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Amendment of section 50 of Principal Act
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8. Section 50 of the Principal Act is amended—
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(a) in subsection (3), by the substitution of “shall, subject to section 50A, be given” for “shall be given”,
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(b) in subsection (4), by the substitution of—
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(i) “Subject to subsection (5A), a company’s” for “A company’s”,
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(ii) “specified registered office agent” for “specified agent”, and
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(iii) “Registrar under subsection (7)” for “Registrar”,
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(c) in subsection (5), by the substitution of—
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(i) “registered office agent” for “agent approved for that purpose”, and
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(ii) “registered office agent’s” for “agent’s”,
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(d) by the insertion of the following subsections after subsection (5):
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“(5A) A registered office agent may deliver a notice in the prescribed form to the Registrar stating that the registered office of the company is no longer care of the registered office agent, and on receipt of any such notification, the Registrar shall notify the directors and the secretary of the company (in this section referred to as a ‘relevant notice’) that—
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(a) a notification has been received from the registered office agent stating that the registered office of the company is no longer care of the registered office agent, and
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(b) the company’s registered office may no longer be constituted by the statement referred to in subsection (4) unless the company delivers to the Registrar, within 14 days after the date of the relevant notice, a declaration in writing by the registered office agent that the company’s registered office is care of that registered office agent.
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(5B) A relevant notice shall be delivered by ordinary prepaid post to the usual residential address, as recorded in the office of the Registrar, of the addressee concerned.”,
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(e) in subsection (6), by the substitution of “subsection (1) or (3)” for “this section”, and
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(f) by the insertion of the following subsections after subsection (6):
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“(7) (a) The Registrar may, on application made to him or her by a company in the prescribed form, approve the company to act as a registered office agent for the purposes of this section, and a company so approved shall be known, and is referred to in this Act, as a ‘registered office agent’.
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(b) Where an application under paragraph (a) is made by a trust or company service provider, the Registrar shall not grant approval under that paragraph unless the company is the holder of a relevant authorisation.
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(c) The Registrar shall withdraw an approval granted under paragraph (a) where the company ceases to be the holder of a relevant authorisation.
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(8) (a) Subject to paragraph (b), a company that, immediately before the coming into operation of subsection (7), stands approved by the Registrar for the purposes of subsection (4) shall be deemed to be approved by the Registrar under subsection (7) to act as a registered office agent for the purposes of this section.
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(b) Paragraph (a) shall not apply to a company that is a trust or company service provider unless it is the holder of a relevant authorisation.”.
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