Protected Cell Companies (Amendment) Act 2004

[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.

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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.".

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[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