|
No. 13 of 2005 |
AN ACT TO AMEND THE FOUNDATIONS
ACT |
[Date of Assent : – 8th
August, 2005]
Enacted by the Parliament of The Bahamas. |
1.(1) This Act, which amends
the Foundations Act, may be cited as the Foundations (Amendment) Act, 2005. | Short title and commencement. No. 23 of 2004. |
(2) This Act shall come into
operation on such day as the Minister may, by notice published in the Gazette,
appoint. |
2. Section 9 of the principal
Act is amended - | Amendment of section 9 of the
principal Act. |
(a) by repealing subsection (2) and
replacing it as follows - |
"(2)The founder may, in the
foundation charter or by instrument in writing, (revocable or irrevocable)
assign or transfer any or all of his rights, powers and obligations under this
Act, the foundation charter and the articles (if any) to such person or persons
as the founder shall in his absolute discretion determine. |
(3)Where the rights, powers and
obligations are so assigned or transferred any reference to the founder in this
Act, the foundation charter and articles (if any) shall be deemed to refer to
the assignee or transferee thereof. |
(4)Any assignment or transfer under
this section shall not be effective until written notice thereof is provided to
the secretary.". |
(b) by renumbering subsections (3),
(4) and (5) as subsections (5), (6) and (7), respectively. |
3. Section 34 of the principal
Act is amended by the insertion of the following new subsections - | Amendment of section 34 of the
principal Act. |
"(4)In lieu of passing
resolutions at formal meetings, resolutions may be consented to in writing by a
simple majority of those officers entitled to vote at a meeting or by such
larger majority of such officers as may be specified in this Act or the charter
or articles (if any) of the foundation. |
(5)Where a foundation has a sole
officer, resolutions may be passed by such officer consenting to same in
writing.". |
4. Section 40 of the principal
Act is amended by the insertion of the following new subsections - | Amendment of section 40 of the
principal Act. |
"(9)In lieu of passing
resolutions at formal meetings, resolutions may be consented to in writing by a
simple majority of those persons entitled to vote at a meeting or by such
larger majority of such persons as may be specified in this Act or the charter
or articles (if any) of the foundation. |
(10)Where a foundation has a sole
protector, foundation council or other governing body, resolutions may be
passed by such party consenting to same in writing.". |
5. Section 41 of the principal
Act is amended in subsection (1) by the deletion of the words "an
interest" and the substitution therefore of the words "a vested
interest". | Amendment of section 41 of the
principal Act |
6. Section 71 of the principal
Act is repealed. | Repeal of section 71 of the
principal Act. |
7.(1) Sections 72, 73, 74 and 75 of
the principal Act are consequentially renumbered as sections 71, 72, 73 and 74,
respectively. | Renumbering of sections. |
(2) In the renumbered section 74,
the words "section 74" occurring therein are deleted and replaced by
the words "section 73". |