The Anguilla House of Assembly held its first sitting for the New Year on Tuesday afternoon, January 12, and gave the first reading to five draft bills.
The first was a Bill for the Companies (Amendment) Act, 2021. Among other matters, it provides for a new section requiring a Register of Shareholders to be maintained. It also requires that where changes are made to the information included in the Register, the registry should be notified of the change within fifteen days.
The second was a Bill for the Company Management (Amendment) Act, 2021. It provides for an additional paragraph for the keeping of books, or other records, for the management of each company as required by the Regulatory Code.
The third piece of draft legislation was a Bill for the International Business Company (Amendment) Act, 2021. Clause 2 extends the deadline for the filing of a declaration regarding the conversion of shares, with the new date being July 31, 2021. Clause 3 allows for a company director, shareholder, liquidator or receiver to make an application to restore an international business company that had been struck off the Register. Clause 4 inserts a new section. This provides for the retention of accounting records, and the share register by the directors of the company, for a period of at least 6 years after the company was struck off. Where the international business company is wound up, the same shall be transferred by the director to a custodian in Anguilla who shall be required to retain such register and records for a period of six years from the date on which the company was dissolved or wound up. Both sections create offences for failure to comply with retention requirements. It also provides for the appointment by the court of a custodian who shall retain the records and register for a period of 6 years, where the court deems such appointment to be fit.
Clause 5 repeals the International Business Companies (Amendment) Act 2020.
The fourth piece of draft legislation is a Bill for the Limited Liability Company (Amendment) Act, 2021. This long Bill has to do with matters related to the deleting of the phrase “the Manager of an LLC” and the substituting of the phrase “the Manager or member of an LLC”, among other related provisions.
The fifth piece of draft legislation is a Bill for a Petroleum Act, 2021. This is to ensure that all persons have a licence to deal in or sell petroleum. Persons without a licence will be committing an offence and will be liable to a fine of $10,000 and six months imprisonment.
The Bill continues: “Where the licence fee is not aid, the Permanent Secretary may grant a grace period of up to 30 days after the fee becomes due and payable or impose a 2% interest charge on the amount or both.
“Where the licence fee and any penalty imposed is not paid in full or an agreement to pay is not settled to the satisfaction of the Permanent Secretary for up to 6 months after it is due, the Permanent Secretary shall take legal action to recover the debt due and the licensee shall be liable for the debt due, the monthly penalty imposed, accrued interest, collection costs and legal costs.”
The Bill also states: “The Governor in Council may make regulations for the better carrying out of this Act, including, without limitation, regulations for the imposition of licence fees; the management, safety and control of any Government or petroleum warehouse or bulk storage installation; and prescribing anything that may be prescribed under this Act.
“Any person who fails to comply with the provisions of Regulations made under this section commits an offence and is liable to a fine of $5,000 and 3 months imprisonment.”
Meanwhile, in taxation, the Anguilla Government’s 2021 budget provides for the imposition of a Bulk Petroleum fee of EC$750,000 per importer.
