Bermuda Consolidated Legislation

BERMUDA
1975 : 21

BANKS AND DEPOSIT COMPANIES (FEES) ACT 1975

ARRANGEMENT OF SECTIONS

1 Interpretation

2 Fee charged on grant of li cence to bank or deposit company

3 Annual fee for banks

3A Annual fee for deposit companies

4 Penalty for non-payment

5 Application of Companies Act 1981 section 123

6 [omitted]

7 [omitted]

8 [omitted]

FIRST SCHEDULE

Fee charge on issue of licence

SECOND SCHEDULE

Annual fee

[11 May 1975]

[preamble and words of enactment omitted]

Interpretation

1 In this Act —

"bank" means a bank within the meaning of the Banks Act 1969 [title 17 item 20];

"deposit company" means a deposit company within the meaning of the Deposit Companies Act 1974 [title 17 item 19].

Fee charged on grant of licence to bank or deposit company

2 (1) Subject to this Act, every bank and deposit company shall be charged a fee in the amount specified in the First Schedule upon the grant to it of a licence under the Banks Act 1969 [title 17 item 20] or, as the case may be, the Deposit Companies Act 1974 [title 17 item 19].

(2) The fee payable under subsection (1) shall be paid within sixty days of the grant of the licence referred to in that subsection.

Annual fee for banks

3 (1) Every bank shall on or before 31st January in every year after the year in which the bank was granted its licence pay to the Accountant-General the annual fee required by this section; and in this section that date in any given year is called the payment date and that year is called the payment year.

(2) Subject to subsections (3) and (4), the fee payable by a bank under subsection (1) in every payment year is the appropriate fee provided for in Part I of the Second Schedule.

(3) The fee prescribed by paragraph (b) of Part I of the Second Schedule is the fee payable by a bank in a payment year unless the bank has made a declaration under subsection (4) in respect of that payment year.

(4) In relation to any payment year, the declaration referred to in subsection (3) is one made by a bank by means of a memorandum, signed by two directors of the bank (being directors duly authorised thereto) and delivered to the Accountant-General not less than one month before the payment date, stating that the consolidated gross assets of the bank (in all currencies) as at the end of the bank's last complete financial year next preceding that payment year did not exceed $2,000,000,000 in value.

(5) A bank which makes a declaration under subsection (4) that is materially untrue shall be guilty of an offence against this Act and shall be liable on conviction by a court of summary jurisdiction to a fine of $50,000; and a director of a bank who signs a memorandum for the purposes of a declaration under subsection (4) that is materially untrue shall also be guilty of an offence against this Act and liable to prosecution and punishment similarly.

[section 3 substituted by 1990:13 effective 28 March 1990]

Annual fee for deposit companies

3A Every deposit company shall on or before 31st January in every year after the year in which the deposit company was granted its licence pay to the Accountant-General the fee prescribed by Part II of the Second Schedule.

[section 3A inserted by 1990:13 effective 28 March 1990]

Penalty for non-payment

4 (1) Subject to subsection (2), if a bank or deposit company fails to comply with section 3(1) or 3A, respectively, then (without prejudice to any other pro ceedings that may be taken in respect of the failure to comply) the bank or deposit company and every director or officer of the company who is responsible for the failure to comply, commits an offence against this Act:

Punishment on summary conviction: a fine of $100 for every day during which the default continues.

(2) Notwithstanding subsection (1), where a bank or deposit company has not made payment in accordance with section 3(1) or 3A, respectively, and the Accountant-General is satisfied that such non-payment is not due to wilful neglect or default, he may accept payment of the sum due under those sections together with a penalty of $1,000; and in any such case subsection (1) shall not apply in conse quence of the default concerned.

[section 4 amended by 1990:13 effective 28 March 1990]

Application of Companies Act 1981 section 123

5 (1) Section 123 of the Companies Act 1981 [title 17 item 5] shall apply with such variations as the circumstances may require to the re covery and collection of a fee under this Act and to the imposition of penalties hereunder as it does in the case of the annual tax chargeable to companies under that Act.

(2) [omitted] [spent]

Transitional

6 [omitted]

Amendment

7 [omitted]

Amendment

8 [omitted]

FIRST SCHEDULE
(Section 2)

Upon the issue of a licence to a bank: $50,000

Upon the issue of a licence to a deposit company: $2,500

[First Schedule amended by 1990:13 effective 28 March 1990]

SECOND SCHEDULE

(Sections 3(2) and 3A)

ANNUAL FEES

PART I — Banks

(a) where the bank has consolidated gross assets (in all currencies) of less than $2,000,000,000 in value:	$150,000
(b) where the bank has consolidated gross assets (in all currencies) of $2,000,000,000 or more in value:	$1,000,000

 

PART II — Deposit Companies

Every deposit company

$10,000

 

[Second Schedule substituted by 1990:13 effective 28 March 1990; by 1991:7 effective 25 March 1991; by 1992:5 effective 23 March 1992; by 1994:15 effective 24 March 1994; and by 1995:15 effective 22 March 1995]