Limited Liability Partnership (Amendment and Validation) Act, 2024 (Act 16 of 2024)

COMPANIES MANAGEMENT (AMENDMENT) BILL, 2024

A BILL FOR AN ACT TO AMEND THE COMPANIES MANAGEMENT ACT (2024 REVISION) TO PROVIDE THAT THE FEE FOR AN APPLICATION FOR A LICENCE IS NON-REFUNDABLE; AND FOR INCIDENTAL AND CONNECTED PURPOSES

PUBLISHING DETAILS Sponsoring Ministry/Portfolio: Ministry of Financial Services and Commerce (FSC)

Objects and Reasons

Memorandum of OBJECTS AND REASONS This Bill seeks to amend the Companies Management Act (2024 Revision) to provide that the fee for an application for a licence is non-refundable, and for incidental and connected purposes. Clause 1 of the Bill provides the short title and commencement of the legislation. Clause 2 amends section 5(6)(b) of the Companies Management Act (2024 Revision) to provide that the fee for an application for a licence is non-refundable.

Clause 1

COMPANIES MANAGEMENT (AMENDMENT) BILL, 2024

A BILL FOR AN ACT TO AMEND THE COMPANIES MANAGEMENT ACT (2024 REVISION) TO PROVIDE THAT THE FEE FOR AN APPLICATION FOR A LICENCE IS NON-REFUNDABLE; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title and commencement (1) This Act may be cited as the Companies Management (Amendment) Act, 2024. (2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet.

Clause 2

Amendment of section 5 of the Companies Management Act (2024 Revision) - application to be made to Authority The Companies Management Act (2024 Revision) is amended in section 5(6)(b) by deleting the word “such” and substituting the words “the non-refundable”. Passed by the Parliament the day of Speaker Clerk of the Parliament