Section 19
of International Business Companies Order, 2000
Section 19
(1)
If a company incorporated as an IBC ceases at any time to satisfy any of the requirements of section 6(1) and continues to do so for a period of at least thirty days, then at the expiry of those thirty days, the IBC shall notify the Registrar of that fact, specifying the requirement or requirements with which it fails to comply.
(2)
If an IBC wilfully contravenes subsection (1) or fails to comply with any condition in section 6(4), it shall be guilty of an offence and liable on conviction to a fine not exceeding one hundred thousand dollars and a further fine of one hundred dollars for every day after conviction on which the contravention or failure continues.
(3)
The provisions of subsections (1) and (2) are without prejudice to the power of the Registrar under sections 150 or 151 to take steps to strike off an IBC where he has reasonable cause to believe that the IBC no longer satisfies the requirements of section 6(1) or has failed to comply with the condition in section 6(4)(a).
(4)
An IBC shall make an annual return in the prescribed form, and shall lodge the return with the Registrar not later than 42 days from the date of its registration. If default is made in complying with this subsection, a penalty of US$50 shall be payable by the IBC.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
30
BLUV as at 20th June 2017