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.
FOUNDATIONS (AMENDMENT) ACT, 2020 (Act 7 of 2020) AN ACT to amend the Foundations Act (Cap 270). ENACTED by the President and the National Assembly.
- This Act may be cited as the Foundations (Amendment) Act, 2020 and shall come into operation on such date as the Minister of Finance may appoint by Notice published in the Gazette. I assent Danny Faure President 6th April, 2020 [9th April 2020] Supplement to Official Gazette 71 Short title and commencement
Amendment of Cap 270 2. Section 98 (1) of the Foundations Act is hereby amended as follows — (a) in paragraph (a), by repealing the words “or” after the words “for a Foundation;”;
(b) after paragraph (a), insert the following paragraph — “(aa) failed to maintain the register of beneficial owners under the Beneficial Ownership Act, 2020;”. I certify that this is a correct copy of the Bill which was passed by the National Assembly on 25th March, 2020. Mrs. Tania Isaac Deputy Clerk to the National Assembly 72 Supplement to Official Gazette [9th April 2020]