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2004-01-01

Protected Cell Companies (Amendment) Act 2004

The President and National Assembly issued this amendment to the Protected Cell Companies Act, 2003. It requires protected cell companies to benefit from a new statutory exemption covering stamp duty on property transfers, securities transactions, and core business operations. The legislation further excludes these entities from the Exchange Control Act for internal securities dealings and updates the approved business schedule to explicitly authorize insurance, mutual funds, and other authority-approved activities.

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[7th June 2004] Supplement to Official Gazette 243

PROTECTED CELL COMPANIES (AMENDMENT) ACT, 2004

(Act 6 of 2004)

I assent

[Signature]

J. A. Michel President

31st May, 2004

AN ACT to amend the Protected Cell Companies Act, 2003 (Act 4 of 2003).

ENACTED by the President and the National Assembly.

  1. This Act may be cited as the Protected Cell Companies Short title (Amendment) Act, 2004.

244 Supplement to Official Gazette [7th June 2004]

Amendment of 1. The Protected Cell Companies Act is amended as Act 4 of 2003 follows—

(a) by inserting after section 31 the following section:

"Exemptions 32. (1) Notwithstanding any provision of the Stamp Duty Act—

(a) all transfers of property to or by a protected cell company;

(b) all transactions in respect of the shares, debt obligations or other securities of a protected cell company; and

(c) all transactions relating to the business of a protected cell company

shall be exempt from payment of stamp duty.

(2) The Exchange Control Act shall not apply to a protected cell company or to any transactions relating to the securities of such company between the holders of such securities.";

(b) by repealing the Schedule and substituting therefor the following Schedule:

"Schedule

Section 3

  1. Insurance
  2. Mutual Funds
  3. Any other business activity approved by the Authority.".

[7th June 2004] Supplement to Official Gazette 245

I certify that this is a correct copy of the Bill which was passed by the National Assembly on 25th May, 2004.

[Signature]

Mrs. Sheila Banks Clerk to the National Assembly

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