Regulatory Alerts2018-01-01
Companies (Special Licences) (Amendment) Act, 2018
President Danny Faure and the National Assembly enacted this amendment to the Companies (Special Licences) Act (Cap 253), which repeals section 21 and Schedule 2. The legislation mandates that existing licensed companies may continue applying the repealed provisions until June 30, 2021 unless they submit a written opt-out notice to the Authority. Furthermore, assets introduced after October 17, 2017 are explicitly excluded from this transitional framework, with the Act taking effect on January 1, 2019.
[20th December 2018] Supplement to Official Gazette 211
[Coat of Arms]
COMPANIES (SPECIAL LICENCES) (AMENDMENT) ACT, 2018
(Act 17 of 2018)
I assent
[Signature]
Danny Faure President
19th December, 2018
AN ACT to amend the Companies (Special Licences) Act (Cap 253).
ENACTED by the President and the National Assembly.
1. This Act may be cited as Companies (Special Licences) (Amendment) Act, 2018 and shall come into operation on 1st January, 2019.
Short title and commencement
212 Supplement to Official Gazette [20th December 2018]
Amendment of Cap 253
2. The Companies (Special Licences) Act is hereby amended as follows —
(a) by repealing section 21;
(b) by repealing Schedule 2.
3. (1) Notwithstanding the repeal of section 21 and Schedule 2, the provisions of section 21 and the Schedule 2 shall continue to apply until 30th June, 2021 to a relevant company issued with a special licence on or before 16th October, 2017.
(2) A relevant company specified under subsection (1) may, by notifying the Authority in writing, opt out from the application of that subsection.
4. The subsection 3(1) shall not apply to the assets introduced in the relevant company on or after 17th October, 2017.
I certify that this is a correct copy of the Bill which was passed by the National Assembly on 6th December, 2018.
[Signature]
Mrs. Tania Isaac Deputy Clerk to the National Assembly