appointed in his place by the persons who are entitled to make the appointment or by the court; but a receivership i... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) This section applies to a person appointed to be a receiver or receiver-manager whether so appointed before or after the commencement of this Act.
214. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
214.
A receiver of any property of a corporation, may, subject to the rights of the secured creditors, receive the income from the property, pay the liabilities connected with the property, and realise the security interest of those on behalf of whom he is appointed; but, except to the extent permitted by the court, h... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Functions of receiver- managers.
2 15.
A receiver of a corporation may, if he is also appointed manager of the corporation, carry on any business of the corporation to protect the security interest of those on behalf of whom he is appointed.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
appointed by the court or under an instrument, the powers of the directors of the corporation that the receiver-manager is authorised to exercise may not be exercised by the direc- tors until the receiver-manager is discharged.
2 17.
A receiver or receiver-manager of a corpora- D U ~ Y under court direction.
tion ap... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
tion appointed under an instrument must act in accordance with that instrument and any directions of the cqurt made under section 220.
\, 219.
A receiver or receiver-manager of a corpora- D U ~ Y of care- tion must (a) act honestly and in good faith; and (6) deal with any property of the corporation in his possession... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
manager of a corporation, whether appointed by the court or under an instrument, or upon an application by any interested person, the court may make any order it thinks fit, including, (a) an order appointing, replacing or discharging a receiver or receiver-manager and approving his accounts; (6) an order determining t... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (e) an order requiring the receiver or receiver- manager, or a person by or on behalf of whom he is appointed, (i) to make good any default in connection with the receiver's or receiver-manager's custody or management of the property and business of t... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
221.
A receiver or receiver-manager of a corpora- tion must Duties of receivers, etc. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(a) immediately give notice of his appointment to the Director, and of his discharge; ( 6 ) take into his custody and control the property of the corporation in accordance with the court order or instrument under which he is appointed; (c) open and maintain a bank account in his name as receiver or receiver-manager of ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 119 of the preparation of the financial statement or render- ing of the final account, as the circumstances require.
222. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 1 ) A receiver of assets of a corporation appointed with powers contained in any instrument ( a ) is personally liable on any contract entered into by him in the performance of his functions, except to the extent that the contract otherwise provides, and (b) is entitled in respect of that liability to an indemnity ou... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) When the purported appointment of a receiver out of court is invalid because the charge under which the appointment purported to be made is invalid or because, in the circumstances of the case, the power of appointment under the charge was not exercisable o r not wholly exer- cisable, the court may, on application ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) Subsection ( 1 ) applies to a receiver appointed before or after the commencement of this Act, but does not apply to contracts entered into before the commencement of this Act.
223.
Where a receiver or a receiver-manager of any Notice receivership.
of assets of a corporation has been appointed for the benefit of... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporation I-%\VS OF ANTIGUA AND BARBUDA on or in which the name of the corporation appears, must contain a notice that a receiver or a receiver-manager has been appointed.
Statement of affairs.
224. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) Where a receiver of the whole, or substan- tially the whole, of the assets of a corporation, in this sec- tion and section 225 referred to as the "receiver", is appointed under powers contained in a trust deed, for the benefit of the holders of any debt obligations of the corpora- tion secured by a general floating... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) The receiver shall, LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 121 ( a ) within two months or such longer period as the court may allow, after the expiration of the period of twelve months from the date of his appointment and after every subsequent period of twe!ve months, and ( 6 ) within two months or such longer period as the court may allow after he ceases to act as receiv... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) The abstract must show ( a ) the receiver's receipts and payments during the period of twelve months or, if the receiver ceases so to act, during the period from the end of the period to which the last preceding abstract related up to the date of his so ceasing to act, and ( b ) the aggregate amounts of his receipt... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(4) Subsection ( 1 ) does not apply in relation to the appointment of a receiver to act with an existing receiver, or in place of a receiver who dies or ceases to act, except that, where that subsection applies to a receiver who dies or ceases to act before the subsection has been fully com- plied with, the references ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(5) If the corporation is being liquidated, this section and section 225 apply notwithstanding that the receiver and the liquidator are the same person, but with any necessary modifications arising from that fact.
(6) Nothing in subsection (2) affects the duty of the receiver to render proper accounts of his receipts ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
122 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Contents of statement.
225. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) The statement as to the affairs of a corpora- tion required by section 224 to be submitted to the receiver or his successor must show, as of the date of the receiver's appointment, ( a ) the particulars of the corporation's assets, debts and liabilities, ( b ) the names, addresses and occupations of the corporation... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) The state of affairs of the corporation must be sub- mitted by, and be verified by, the signed declaration of at least one person who is, at the date of the receiver's appoint- ment, a director, and by the secretary of the corporation at that date, or by such of the persons, hereafter in this subsec- tion mentioned... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) Any person making or verifying the statement of affairs of a corporation or any part of it must be allowed and paid by the receiver or his successor out of the receiver's receipts, such costs and expenses incurred in and about the LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 123 making... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
PART I11 REGULATION OF INTERNATIONAL BUSINESSES DIVISION A: LICENSING REQUIREMENTS 226.
Hereinafter in this Act, Definitions. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(a) "advisory committee" means a committee established under Part V to assist the appropriate official in carrying out his duties under this Act; (6) "appropriate official" means, as the cir- cumstances require, (i) in relation to international banking and trust business, the Supervisor; (ii) in relation to internation... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
227.
(1) Notwithstanding section 9, no certificate of ::;::,":?
incorporation may be issued in respect of a corporation whose articles of incorporation do not provide that the corporation is restricted from carrying on any international banking, trust or insurance business unless a tentative licence under this Part h... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) No licence shall be required under this Part with respect to any international trade or business other than international banking, trust or insurance business.
124 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA Tentative proposal.
Incorporation upon licence.
Entitlement to licence. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Entitlement to licence.
(3) A corporation shall not carry on, within Antigua and Barbuda, any business activity that is not necessary or incidental to the international trade or business for which it is licensed under this Part.
(4) In this section "business activity'' means any trade, business, venture or concern fo... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
228.
(1) A person who intends to incorporate a cor- poration under this Act to carry on an international bank- ing, trust or insurance business may, on behalf of the intended corporation, submit to the Superintendent or Supervisor, or to both, as the circumstances require, a pre-incorporation application for a tentati... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) O n payment of the fee determined under this Part, the appropriate official may issue a tentative licence for the intended corporation subject to such conditions as the appropriate official considers necessary to ensure compliance with this Act. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) The appropriate official may revoke a tentative licence if, after the incorporation of the corporation for which it was issued, a condition of the licence has not been com- plied with; but if the conditions have been complied with the appropriate official must issue an ordinary licence under section 230 for that co... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
229.
Section 9 applies when a tentative licence has been issued under section 228 in respect of any banking, trust or insurance business that a proposed corporation intends to carry on.
A 230. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) The appropriate official must, upon an A - application made to him, issue an applicant, as the case requires, with a licence or tentative licence to carry on from within and outside Antigua and Barbuda any international trade or business for which it applies, if, after such investiga- tion and inquiries as he is re... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 125 (2) If the appropriate official refuses to issue a licence to a corporation on the grounds that it would be contrary to public policy to do so, his decision may be appealed within thirty days of the refusal to a judge of the court in chamber... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
international trade or business must (a) give details of the applicant corporation or intended corporation for which the application is made; ( 6 ) give the names and addresses of the directors or proposed directors of the applicant corporation or intended corporation, as the case requires; (c) give particulars of all ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) An application for a licence must be accompanied with the initial fee, as determined under this Part, for each trade or business that the applicant corporation or intended corporation wishes to carry on.
232. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(I) O n receipt of an application for a licence f;;z+::n of A - under this Part, the appropriate official may cause such investigations and inquiries to be made of the applicant cor- poration, its directors and officers or proposed directors and officers, its financial circumstances, and of such of its affiliates or as... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
126 CAP. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA ( 2 ) In particular, but without limiting the generality of subsection (I), the appropriate official may, in respect of the applicant corporation or intended corporation for which the application is being made, require an examination to be made of ( a... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Duty to issue or refuse.
233.
(1) The appropriate official must issue or refuse a licence under this Part to an applicant (a) within three months of the receipt of the application, or (6) if additional information is required by the appropriate official, within fourteen days of the receipt by him of the additional in... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 2 ) In reviewing an application for a licence under this Part, the appropriate official may consult with his advisory committee; and he may be advised by that body regarding the public interests in respect of the licence application. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) When the appropriate official is of the opinion that it is in the public interest to do so, he may issue a licence to an applicant subject to such terms and conditions as are required in respect of the particular international trades or businesses for which licences are issued to an applicant.
Refusal of licence.
... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 127 grounds for his refusal, but he need not give the reasons on which the grounds were determined.
(2) If the appropriate official states that the refusal is in the public interest, he need give no other grounds for his refusal.
235. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
235.
(1) A licence issued under this Part is subject to such terms and conditions as are set out in the licence, and remains valid until revoked pursuant to this Part; but it is a condition of the licence that an annual fee be paid in the amount determined under this Part and at the prescribed time in respect of each ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 2 ) It is also a condition of a licence issued under this Part that the licensee under the licence will notify the appropriate official and the Director of the' creation by it of any subsidiary within or outside Antigua and Barbuda, and of the establishment by it of any business places outside Antigua and Barbuda.
o... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
licence of a licensee, if he ( a ) does not commence the licensed activity within six months after the issuance of the licence; ( b ) contravenes a condition of the licence; (c) commits an offence under this Act; or (6) ceases to carry on the international trade or business for which the licence was issued. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 2 ) When the appropriate official intends to revoke a licence of a licensee, the appropriate official must give notice in writing to the licensee of his intention and give the licensee a reasonable opportunity to show cause why the licence should not be revoked.
(3) When a licence is revoked, the appropriate officia... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
LAW OF ANTIGUA AND BARBUDA CAP.
222) International Business Corporations Appeal from revocation.
237.
(1) A licensee aggrieved by the revocation of its licence by the appropriate official may, within thirty days of the giving of the written notice of its revocation, appeal the revocation to a judge of the court in c... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) Pending an appeal under subsection (1) of the revocation of a licence, the appropriate official may suspend the licence until the appeal is determined; and during such suspension the licensee shall not carry on the trade or business for which the licence was issued. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) When the appropriate official revokes a licence and there is no appeal therefrom, or if there is an appeal and the appeal is disallowed, the notice of the revocation of the licence must be published by the appropriate official in the Gazette and in a newspaper published in Antigua and Barbuda; and the appropriate o... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
DIVISION B: INTERNATIONAL BANKING BUSINESS BANKING BUSINESS 238.
(1) A banking corporation, that is to say, a cor- poration that is licensed to carry on an international bank- ing business solely or together with any other international trade or business, shall, as a condition of that licence, main- tain a stated capi... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
239.
A banking corporation is not subject to any reserve requirements under the Banking Act, nor is it sub- ject to the licensing requirement or other requirements of that Act in other respects.
240.
A banking corporation may engage in any generally acceptable banking activities from within Antigua and Barbuda and e... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Nature of its business.
Cap.
40.
Banking activities.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 129 241.
The accounts maintained by a banking corpora- Identifying tion for its customers may be identified in any manner, but accounts.
a record of the account that identifies the benef... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
tion must, as a condition of its licence under this Part, sub- mit to the appropriate official: ( a ) a quarterly return providing an analysis of customers' liabilities to the corporation in respect of loan, advances and other assets of the corporation, and a state- ment of assets and liabilities, which return shall be... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
( 2 ) The returns under subsection ( 1 ) must be in a prescribed form or in a form approved by the appropriate official.
243.
Subject to section 244, the Supervisor may Additional information. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
require a banking corporation to submit to him such addi- tional information and returns as the Supervisor considers necessary for the proper understanding of any statement or return received under section 242; and the corporation shall submit the required additional information and returns within such time and in such... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
no person shall disclose any information relating to the business affairs of the customer that he has acquired as an officer, employee, agent, auditor, solicitor of the banking corporation, or otherwise in the performance of his duties or the exercise of his functions under this Act, except in the performance or exerci... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
130 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (2) No person shall enquire as to any matters covered under subsection (1) except in the performance of his duties under this Act.
(3) No statement, return or information submitted under section 242 or 243 may be required with respect to th... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(4) Nothing in this Act impairs the duty of a bank to protect the confidentiality of the business affairs of its customers. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(5) No court order shall be issued under subsection (1) except in connection with an investigation authorized under this Act or in connection with the giving of evidence for the purpose of or in the course of the trial of any person in respect of an alleged criminal offence triable within Antigua and Barbuda or which w... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Published statements.
245.
The appropriate official must prepare and, at the cost of the banking corporations concerned, have publish- ed in the Gazette consolidated statements aggregating the figures in the quarterly returns received under section 242.
Stated capital requirements.
DIVISION C: INTERNATIONAL T R U S... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
DIVISION C: INTERNATIONAL T R U S T BUSINESS 246.
A trust corporation, that is to say, a corpora- tion that is licensed to carry on an international trust business solely or together with any other international trade or business, shall as a condition of that licence, maintain a stated capital account in any currency ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Powers, etc.
247.
A trust corporation has all the powers, rights, duties and obligations properly applying to trustees under the laws of Antigua and Barbuda, but subject to any provi- sions of this Part.
LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 131 248. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 131 248.
Nothing in subsection 247 prevents an instru- Foreign trust ment of trust entered into by a trust corporation from applying the law of another country to the trust; but if it does so section 249 to 253 do not apply to the trust.
law.
249.
(1) The rule of law known as the rule against P'f,"~~f~f~;,.
pe... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) The rule of law relating to accumulations does not apply in respect of any trusts vested in a trust corporation.
250.
(1) Subject to subsection (2), a trust corpora- :;t;i;ztinr tion that holds trust funds awaiting investment or distribu- tion must not hold those funds uninvested or undistributed any longer than ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) Unless it is contrary to the terms of the instrument establishing the trust, the trust funds described in subsection (1) may be held in any commercial or savings department that the trust corporation operates, subject to such conditions as are prescribed therefor.
25 1. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
25 1.
(1) A common trust fund is a trust that operates 2 ; ~ trust by the pooling of funds for a number of participants who share, as beneficiaries under the trust, in the income or other gains derived f r o q the acquisition, holding, management or disposal of assets acquired for the trust. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) A trust corporation may, in the course of its business, establish, maintain and administer one or more common trust funds and, subject to subsection (3), invest assets held in trust accounts in a common trust fund.
(3) The assets of a trust account shall only be invested in a common trust fund if the instrument es... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
132 CAP.
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (4) A common trust fund must be established, main- tained and administered by a trust corporation in accordance with a written declaration of trust in a form approved by the directors of the trust corporation and containing any par- ticulars... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(5) A person having an interest in a common trust fund, as beneficiary or otherwise, is entitled, at his own reasonable cost, to be supplied by the trust corporation with a copy of the declaration applying to that trust fund.
(6) A trust account that participates in a common trust fund has a beneficial interest in so ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(7) If the declaration of trust establishing a common trust fund so provides, an interest in a common trust fund is negotiable and assignable; and an interest in the fund may also be disposed of in the manner provided by the declara- tion of trust relating to the fund or as prescribed in the absence of any such provisi... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Separation of trust assets.
252. corporation shall In carrying on its business, an international trust (a) keep all assets held in trust separate from its other assets, and ( 6 ) keep separate from those of its other accounts the assets of each trust account unless they are properly identified as the property of the t... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Dealing with trust assets.
253.
(1) Subject to the terms of the instrument establishing the trust, the assets comprising the funds of the trust may be sold, converted, re-invested, exchanged, transferred or otherwise changed or disposed of at any time by the trust corporation administering the trust.
(2) A trust cor... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 133 ~ ~ ~ ~ C ~ .
( a ) the transaction is fully disclosed to the parties who have an interest in those trust accounts and their prior consent is obtained to the transaction, ( b ) the transaction is fair to both accounts, and (c) the transaction is not prohibited by the terms of the instruments establishing the t... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) Property of the following kinds held or owing E:;;z;.ed in the course of its business by a banking corporation and in respect of which no activity has been evidenced for a period of ten years is abandoned property, that is to say: ( a ) any general deposit; that is, a demand, saving or matured time deposit, made wi... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) Activity is evidenced in respect of the property described in subsection (1) if the owner of the property has ( a ) within ten years of the date of the deposit increased or decreased the amount of the deposits or 134 CAP. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA presented a passbook or other record for the crediting of interest on the deposit; (b) wichin ten years of paying funds for the pur- chase of securities or other interests mentioned in subsec- tion (I), increased or decreased the amount of the funds o... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Disposal of abandoned property.
256.
(1) The corporation shall, once in each finan- cia1 year of the corporation, report to the appropriate official all its holding of abandoned property and from time to time transfer to thk appropriate offici-al in the prescribed manner all abandoned property in its possession. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) When a corporation transfers any abandoned pro- perty to the appropriate official pursuant to this Part, the corporation is relieved from any liability to the beneficial owners thereof to the extent of the value of the property transferred to the appropriate official. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) Within thirty days after a corporation reports to the appropriate official pursuant to subsection (I), the appropriate official must publish in the Gazette a notice of the name of the owner and particulars concerning the aban- doned property and mail a copy of that notice to the beneficial owner of the property, at... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
Sale of abandoned property.
257.
(1) The appropriate official may sell at public auction any property that has been transferred to him under section 256, after the expiration of thirty days from the latest date of publication of the notice referred to in subsection (3) of that section and after the mailing of the cop... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
222 135 (2) The public auction may be held after such reasonable advertising of the sale as the appropriate official considers suitable. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) The appropriate official must pay into the Consolidated Fund all money received by him as abandoned property and the proceeds of the public auction of any aban- doned property less, in each case, ( a ) such amount as the appropriate official con- siders necessary to reserve for the payment of claims later made and ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
258.
(1) A person who claims a beneficial interest Claims against property.
in any abandoned property transferred to the appropriate official may make a claim for the value thereof within the prescribed time and in the prescribed manner.
(2) If the appropriate official is satisfied that a claimant is entitled to the... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) A person aggrieved by a refusal of his claim for aban- doned property by the appropriate official may, within twenty-one days of receiving notice of the refusal, appeal the decision to a judge of the court in chambers, who may make such order thereon as he considers equitable.
DIVISION E: EXAMINATION O F BANKS, TR... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
When the appropriate official has reasonable Examination of affairs by grounds for believing that a bank, trust or insurance cor- poration is not in a sound financial condition or that it is not acting in compliance with this Act, the appropriate official may immediately appoint an examiner or himself examine the affai... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
260.
(1) Subject to subsection (2), a corporation shall, at such time as the examiner under subsection (1) fixes, produce for the examiner all books, minutes, cash, securities, vouchers and other documents and records relating to its assets, liabilities and business generally and shall give the examiner such informati... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) An examiner may not have access to, nor shall he be given access to, the name or the account of any depositor or the name of any settlor or beneficiary of a trust, if the deposit agreement or instrument establishing the trust, as the case may be, had directed that it be kept secret. | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(3) Notwithstanding subsection (2), the court may, on the application of the appropriate official, order the produc- tion of information protected under that subsection if the court is satisfied that it is required in the public interest by the examiner for the proper performance of his duties under this Part and that ... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(1) When the appropriate official is of the opi- nion that an examination of a corporation pursuant to this Part indicates that the corporation is carrying on its business in an unlawful manner or is in unsound financial condition, (a) the appropriate official may require that the cor- poration immediately take such re... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
(2) A person appointed under subsection (1) is entitled to be paid such remuneration as the appropriate official may LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
222 determine, which must be charged to and paid by the cor- poration concerned.
DIVISION F: INTERNATIONAL INSURANCE BUSINESS 262.
... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
poration that is licensed to carry on an international insurance business solely or together with any other international trade or business, shall, as a condition of that licence, maintain a stated capital account in any currency in a minimum amount of two hundred and fifty thousand United States dollars.
263.
(1) An... | Democratic Participation | Electoral facilitation for women politicians and women voters | Antigua and Barbuda | https://docs-lawep.s3.us-east-2.amazonaws.com/1694878254353.pdf | http://laws.gov.ag/wp-content/uploads/2018/08/cap-222.pdf |
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