THE BAHAMAS THE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

PART XI FEES AND PENALTIES

175.

(1) There shall be paid to the Registrar in respect of the several matters mentioned in the Schedule the several fees specified therein.

(2)   In respect of the payment of fees not more than thirty days grace to be calculated from the 1st of January in each year may be allowed by the Registrar for payment of the fee payable in any year under this Act.

(3)   The fees mentioned in the Schedule shall not apply until January 1, 2002 and the fees payable under the repealed Act shall remain in force until December 31, 2001.

(4)   The Minister may by order amend the Schedule for the purpose of varying the fees specified therein and any such order which vary the fees shall be exempt from the provisions of section 31 of the Interpretation and General Clauses Act but shall be subject to an affirmative resolution of the House of Assembly.

(5)   In subsection (4) “affirmative resolution of the House of Assembly” in relation to subsidiary legislation means that such legislation does not come into operation unless and until affirmed by a resolution of that House.

176. Any penalty incurred under this Act shall be paid to the Registrar.

177.

(1)    When an offence is committed under this Act by a company, whether it is incorporated or registered under this Act, and a director or officer of the company knowingly authorized, permitted or acquiesced in the commission of the offence, the director or officer is also guilty of that offence and shall be liable to the same criminal penalty specified for that offence.

(2)   Every offence under this Act and every default, refusal or contravention for which a penalty is provided by this Act, being an offence, default, refusal or contravention for which no other mode of proceedings is provided shall be enforced by summary proceedings.

178.   A person who contravenes any requirement of this Act regarding the name of a company is guilty of an offence and shall be liable on summary conviction to a fine of five hundred dollars.

179.   A person who fails to keep a Share Register for the purposes of section 29 is guilty of an offence and shal1 be liable on summary conviction to a fine of ten thousand dollars or imprisonment for two years.

180.

(1) A person who makes or assists in making a report, return, notice or other document for submission to the Registrar that -

(a)         contains any untrue statement of a material fact; or

(b)         omits to state a material fact required in such report, return notice or other document,

Is guilty of an offence and shall be liable on summary conviction to a fine of ten thousand dollars or imprisonment for two years.

(2) A person is not guilty of an offence under subsection (1) if the making of the untrue statement or the omission of the material fact was unknown to him and with the exercise of reasonable diligence could not have been known to him.

181.   A person who without reasonable cause contravenes any section of this Act for which no other penalty is provided is guilty of an offence and shall be liable on summary conviction to a fine of ten thousand dollars or imprisonment for two years.

182.   Any fee or penalty payable under this Act that remains unpaid for 30 days immediately following the date on which demand for payment is made by the Registrar is recoverable at the instance of the Attorney-General in civil proceedings as a debt due to the Crown.

183.   A company incorporated under this Act continues to be liable for all fees and penalties payable under this Act notwithstanding the name of the company has been struck off the Register and all those fees, and penalties have priority to all other claims against the assets of the company.

184.   All fees and penalties paid under this Act shall be paid by the Registrar into the Consolidated Fund.

185.

(1)    The Registrar may refuse to take action required of him under this Act for which a fee is prescribed until all fees have been paid.

(2)   The Registrar may refuse to continue under this Act a company incorporated under the companies Act until all fees prescribed as payable by the company under the Companies Act have been paid.

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