Companies (amendment) (no 2) bill 2014

Attorney General’s Chambers

6 November 2014

TURKS AND CAICOS ISLANDS COMPANIES (AMENDMENT) (NO. 2) BILL 2014 ARRANGEMENT OF CLAUSES CLAUSE

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Short title and commencement Interpretation Section 97A amended Section 97E amended Sections 97N and 97O repealed Extension of time to elect to continue as non-profit company

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Attorney General’s Chambers

6 November 2014

TURKS AND CAICOS ISLANDS A PROPOSAL FOR A

BILL FOR AN ORDINANCE TO AMEND THE COMPANIES ORDINANCE.

ENACTED by the Legislature of the Turks and Caicos Islands.

Short title and commencement 1. This Ordinance may be cited as the Companies (Amendment)(No.2) Ordinance 2014 and shall come into operation on such day as the Governor may appoint by Notice published in the Gazette.

Interpretation 2. In this Ordinance “principal Ordinance” means the Companies Ordinance.

Section 97A amended 3. Section 97A of the principal Ordinance is amended by repealing the definition of “non-profit company” and substituting the following— ““non-profit company” means a company established solely or primarily for the promotion of charitable, religious, cultural, educational, social or fraternal purposes or for the purpose of benefiting the public or a section of the public;”.

Section 97E amended 4. Section 97E of the principal Ordinance is amended in subsection (2) by deleting paragraph (b) and substituting the following— “(b) restrict the non-profit company’s purpose, objectives and activities to those of a charitable, religious, cultural, educational, social or fraternal

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Attorney General’s Chambers

6 November 2014

purposes or for the purpose of benefiting the public or a section of the public;�.

Sections 97N and 97O repealed 5. Sections 97N and 97O of the principal Ordinance are repealed.

Extension of time to elect to continue as non-profit company 6. Notwithstanding that the time has expired for a registered not for profit association to make an application under section 79C(1), no action shall be taken by the Registrar under section 5 of the Companies (Amendment) Ordinance 2012, to strike from the Register any registered not for profit association that has failed to make an election, until the expiration of such time as may be specified by the Governor by notice published in the Gazette.

PASSED by the House of Assembly this Tracey Parker Clerk to the House of Assembly

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day of Robert Hall Speaker

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Attorney General’s Chambers

6 November 2014

EXPLANATORY MEMORANDUM This Bill seeks to amend the Companies Ordinance to— (a) to repeal and replace the definition of “non-profit company” with a definition that specifies its purpose; (b) to repeal and replace section 97E(2)(b) to make it consistent with the definition of non-profit organisation in the Proceeds of Crime Ordinance; (c) to repeal sections 97N and 97O in respect of NPO Companies conducting annual audit, as those provisions are now captured in the NPO Regulations; and (d) to provide further time to a registered not for profit association to elect whether to continue as nonprofit company under the Companies Ordinance

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