THE BAHAMAS THE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

PART XIII MISCELLANEOUS

187.   The Minister may make regulations with respect to the duties to be performed by the Registrar under this Act and in so doing may prescribe the place where the office for the registration of International Business Companies is located.

188.   Any certificate or other document required to be issued by the Registrar under this Act shall be in such form as the Minister may approve.

189.

(1)    The Registrar shall, upon request by any person issue a certificate of good standing under his hand and seal certifying that a company incorporated under this Act is of good standing if the Registrar is satisfied that

(a)    the name of the company is on the Register; and

(b)   the company has paid all fees, licence fees and penalties due and payable.

(2)   The certificate of good standing issued under subsection (1) shall contain a statement as to whether

(a)    the company has submitted to the Registrar articles of merger or consolidation that have not yet become effective;

(b)   the company has submitted to the Registrar articles of arrangement that have not yet become effective;

(c)    the company is in the process of being wound up and dissolved; or

(d) any proceedings to strike the name of the company off the Register have been instituted.

190.

(1)   Except as provided in section 84(2) a person may

(a)    inspect the documents kept by the Registrar pursuant to this Act, and

(b)     require a certificate of incorporation, merger, consolidation, arrangement, continuation, dissolution or good standing of a company incorporated under this Act, or a copy or an extract of any document or any part of a document of which he has custody, to be certified by the Registrar and a certificate of incorporation, merger, consolidation, arrangement, continuation, dissolution or good standing or a certified copy or extract shall be prima facie evidence of the matters contained therein.

(2)   A document or a copy or an extract of any document or any part of a document certified by the Registrar under subsection (1) is admissible in evidence in any proceedings as if it were the original document.

191.

(1)   A company incorporated under this Act may without the necessity of joining any other party, apply to the court, by summons supported by an affidavit, for a declaration on any question of interpretation of this Act or of the Memorandum or Articles of the Company.

(2)   A person acting on a declaration made by the court as a result of an application under subsection (1) shall be deemed, in so far as regards the discharge of any fiduciary or professional duty, to have properly discharged his duties in the subject matter of the application.

192.   A judge of the Supreme Court may exercise in Chambers any jurisdiction that is vested in the court by this Act and in exercise of that jurisdiction, the judge may award such costs as may be just.

193.   The Minister may by Order vary any fee prescribed under any provision of this Act.

194.

(1)   The International Business Companies Act, 1989 with the exception of Part X is hereby repealed and the said Part X shall be repealed on the 1st day of January 2002.

(2)   Notwithstanding subsection (1), any International Business company which commenced winding-up under the repealed Act shall in respect of such winding-up continue to be governed by the winding-up provisions of that Act.

195.

(1)   Subject to section 194(2) and subsection (4) of this section, every International Business Company in existence immediately before the commencement of this Act shall continue in existence and shall satisfy the requirements of this Act within 12 months from the commencement of this Act and shall thereafter be continued as an International Business Company incorporated under this Act.

(2)   A company that fails to satisfy the requirements of this Act within the time specified in subsection (1) shall be struck off the Register: Provided that it shall not be necessary for a company to amend its Memorandum and Articles in order to satisfy the requirements of this Act.

(3)   All benefits accruing to any International Business Company registered in The Bahamas prior to the commencement of this Act shall not be affected by the coming into force of this Act.

(4)   Every company which has issued bearer shares under the repealed Act shall recall such shares within six months from the date of commencement of this Act and the company shall cancel such shares and substitute therefor registered shares issued in accordance with this Act and the regulations made thereunder. Any bearer shares which they have not been recalled and cancelled within the said period of six months shall thereafter be null and void and be without effect for all purposes of law.

SCHEDULE         (Section 175)

Fees to be paid to the Registrar

Matter in respect of

which fee is payable                                  Amount of fee

1.    Upon filing memorandum                        $300.00

2.    Upon filing articles                                  $ 30.00

3.    In respect of a company

registered under this Act

on 1st January of each year                            $350.00

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