Regulatory Alerts2020-01-01
Foundations (Amendment) Act 2020
The President and National Assembly enacted the Foundations (Amendment) Act 2020 to modify Section 98(1) of the Foundations Act (Cap 270). The amendment repeals a conjunction and inserts a new paragraph mandating that foundations maintain their register of beneficial owners in compliance with the Beneficial Ownership Act, 2020. The legislation takes effect on a date designated by the Minister of Finance through an official Gazette notice.
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