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Companies (Amendment) (No. 2) Act, 1999

Amendment of Part XIII (Investment Companies) of Companies Act, 1990.

54.—(1) Section 253 of the Companies Act, 1990 , is hereby amended—

(a) in subsection (1)—

(i) by the deletion in paragraph (a) of “and”,

(ii) by the insertion in paragraph (b), after “nominal value thereto,” of “and”, and

(iii) by the addition of the following paragraph after paragraph (b):

“(c) that the issued share capital of the company for the time being shall not be less than a minimum amount nor more than a maximum amount specified in the memorandum,”,

and

(b) in subsection (2A) (inserted by the Investment Intermediaries Act, 1995 ), by the deletion of paragraph (b).

(2) Section 256 of the Companies Act, 1990 , is hereby amended—

(a) in subsections (5) and (7), by the substitution for “by promoting the sale of its shares to the public”, in each place where it occurs, of “by providing facilities for the direct or indirect participation by the public in the profits and income of the company”,

(b) in subsection (6), by the substitution for “promote the sale of its shares to the public” of “provide facilities for the direct or indirect participation by the public in the profits and income of the company”, and

(c) by the deletion of subsection (9).

(3) The following section is hereby substituted for section 260 of the Companies Act, 1990 :

“Amendment and restriction of certain provisions of Companies Acts.

260.—(1) The following provisions of the Principal Act, namely sections 5(1), 36, 213(d) and 215(a)(i), are hereby amended by the insertion after ‘private company’, in each place where it occurs in those provisions, of ‘or an investment company (within the meaning of Part XIII of the Companies Act, 1990 )’.

(2) None of the following provisions of the Principal Act shall apply to an investment company, namely sections 53, 56, 58, 60, 69, 70, 72, 119 and 125.

(3) None of the following provisions of the Companies (Amendment) Act, 1983 , shall apply to an investment company, namely sections 5(2), 6 and 19, subsections (3) and (4) of section 20, sections 22, 23 to 25, 30 to 33, 40, 41 and Part IV.

(4) Section 14 of the Companies (Amendment) Act, 1986 , shall not apply to an investment company.

(5) None of the following provisions of this Act shall apply to an investment company, namely, Chapters 2 to 4 of Part IV, section 140 (whether as regards a case in which the investment company is being wound up or a case in which it is a related company (within the meaning of that section)) and Part XI.”.