Art. 6 Matters concerning licensed companies requiring Minister's approva!. — XVII tal-1981 – Att tal-1981 dwar l-Impriża ta' l-Assigurazzjoni

(1) A licensed company shall, before making any addition 01'

alteration to the memorandum or articles of association or other instru­

ment constituting the company, submit to the Minister particulars in

writing of the proposed addition or a1teration for his prior approva l

and no such addition or a1teration shall be made unless and until the

Minister has signified his approva l in writing

Provided that in respect of a foreign company the provisions

of this subseetion shall not apply where the Minister has approved alter­

native arrangements which do not detraet materially from the objects of

this subseetion, and sueh arrangemcnts have been earried out.

(2) Where in eonsequenee of the transfer of any share or

shares in a licensed local company, the shares, held by or for persons

not resident in Malta would in the aggregate exceed twenty per centum

of the share capital of the company or, if such aggregate holding already

exceeds that pereentage, in the ease of any transfer or propos;:!d transfer

of shares to non-residents, the company shall inform the Millister of

any sueh transfer or proposed transfer, and, notwithstanding anything

eontained in any other law, or in the memorandum or articles of the

company or other instrument whereby it is constituted, 110 sueh transfer

shall be registered by the company, and no sueh transfer shall take

effect, whether it is registered or not by the eompany, unless and until

the Minister has significd his approval in writing on an application made

in that behalf.

(3) A licensed eompany shall inform the Minister of any

proposed arrangement or agreement for the sale or disposal of its

business, whether by amalgamation or otherwise, or of any proposal

for reeonstruetion, and submit them for his approval; and no such

arrangement, agreement or proposaI shall be earried into effeet, or

have effect, unless and until the Minister has signified his approval in

writing on an application made in that behalf.

For the purposes of subsection (2) of this seetion -

(4)

(a)

the expression "a person not resident in Malta" and

the expression "non-resident" include a foreign company and a

Iocal company control1ed by persons not resident in Malta, in­

cluding a company, wherever registered, which is itse1f so con­

trolled; and

(b)

"share" means a share earrying voting

rights, and

"share capital" shaH be construed accordingly.

(5) Any company which fails to comply with any of the

provisions of this section shall, without prejudice to any other provi­

sion of this Act. be liable in respect of each offence to a penalty not

exceeding ten thousand pounds and in the case of a continuing offence

to a further penalty not exceeding one hundred pounds for each day

during which the offence continues.

← Art. 5 Grant of licences. ATT Nru. XVII ta' 1-1981 ACT Na. XVII of 1981 AN ACT .enacted by the Parliament ATT maħruġ b'liġi Art. 7 →