Regulatory Alerts2009-01-01
Financial Institutions (Amendment) Act 2009-17
The Parliament of Barbados enacted the Financial Institutions (Amendment) Act 2009-17 to amend the Financial Institutions Act. The legislation removes the phrase "from the public" from the definition of banking business in section 2 of the principal Act. It also inserts a new section 112A exempting societies registered under the Co-operative Societies Act and the Friendly Societies Act from the provisions of the Financial Institutions Act.
Supplement to Official Gazette No. 63 dated 9th July, 2009 FINANCIAL INSTITUTIOYS (AMENDMENT) ACT, 2009 - 17 Arrangement of Sections Sectio~z
- Short title.
- Amendment of section 2 of Cap. 324A.
- Insertion of new section 112Ain Cap. 324A.
BARBADOS I assent C. STRAUGHN HUSBANDS Governor-General 29th June, 2009. 2009 - 17 An Act to alnend the Financial Institutions Act. (9th July, 2009.) commence- ' ment. ENACTED by the Parliament of Barbados as follows:
- This Act may be cited as the Fiizancinl Institzitions s110l-ttttle (Al?zend/nerzt) Act, 2009.
- Section 2 of the Financial Institutions Act, in this Act referred Amendto as the principal Act, is amended in the definition of "banking business" lnent of section 2 of by deleting the words "from the public" appearing in paragraphs (aj and cap- 324A, (b) of the definition.
2 FINANCIAL INSTITUTIONS (AMENDMENT) ACT, 2009 - 17 Insertion 3. The principal Act is amended by inserting the following new $Iew section immediately after section 11 2: section 1 12A in Cap. 324A. "AC~ not to 112A. (1) Any society registered under apply to certain institutions. (a) the Co-operative Societies Act; or Cap. 378A. (b) the Friendly Societies Act, Cap. 379. is exempt from the provisions of this Act."