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The Set-Off And Netting On Insolvency Act (Act No. Iv Of 2003)

ACT No. IV of 2003

AN ACT enacted by the Parliament of

Malta.

AN ACT to make provision for the enforceability of set-off and netting on bancruptcy or insolvency and to amend various other financial and commercial laws.

A 261
Nag[ti l-kunsens tieg[i.
(L.S.) GUIDO DE MARCO
President
5 ta’ Marzu, 2003
ATT Nru. IV ta’ l-2003

ATT biex jipprovdi li jkunu nfurzati dispo]izzjonijiet ta’ tpa/ija u netting f’ka] ta’ falliment jew insolvenza u biex jemenda diversi li;ijiet finanzjarji u kummer/jali o[ra.

IL-PRESIDENT, bil-parir u l-kunsens tal-Kamra tad-Deputati, imlaqqg[a f’dan il-Parlament u bl-awtorità ta’ l-istess, [are; b’li;i dan li ;ej>-
TAQSIMA I
1. (1) It-titolu ta’ dan l-Att huwa l-Att ta’ l-2003 dwar Tpa/ija u Netting f’ka] ta’ Insolvenza.
(2) Din it-Taqsima g[andha tibda sse[[ f’dik id-data li l- Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil- Gazzetta.
2. F’dan l-Att, kemm-il darba r-rabta tal-kliem ma te[tie;x xort’o[ra -
“dispo]izzjoni ta’ close-out netting” tfisser dispo]izzjoni f’kuntratt li bis-sa[[a tag[ha malli ti;ri xi ;rajja spe/ifikata, sew bl-operat ta’ netting jew tpa/ija jew xort’o[ra-

Titolu fil-qosor u bidu fis-se[[.

Tifsir.

A 262

Tpa/ija u netting.

(a) il-benefi//ju ta]-]mien biex ikunu sodisfatti obbligazzjonijiet rilevanti mid-debitur ma jkunx jista’ iktar ji;i mitlub u, jew l-obbligazzjonijiet rilevanti jsiru dovuti immedjatament u espressi b[ala obbligazzjoni li jit[allas ammont li jirrappre]enta l-valur kurrenti stmat tag[hom, jew ikunu mitmuma u sostitwiti b’obbligazzjoni li jit[allas dak l-ammont, u, jew,
(b) kull obbligazzjoni ta’ parti biex tikkonsenja proprjeta’ lill-parti l-o[ra jkollha ti;i sodisfatta immedjatament minkejja kull benefi//ju ta’ ]mien mog[ti lid-debitur u ti;i espressa b[ala obbligazzjoni li jit[allas ammont li jirrappre]enta l-valur kurrenti stmat tag[ha jew il-valur tas-sostituzzjoni tag[ha jew tkun mitmuma u sostitwita b’obbligazzjoni li jit[allas dak l-ammont, u
(ç) ji;i kalkolat dak li jkun dovut minn kull parti lill-parti l- o[ra dwar dawk l-obbligazzjonijiet, u dawk l-obbligazzjonijiet ji;u li g[andhom ikunu sodisfatti bil-[las ta’ somma netta aggregata li tkun daqs il-bilan/ tal-kont mill-parti li jkollha tag[ti l-og[la ammont<
“netting” tfisser il-konver]joni f’talba netta wa[da jew f’obbligazzjoni netta wa[da ta’ talbiet u obbligazzjonijiet li jkunu jo[or;u minn xi kuntratt, bir-ri]ultat li talba netta wa[da biss tkun tista’ ssir jew li obbligazzjoni netta wa[da biss tkun dovuta.
3. (1) Minkejja d-dispo]izzjonijiet ta’ kull li;i o[ra, kull dispo]izzjoni ta’ close-out netting jew kull dispo]izzjoni o[ra f’xi kuntratt li tipprovdi g[al jew dwar it-tpa/ija jew netting ta’ somom dovuti minn parti wa[da lill-o[ra dwar krediti re/ipro/i, djun re/ipro/i jew transazzjonijiet re/ipro/i o[ra g[andha ti;i nfurzata skond it-termini tag[ha, sew qabel jew wara l-falliment jew l-insolvenza, relattivament g[al debiti re/ipro/i, krediti re/ipro/i jew transazzjonijiet re/ipro/i li jkunu nqalg[u jew ;raw qabel il-falliment jew insolvenza ta’ wa[da mill-partijiet, kontra>
(a) il-partijiet fil-kuntratt,
(b) kull garanti jew persuna o[ra li tag[mel garanzija g[al xi parti fil-kuntratt,
(ç) l-istral/jarju, ir-ri/evitur, il-kuratur, il-kontrollur, il- kontrollur spe/jali jew uffi/jal ie[or simili ta’ xi wa[da mill-partijiet fil-kuntratt, u
(d) il-kredituri tal-partijiet fil-kuntratt.
(2) Meta dispo]izzjoni ta’ close-out netting tkun infurzata, obbligazzjonijiet espressi f’muniti differenti g[andhom ikunu konvertiti f’munita wa[da u dawk l-obbligazzjonijiet g[andhom ikunu sodisfatti bil-[las ta’ somma netta aggregata li tkun daqs il-bilan/ tal-kont mill- parti li minnha jkun dovut l-og[la ammont.
(3) Kull awtorità jew mandat f’kuntratt biex tkun implimentata xi dispo]izzjoni ta’ close-out netting ma jkunx revokat bid- dikjarazzjoni tal-falliment jew l-insolvenza ta’ xi parti o[ra fil-kuntratt.
(4) Is-subartikolu (1) ta’ dan l-artikolu ma g[andux japplika dwar xi ftehim ta’ close-out netting li jkun sar fi ]mien li fih il-parti l- o[ra kienet taf jew kellha tkun taf li kien hemm pendenti rikors g[ax- xoljiment u l-istral/ tal-kumpannija min[abba insolvenza, jew li l- kumpannija tkun [adet passi formali ta[t xi li;i applikabbli biex iwasslu g[ax-xoljiment u stral/ tag[ha min[abba insolvenza.
(5) Is-subartikolu (1) ta’ dan l-artikolu lanqas ma g[andu japplika meta l-parti insolventi tkun individwu jew so/jetà kummer/jali li ma tkunx kumpannija u l-parti l-o[ra kienet taf jew kellha tkun taf bi
;rajjiet tax-xorta msemmija fis-subartikolu ta’ qabel dan dwar il-parti
insolventi.
(6) Minkejja d-dispo]izzjonijiet ta’ kull li;i o[ra, ebda [a;a ma g[andha tillimita jew iddewwem l-applikazzjoni ta’ xi dispo]izzjoni ta’ xi kuntratt li tipprovdi jew tirrelata dwar tpa/ija jew netting li xort’o[ra setg[at ti;i nfurzata u ebda ordni ta’ xi qorti jew xi mandat jew in;unzjoni jew ordni simili ie[or ma[ru; minn qorti jew xort’o[ra u ebda pro/ edimenti hi x’inhi x-xorta tag[hom ma g[andu jkollhom effett dwar dik id-dispo]izzjoni.
A 263
g[andha -
(7) Ebda [a;a fis-subartikolu (6) ta’ dan l-artikolu ma
(a) ittellef l-applikazzjoni ta’ xi li;i li tirrendi li netting jew tpa/ija mhux infurzabbli f’xi ka] partikolari g[al ra;unijiet ta’ frodi jew xi ra;uni o[ra simili, jew
(b) tippermetti li jkun infurzabbli netting jew tpa/ija ta[t dan l-artikolu jekk xi dispo]izzjoni ta’ kuntratt bejn il-partijiet konçernati
;;ib null netting jew tpa/ija min[abba frodi jew xi ra;uni o[ra simili.
(8) L-artikolu 303, 304 u 315 ta’ l-Att dwar il-Kumpanniji u l-artikolu 485 tal-Kodi/i tal-Kummer/ g[andhom japplikaw biss dwar

Kap. 386. Kap. 13.

A 264

Ftehim dwar obbligazzjonijiet u transazzjonijiet.

Applikabbilta’ g[al ferg[at f’Malta.

Inapplikabilità ta’ l- artikolu 2013 tal- Kodiçi ?ivili.

Emenda ta’ l-Att dwar il-Promozzjoni tan-Negozju, Kap.

325.

dispo]izzjoni ta’ close-out netting fejn ikun hemm frodi min-na[a tal- parti fil-ftehim li ma tkunx il-parti insolventi.
4. Partijiet f’kuntratt ikunu jistg[u, meta jag[mlu kuntratt -
(a) jiftiehmu fuq xi sistema jew mekkani]mu li biha l-partijiet ikunu jistg[u jikkonvertu obbligazzjoni mhux finanzjarja f’obbligazzjoni monetarja ta’ valur ekwivalenti u li jivvalutaw dik l-obbligazzjoni g[all-finijiet ta’ xi tpa/ija jew netting<
(b) jiftiehmu fuq ir-rata tal-kambju jew il-metodu li g[andu jintu]a biex ti;i stabbilita r-rata tal-kambju li g[andha tintu]a biex issir xi tpa/ija jew netting meta s-somom li jkunu s-su;;ett ta’ tpa/ija jew netting ikunu f’muniti differenti, u li jistabbilixxu il- munita li biha g[andu jsir il-[las tas-somma netta<
(/) jiftiehmu li kull transazzjonijiet jew negozji o[ra li jsiru skond xi kuntratt, sew jekk identifikati spe/ifikament jew b’riferenza g[al xorta jew klassi ta’ transazzjonijiet jew negozji, g[andhom jitqiesu b[ala transazzjoni wa[da jew negozju wie[ed g[all-fini tad-dispo]izzjonijiet tat-tpa/ija jew netting fil-kuntratt u li dawk it-transazzjonijiet u negozji kollha jkunu meqjusa b[ala transazzjoni wa[da jew negozju wie[ed mill-partijiet jew minn xi stral/jarju, ri/evitur, kuratur, kontrollur jew kontrollur spe/jali jew minn uffi/jal ie[or li ja;ixxi g[all-partijiet jew minn xi qorti.
5. Dispo]izzjoni ta’ close-out netting li ssir minn parti li tkun ferg[a f’Malta ta’ kumpannija barranija tkun valida u infurzabbli skond id-dispo]izzjonijiet ta’ dan l-Att minkejja d-dispo]izzjonijet ta’ kull li;i o[ra li tista’ tkun applikabbli g[al dik il-parti, mag[duda l-li;i li ta[tha dik il-kumpannija tkun kostitwita.
6. ?essjoni ta’ kreditu jew ta’ azzjoni li tifforma parti minn ftehim li jkun fih dispo]izzjoni ta’ close-out netting ma g[andhiex tkun so;;etta g[ad-dispo]izzjonijiet tas-subartikolu (3) ta’ l-artikolu 2013 tal-Kodiçi
?ivili.
TAQSIMA II
EMENDA TA’ L-ATT DWAR IL-PROMOZZJONI TAN- NEGOZJU, KAP. 325
7. Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar il-Promozzjoni tan-Negozju, hawnhekk i]jed ‘il quddiem f’din it-Taqsima msejja[ “l-Att prin/ipali”.
8. Minnufih wara s-subartikolu (9) ta’ l-artikolu 3 ta’ l-Att prinçipali, g[andu ji]died is-subartikolu (10) ;did li ;ej>
“(10) Minkejja d-dispo]izzjonijiet tas-subartikoli 4(6), 5(7),
5A(6) u 15 ta’ dan l-Att, b’se[[ mis-sena ta’ stima 2004 ebda kumpannija ma jkollha jedd g[all-in/entivi provduti bl-artikoli 4, 5 u 5A ta’ dan l-Att>
I]da kumpannija tista’ tikkwalifika g[al dawk il-benefi//ji jew in/entivi li l-Ministru jista’ jippreskrivi.”.
TAQSIMA III
EMENDI TA’ L-ATT DWAR L-AWTORITA’ G{AS-SERVIZZI FINANZJARJI TA’ MALTA, KAP.330
9. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar l-Awtorità g[as-Servizzi Finanzjarji ta’ Malta, hawnhekk i]jed ’il quddiem f’din it-Taqsima msejja[ “l-Att prin/ipali”.
(2) Din it-Taqsima g[andha tibda sse[[ f’dik id-data li l- Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil- Gazzetta u dati differenti jistg[u ji;u hekk stabbiliti g[al dispo]izzjonijiet differenti u g[anijiet differenti tag[ha.
10. L-artikolu 6 ta’ l-Att prinçipali g[andu ji;i emendat kif ;ej>–
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “Il-Bord tal- Gvernaturi jkun ukoll responsabbli biex jag[ti pariri lill-Gvern kif provdut fl-artikolu 4 u li jag[ti pariri lill-Ministru ta[t l-artikolu
31.” g[andhom jid[lu l-kliem “Il-Bord tal-Gvernaturi jkun ukoll responsabbli biex jag[ti pariri lill-Gvern kif provdut fl-artikolu
4”< u
(b) fil-paragrafu (d) tas-subartikolu (6), minflok il-kliem “jew fi]iku, jew g[al xi ra;uni o[ra, jew g[al im;ieba [a]ina<” g[andhom jid[lu l-kliem “jew fi]iku, jew g[al im;ieba [a]ina<”.
11. L-artikolu 16 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) fis-subartikolu (1) tieg[u, minflok il-kliem “d-dritt li
titlob a//ess ra;onevoli”, g[andhom jid[lu l-kliem “d-dritt li titlob
a//ess u d[ul ra;onevoli”<
A 265

Emenda ta’ l- artikolu 3 ta’ l-Att prin/ipali.

Emendi ta’ l-Att dwar l-Awtorità g[as-Servizzi Finanzjarji ta’ Malta, Kap. 330.

Emenda ta’ l- artikolu 6 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 16 ta’ l-Att prin/ipali.

A 266

Emenda ta’ l- artikolu 17 ta’ l-Att prin/ipali.

}ieda ta’ l-artikolu

20A ma’ l-Att prinçipali.

(b) fil-paragrafu (b) tas-subartikolu (2) tieg[u, minflok il- kliem “lill-Awtorà.” g[andhom jid[lu l-kliem “lill-Awtorita’< u”<
(/) minnufih wara l-paragrafu (b) tas-subartikolu (2) tieg[u, g[andu jid[ol il-paragrafu (/) ;did li ;ej>
“(/) te[tie; lid-detentur tal-li/enza jew awtorizzazzjoni o[ra, u, jew lil kull uffi/jal tieg[u, biex iwettaq jew ma jwettaqx xi g[emil, mag[duda dawk il-projbizzjonijiet, restrizzjonijiet u kondizzjonijiet li jistg[u jkunu spe/ifikati fl-avvi]< u kull direttiva b[al dik tista’ tin[are; dwar ka]ijiet spe/ifi/i jew klassijiet ta’ ka]ijiet< kull detentur ta’ li/enza jew awtorizzazzjoni o[ra u, jew l-uffi/jal li lilu jkun indirizzat l-avvi] g[andu jobdi u j[ares u jag[ti effett lil kull direttiva b[al dik fi]-]mien u bil-mod li jing[ad fid-direttiva.”< u
(d) minnufih wara s-subartikolu (2) tieg[u, g[andu jid[ol is-subartikolu (3) ;did li ;ej>-
“(3) Meta detentur ta’ li/enza jew manager, segretarju, direttur jew persuna o[ra responsabbli g[al detentur ta’ liçenza tikser jew tonqos li t[ares xi wa[da mill-kondizzjonijiet imposti f’li/enzi ma[ru;a mill-Awtorità skond l-artikolu 4 ta’ dan l- Att jew xi direttivi jew linji ta’ gwida ma[ru;a skond dan l- artikolu, l-Awtorità tista’ b’avvi] bil-miktub timponi fuq persuni li/enzjati jew awtorizzati minnha, jew li jaqg[u ta[t il- funzjonijiet regolatorji jew supervi]orji tag[ha, mag[duda managers, segretarji, diretturi, u, jew persuni o[ra, skond il- ka], penali amministrattiva u d-dispo]izzjonijiet tas-subartikoli (9) u (11) ta’ l-artikolu 6 ta’ l-Att dwar Servizzi ta’ Investiment g[andhom japplikaw mutatis mutandis.”.
12. Fis-subartikolu (2) ta’ l-artikolu 17 ta’ l-Att prinçipali, minflok il-kliem “Minkejja d-” g[andhom jid[lu l-kliem “Ming[ajr pre;udizzju g[ad-”.
13. Minnufih wara l-artikolu 20 ta’ l-Att prinçipali, g[andu jid[ol dan l-artikolu 20A ;did li ;ej>

“Arran;amenti ta’ bejg[ remot.

20A. Il-Ministru jista’, filwaqt li ja;ixxi fuq il-parir ta’ l-Awtorità, jag[mel regolamenti li jirregolaw arran;amenti ta’ bejg[ remot g[ar-rigward ta’ servizzi finanzjarji u l-g[emil ta’ kull ftehim meta l-konsumatur u xerrejja o[ra u min ikun qed jipprovdi s-servizz ikunu jinsabu ’l bog[od minn xulxin, u g[al dan l-g[an biex jistipulaw il-forma u l-proçedura biex
ikun jista’ jsir kull ftehim ta’ bejg[ remot b[al dawk, li jkunu jipprovdu biex jidda[[lu jew jit[allew barra xi pattijiet u kondizzjonijiet partikolari, biex jistabbilixxu ]mien ta’ kançellament g[all-konsumatur, biex jistabbilixxu livelli u e]enzjonijiet, u biex jistabbilixxu drittijiet minimi g[all- konsumaturi, u biex jintroduçu mi]uri li jag[mlu l-offerti g[al xi ftehim b[al dawk aktar trasparenti u informattivi, u biex jirregolaw kull aspett ie[or ta’ bejg[ remot.”.
14. L-artikolu 21 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej> (a) is-subartikolu (16) tieg[u g[andu ji;i numerat mill-;did
b[ala subartikolu (17)< u
(b) minnufih wara s-subartikolu (15) tieg[u, g[andu jid[ol is-subartikolu (16) ;did li ;ej>
“(16) Appell mag[mul ta[t dan l-artikolu ma jissospendix l-operat ta’ xi de/i]joni jew direttiva li minnha jsir l-appell>
I]da de/i]joni biex tkun kan/ellata li/enza ma tibdix isse[[ sakemm jg[addi ]-]mien li fih jista’ jsir appell ta[t dan l-artikolu u, jekk isir appell f’dak i]-]mien, id-de/i]joni g[andha tibda sse[[ fid-data tad-de/i]joni tat-Tribunal biex ji/[ad l-appell jew fid-data li fiha l-appell ikun abbandunat.”.
15. Fis-subartikolu (1) ta’ l-artikolu 26 ta’ l-Att prinçipali, minflok il-kliem “Iç-?entru jista’ jwaqqaf Fond ta’ ri]erva li g[alih ir- residwu ta’ fondi li jidderiva mill-Kont ta’ D[ul u Nfiq tieg[u i]da dak il-fond ma g[andu f’ebda ]mien ikun akbar mill-kapital inizjali taç-
?entru m[allas lilu ta[t l-artikolu 13 ta’ dan l-Att.” g[andhom jid[lu l- kliem “L-Awtorità tista’ twaqqaf Fond ta’ Ri]erva li g[alih ir-residwu
ta’ fondi li tidderiva mill-Kont ta’ D[ul u Nfiq tag[ha i]da dak il-fond ma g[andu f’ebda ]mien ikun akbar mill-kapital inizjali ta’ l-Awtorità.”.
16. (1) Minflok il-kliem “Kumitat E]ekuttiv ta’ Kordinazzjoni” kull fejn jinsabu fid-diversi artikoli ta’ l-Att prin/ipali, g[andhom jid[lu f’kull ka] il-kliem “Kumitat ta’ Kordinazzjoni”.
(2) Minflok il-kelma “?entru” kull fejn tinsab fl-artikoli 25 u 26 ta’ l-Att prinçipali, g[andha f’kull ka] tid[ol il-kelma “Awtorità”.
A 267

Emenda ta’ l- artikolu 21 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 26 ta’ l-Att prinçipali.

Emenda ta’ diversi artikoli ta’ l-Att prin/ipali.

A 268

Emenda ta’ l-Att dwar il-Portijiet

{ielsa ta’ Malta, Kap. 334.

TAQSIMA IV
EMENDA TA’ L-ATT DWAR IL-PORTIJIET {IELSA TA’ MALTA, KAP. 334
17. Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar il-Portijiet {ielsa ta’ Malta, hawnhekk i]jed ’il quddiem f’din it-Taqsima imsejja[ “l-Att prin/ipali”.

Emenda ta’ artikolu

20A ta’ l-Att prinçipali.

;ej>-
18. L-artikolu 20A ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) id-dispo]izzjoni pre]enti g[andha ti;i numerata mill-
;did b[ala s-subartikolu (1) tieg[u< u
(b) minnufih wara s-subartikolu (1) tieg[u kif numerat mill-
;did, g[andu jid[ol is-subartikolu (2) ;did li ;ej>-
“(2) Minkejja d-dispo]izzjonijiet tas-subartikolu (1) ta’ dan l-artikolu, b’se[[ mis-sena ta’ stima 2004, ebda persuna ma jkollha jedd g[all-benefi//ji provduti bl-artikoli 18 u 19 ta’ dan l-Att, u b’se[[ mill-ewwel jum ta’ Jannar 2003 ebda persuna ma jkollha jedd g[all-benefi//ji provduti bl-artikolu
20 ta’ dan l-Att>

Kap. 325.

Emendi ta’ l-Att dwar Swieq Finanzjarji, Kap.

345.

Emenda ta’ l- artikolu 37 ta’ l-Att prin/ipali.

I]da persuna tista’ tikkwalifika g[al dawk il-benefi//ji li jistg[u jkunu applikabbli g[aliha ta[t l-Att dwar il-Promozzjoni tan- Negozju.”.
TAQSIMA V
EMENDI TA’ L-ATT DWAR SWIEQ FINANZJARJI, KAP. 345
19. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar Swieq Finanzjarji, hawnhekk i]jed ’il quddiem f’din it-Taqsima msejja[ “l-Att prin/ipali”.
(2) Din it-Taqsima g[andha tibda sse[[ f’dik id-data li l- Ministru responsabbli g[all-finanzi jista’ b’Ordni fil-Gazzetta jistabbilixxi u dati differenti jistg[u ji;u hekk stabbiliti g[al dispo]izzjonijiet differenti u g[anijiet differenti tag[ha.
20. L-artikolu 37 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej> (a) minflok is-subartikolu (2) tieg[u g[andu jid[ol dan li
;ej>–
“(2) Bis-sa[[a tas-setg[at mog[tija lill-Awtorità Kompetenti bis-sa[[a ta’ dan l-artikolu, id-dispo]izzjonijiet tas-subartikolu (2) ta’ l-artikolu 17 ta’ l-Att dwar Servizzi ta’ Investiment g[andhom japplikaw mutatis mutandis.”< u
(b) is-subartikolu (3) tieg[u g[andu jit[assar.
21. Artikolu 38 ta’ l-Att prinçipali g[andu ji;i emendat kif ;ej> (a) fis-subartikolu (1) tieg[u, minflok il-kliem “li ma tkunx
persuna li tista’ le;ittimament tikseb l-informazzjoni g[all-finijiet
ta’ jew skond, id-dispo]izzjonijiet ta’ dan l-Att, [lief bil-kunsens tal-persuna li ming[andha l-informazzjoni kienet miksuba u sakemm l-informazzjoni tirreferi biss g[al dik il-persuna.” g[andhom jid[lu l-kliem “u d-dispo]izzjonijiet ta’ l-artikolu 26 ta’ l-Att dwar Servizzi ta’ Investiment g[andhom japplikaw mutatis mutandis.”<
(b) is-subartikolu (2) tieg[u g[andu jit[assar<
(ç) is-subartikoli (3), (4), (5) u (6) tieg[u g[andhom ji;u enumerati mill-;did b[ala subartikoli (2), (3), (4) u (5) rispettivament<
(d) fis-subartikolu (3) kif enumerat mill-;did, minflok il- kliem “tas-subartikolu (3)” g[andhom jid[lu l-kliem “tas- subartikolu (2)”<
(e) fis-subartikolu (4) kif enumerat mill-;did, minflok il- kliem “tas-subartikolu (3) jew (4)” g[andhom jid[lu l-kliem “tas- subartikolu (2) jew (3)”< u
(f) fis-subartikolu (5) kif enumerat mill-;did, minflok il- kliem “fis-subartikoli (1) u (3)” g[andhom jid[lu l-kliem “fis- subartikoli (1) u (2), u minflok il-kliem “tas-subartikoli (3) u (4)” g[andhom jid[lu l-kliem “tas-subartikoli (2) u (3)”.
A 269

Emenda ta’ l- artikolu 38 ta’ l-Att prin/ipali.

;ej>-
22. Minflok l-artikolu 49 ta’ l-Att prin/ipali g[andu jid[ol dan li

Sostituzzjoni ta’ l- artikolu 49 ta’ l-Att prin/ipali.

“49. Il-Ministru, li ja;ixxi fuq il-parir ta’ l-Awtorità
Kompetenti, jista’ jag[mel regolamenti>
(a) sabiex jag[tu effett lid-dispo]izzjonijiet ta’ dan l- Att, inklu]i regolamenti g[ar-regolamentazzjoni a[jar ta’ exchanges ta’ investiment rikonoxxuti u, jew l-ammissibbilta’
A 270

Emenda ta’ l-Att dwar il- Kompetizzjoni, Kap. 379.

Emenda ta’ l- artikolu 30 ta’ l-Att prin/ipali.

g[all-elenku ta’ titoli fihom u sabiex jipprovdu g[al s[ubija diretta jew indiretta ta’, jew a//ess g[al, exchanges ta’ investiment rikonoxxuti fit-termini u skond obbligi internazzjonali ta’ Malta<
(b) sabiex jirregolaw it-trasferiment tal-proprjeta’ u, jew il-kunsinna ta’ titoli kwotati fuq exchange ta’ investiment rikonoxxut, clearing u konklu]joni ta’ transazzjonijiet imwettqa fuq exchange ta’ investiment rikonoxxut, [las g[al trasferiment ta’ titoli kwotati fuq exchange ta’ investiment rikonoxxut, rahan ta’ titoli kwotati fuq exchange ta’ investiment rikonoxxut<
(ç) sabiex jirregolaw l-applikazzjoni ta’ l-artikolu 50 g[al exchanges ta’ investiment rikonoxxuti, barra mill-Bor]a, u g[al so/jetajiet kummer/jali barra minn kumpanniji<
(d) sabiex jirregolaw it-traspo]izzjoni, l- implimentazzjoni u jag[tu effett lid-dispo]izzjonijiet, [ti;iet, obbligi u rabtiet dwar ir-regolamentazzjoni ta’ exchanges ta’ investiment rikonoxxuti u, jew l-ammissibbilta’ g[all-elenku ta’ titoli fihom li jinqalg[u minn s[ubija, affiljazzjoni jew relazzjoni ma’ organizzazzjonijiet internazzjonali jew re;jonali jew gruppi ta’ pajji]i jew ta[t xi trattat, konvenzjoni jew ftehim internazzjonali ie[or sew jekk bilaterali, re;jonali jew multilaterali, li Malta tkun parti fih.”.
TAQSIMA VI
EMENDA TA’ L-ATT DWAR IL-KOMPETIZZJONI, KAP. 379
23. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar il-Kompetizzjoni, hawnhekk i]jed ‘il quddiem f’din it-Taqsima msejja[ “l-Att prin/ipali”.
(2) Din it-Taqsima g[andha tibda sse[[ f’dik id-data li l- Ministru responsabbli g[all-kummer/ jista’ jistabbilixxi b’avvi] fil- Gazzetta.
24. Minflok is-subartikolu (2) ta’ l-artikolu 30 ta’ l-Att prin/ipali g[andu jid[ol dan li ;ej>
“(2) Intrapri]i illi ;ew fdati bit-t[addim ta’ servizzi li jkunu ta’ nteress ekonomiku ;enerali jew li jkollhom ix-xejra ta’ monopolju
li jipprodu/i d[ul finanzjarju g[andhom ikunu su;;etti g[ad- dispo]izzjonijiet ta’ dan l-Att sakemm l-applikazzjoni ta’ dawn ir-regoli ma’ tkun to[loq ebda ostaklu, ta’ li;i jew ta’ fatt, fit-twettiq tal-[idmiet partikolari fdati lilhom.
(3) Il-Ministru jista’ b’ordni fil-Gazzetta jiddikjara xi servizz spe/ifiku fdat lil intrapri]a partikolari b[ala servizz fl-interess ekonomiku ;enerali.”.
TAQSIMA VII
EMENDI TA’ L-ATT DWAR IL-KUMPANNIJI, KAP. 386
25. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar il-Kumpanniji, hawnhekk i]jed ’il quddiem f’din it-Taqsima msejja[ “l-Att prin/ipali.”
(2) Din it-Taqsima g[andha tibda sse[[ f’dik id-data li l- Ministru responsabbli g[ar-re;istrazzjoni ta’ so/jetajiet kummer/jali jista’ jistabbilixxi b’avvi] fil-Gazzetta, u dati differenti jistg[u ji;u hekk stabbiliti g[al dispo]izzjonijiet differenti jew g[anijiet differenti tag[ha.
26. L-artikolu 2 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) fis-subartikolu (1) tieg[u -
(i) minflok it-tifsira ta’ “ECU” g[andha tid[ol din li
;ejja>–
“ “euro” tirreferi g[all-unità tal-munita ta’ stati li jipparte/ipaw fl-Unjoni Monetarja Ewropeja<”<
(ii) fit-tifsira ta’ “kumpannija minn grupp”, minflok il-kelma “holding” kull fejn tinsab g[andha tid[ol f’kull ka] il-kelma “parent”<
(iii) fit-tifsira ta’ “membru”, minflok il-kliem “ “membru” tfisser azzjonista ta’ kumpannija” g[andhom jid[lu l-kliem “ “membru [lief fejn spe/ifikament imfisser xort’o[ra, tfisser azzjonista ta’ kumpannija”<
(iv) fit-tifsira ta’ “prospett”, minflok il-kliem “obbligazzjonjiet ta’ kumpannija<” g[andhom jid[lu l-kliem “obbligazzjonijiet ta’ kumpannija jew so/jetà kummer/jali o[ra<”<
A 271

Emendi ta’ l-Att dwar il-Kumpanniji, Kap. 386.

Emenda ta’ l- artikolu 2 ta’ l-Att prin/ipali.

A 272

Kap. 345.

(v) minnufih wara t-tifsira ta’ “espert” g[andha tid[ol it-tifsira ;dida li ;ejja>
“Exchange ta’ Investiment Rikonoxxut” tfisser exchange ta’ investiment rikonoxxut skond id- dispo]izzjonijiet ta’ l-Att dwar Swieq Finanzjarji<”< u
(vi) fit-tifsira ta’ “sigurtà” minflok il-kliem “strument simili ma[ru; minn kumpannija<” g[andhom jid[lu l-kliem “strument simili ma[ru; minn kumpannija jew minn so/jetà kummer/jali o[ra<”<
(b) is-subartikoli (3), (4) u (5) tieg[u g[andhom ji;u numerati mill-;did b[ala subartikoli (4), (5) u (7) rispettivament<
(ç) minnufih wara s-subartikolu (2) tieg[u, g[andu ji]died is-subartikolu (3) ;did li ;ej>-
“(3)(a) G[all-finijiet ta’ dan l-Att, dawn li ;ejjin jikkostitwixxu offerti mag[mula lill-pubbliku>
(i) offerta mag[mula lill-pubbliku b’mod
;enerali<
(ii) offerta mag[mula lil persuni li jir/ievu l- offerta li l-g[add tag[hom ikun iktar minn [amsin, bla [sara g[ad-dispo]izzjonijiet tal-paragrafu (b) ta’ hawn ta[t.
(b) Dawn li ;ejjin ma jikkostitwux offerta lill-pubbliku minkejja li l-g[add tal-persuni li jir/ievu l-offerta jista’ jkun iktar minn [amsin>
(i) offerta fejn l-azzjonijiet ikunu offruti b[ala azzjonijiet im[allsa kollha g[al ebda konsiderazzjoni, jew
(ii) offerta fejn il-konsiderazzjoni totali li jkollha tit[allas g[all-azzjonijiet offruti ma tkunx i]jed minn Lm10,000 u l-konsiderazzjoni massima li jkollha tit[allas minn persuna individwali li tir/ievi l-offerta ma tkunx i]jed minn Lm100< jew
(iii) offerta fejn l-inqas konsiderazzjoni li tista’ tit[allas minn xi persuna g[al azzjonijiet akkwistati wara offerta tkun g[all-inqas Lm50,000< jew
(iv) offerta mag[mula esklu]ivament lil membri e]istenti jew detenturi ta’ obbligazzjonijiet tal-kumpannija< jew
(v) offerta mag[mula lil underwriter< jew
(vi) offerta mag[mula dwar jew b’konsegwenza ta’ merger proposta tal-kumpannija li tag[mel l-offerta ma’ kumpannija o[ra< jew
(vii) offerta mag[mula dwar take-over bid< jew
(viii) offerta mag[mula esklu]ivament g[al /irku ristrett ta’ persuni, li n-numru tag[hom ikun inqas minn mitejn u [amsin, li jkunu qed ja;ixxu g[alihom infushom fir-rigward tas-seng[a jew professjoni tag[hom< jew
(ix) offerta mag[mula esklu]ivament lil sezzjoni tal- kommunità jew grupp ta’ persuni mag[]ula u identifikabbli b’mod /ar li jkunu mag[rufa minn min jag[mel l-offerta u li ja;ixxu g[alihom infushom, li flimkien ma jkunux jg[oddu iktar minn mitejn u [amsin, li flimkien ma’ min jag[mel l- offerta jkunu jaqsmu xi interess, mira jew o;;ettiv /ar u komuni, mag[duda membri ta’ l-istess familja u membri ta’ ka]in jew asso/jazzjoni>
I]da g[al offerti mag[mula bis-sa[[a tas-sub-paragrafi (ii), (viii) u (ix) ta’ dan il-paragrafu u meta n-numru tal-persuni li jirçievu l-offerta jkun i]jed minn [amsin, tkun me[tie;a l- approvazzjoni bil-miktub tar-Re;istratur sabiex dawk l-offerti ma jkunux jikkostitwixxu offerta lill-pubbliku<
(/) Fil-ka] ta’ xi dubju ra;onevoli li jinqala’ dwar jekk offerta partikolari ta’ azzjonijiet tkunx tammonta g[all-offerta lill- pubbliku jew le, il-kwistjoni tkun de/i]a mir-Re;istratur liema deçi]joni tkun finali.
(d) F’dan l-artikolu, il fra]i “azzjonijiet” tinkludi sigurtajiet o[ra li jistg[u jin[ar;u minn kumpannija.
(e) Meta l-offerta tkun mag[mula minn so/jetà kummerçjali, li ma tkunx kumpannija u sew jekk kostitwita ta[t dan l-Att jew xi Att ie[or, id-dispo]izzjonijiet ta’ dan l-artikolu g[andhom mutatis mutandis japplikaw g[al dik l-offerta.
A 273
A 274

Kap. 281.

Emenda ta’ l- artikolu 3 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 4 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 6 ta’ l-Att prin/ipali.

(f) Il-Ministru jista’ b’Ordni pubblikat fil-Gazzetta jirrevedi jew jemenda kull figuri jew ammonti msemmija f’dan l-artikolu.”<
(d) minflok is-subartikolu (4) tieg[u kif numerat mill-;did, g[andu jid[ol dan li ;ej>-
“(4) G[all-finijiet ta’ dan l-Att, t[aris ta’ “prin/ipji u l-prattika ta’ kontijiet ;eneralment a//ettati” je[tie; t[aris ta’ l-International Accounting Standards li jistg[u jin[ar;u minn
]mien g[al ]mien mill-International Accounting Standards

Board, jew xi korp ie[or su//essur tieg[u jkun li jkun l-isem kif ikun mag[ruf, u ta’ kull standards ta’ kontijiet li jistg[u ji;u applikati minn ]mien g[al ]mien skond l-Att dwar il- Professjoni ta’ l-Accountancy.

F’dan is-subartikolu, l-International Accounting Standards Board jirreferi g[all-Bord, stabbilit bl-att tal-kostituzzjoni tat-28 ta’ :unju 1973 li ji;bor fih il-korpi ta’ professjonisti fl-accountancy li huma membri ta’ l-International Federation of Accountants, stabbiliti fil-Kungress Internazzjonali ta’ l-Accountants fi Munich, fl-1977.”< u
(e) minnufih wara s-subartikolu (5) tieg[u kif numerat mill-
;did, g[andu ji]died is-subartikolu (6) ;did li ;ej>-
“(6) G[all-finijiet ta’ dan l-Att, meta xi dokument, li jkun me[tie; li ji;i konsenjat jew mog[ti jew notifikat lir- Re;istratur, g[andu jkun iffirmat minn xi espert u dak l-espert ikun kumpannija, so/jetà jew xi korp ;uridiku ie[or, dak id- dokument g[andu j;ib il-firma ta’ individwu li jkun direttur, so/ju jew uffi/jal ekwivalenti, skond il-ka], li jkun awtorizzat kif imiss biex jiffirma g[an-nom tieg[u.”.
27. Fis-subartikolu (2) ta’ l-artikolu 3 ta’ l-Att prin/ipali, minflok il-kliem “fil-{dax-il Skeda” g[andhom jid[lu l-kliem “fit-Tnax-il Skeda”.
28. Fil-paragrafu (b) tas-subartikolu (1) ta’ l-artikolu 4 ta’ l-Att prin/ipali, minflok il-kliem “so/jetà in akkomandita” g[andhom jid[lu l-kliem “so/jetà in akkomandita jew so/jetà limitata.”
29. L-artikolu 6 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok is-subartikolu (2) tieg[u, g[andu jid[ol dan li
;ej>-
“(2) Fuq l-ittri kummer/jali u fil-formuli ta’ l-ordnijiet tieg[u kollha, korp ;uridiku re;istrat ta[t it-Taqsima XI ta’ dan l-Att g[andu jsemmi b’ittri le;ibbli l-isem, il-pajji] fejn ikun kostitwit jew inkorporat in-numru tar-re;istrazzjoni tieg[u u l-uffi//ju re;istrat fejn ikun kostitwit jew inkorporat, ix-xorta ta’ so/jetà kummer/jali, l-indirizz tal-ferg[a jew post tan-negozzju f’Malta, in-numru tar-re;istrazzjoni tieg[u ta[t it-Taqsima XI ta’ dan l-Att u, meta applikabbli, il-fatt li l- kumpannija barranija tkun qed ti;i stral/jata.”<
(b) fis-subartikolu (4) tieg[u, minflok il-kliem “so/jetà in akkomandita” g[andhom jid[lu l-kliem “so/jetà in akkomandita jew so/jetà limitata”< u
(c) fis-subartikolu (9) tieg[u, minflok il-kliem “kull stralçjarju li jkun naqas” g[andhom jid[lu l-kliem “kull stral/jarju jew so/ju, skond il-ka], li jkun naqas”.
30. Minflok it-tieni proviso g[all-artikolu 7 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“I]da wkoll illi g[all-anqas wie[ed mis-so/ji jkun jew individwu jew korp ;uridiku li jkollu l-obbligazzjonijiet tieg[u garantiti bir-responsabbilta’ mhux limitata u in solidum ta’ wie[ed jew iktar mill-membri tieg[u.”.
31. Fis-subartikolu (1) ta’ l-artikolu 21 ta’ l-Att prin/ipali, minflok il-kliem “kull xoljiment tas-so/jetà barra milli mat-tmiem ta]-
]mien, jekk il-ka], stabbilit g[ad-dewmien tag[ha” g[andhom jid[lu
l-kliem “kull xoljiment tas-so/jetà g[ar-ra;unijiet imsemmija fil- paragrafu (b) jew (f) ta’ l-artikolu 35 ta’ dan l-Att”.
A 275

Emenda ta’ l- artikolu 7 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 21 ta’ l-Att prin/ipali.

;ej>-
32. L-artikolu 35 ta’ l-Att prin/ipali, g[andu ji;i emendat kif

Emenda ta’ l- artikolu 35 ta’ l-Att prin/ipali.

(a) minflok il-paragrafu (d) tieg[u, g[andu jid[ol dan li ;ej>
“(d) jekk fil-fehma tal-Qorti jkun hemm ra;unijiet gravi li ji;;ustifikaw ix-xoljiment>”< u
(b) fil-paragrafu (f) tieg[u, minflok il-kliem “f’dawk il- ka]ijiet l-o[ra” g[andhom jid[lu l-kliem “bla [sara g[ad- dispo]izzjonijiet ta’ l-artikolu 21 ta’ dan l-Att, f’dawk il-ka]ijiet l- o[ra”.
A 276

Emenda ta’ l- artikolu 38 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 49 ta’ l-Att prin/ipali.

Emenda tat-

Taqsima IV ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 51 ta’ l-Att prin/ipali.

33. L-artikolu 38 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) id-dispo]izzjoni pre]enti g[andha ti;i numerata mill-
;did b[ala subartikolu (1)< u
(b) minnufih wara s-subartikolu (1) kif numerat mill-;did g[andu jid[ol is-subartikolu (2) ;did li ;ej>
“(2) Meta l-kariga ta’ stral/jarju issir vakanti, id- dispo]izzjonijiet tas-subartikolu (2) ta’ l-artikolu 37 ta’ dan l-Att g[andhom japplikaw.”.
34. L-artikolu 49 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) id-dispo]izzjoni pre]enti g[andha ti;i numerata mill-
;did b[ala subartikolu (1)< u
(b) minnufih wara s-subartikolu (1) kif numerat mill-;did g[andu jid[ol is-subartikolu (2) ;did li ;ej>
“(2) Meta l-mod li bih is-so/jetà g[andha ti;i stralçjata jkun provdut fl-att ta’ asso/jazzjoni jew ikun stabbilit bi ftehim bejn is-so/ji, ikun id-dmir tas-so/ji li jikkonsenjaw lir- Re;istratur g[ar-re;istrazzjoni nota, iffirmata minnhom kollha li l-istral/ ikun ;ie finalizzat u r-Re;istratur g[andu minnufih jirre;istraha, u j[assar l-isem tas-so/jetà minn fuq ir-re;istru. Ir-Re;istratur g[andu minnufih jippubblika avvi] ta’ l-istralç u ta’ dak it-t[assir.”.
35. Fit-Taqsima IV ta’ l-Att prin/ipali, mag[dud it-titolu tieg[u, minflok il-kliem “so/jetà in akkomandita” kull fejn jinsabu g[andhom jid[lu l-kliem “so/jetà in akkomandita jew so/jetà limitata”.
36. L-artikolu 51 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok il-kliem “imsej[a so/ji akkomandanti.”
g[andhom jid[lu l-kliem “imsej[a so/ji akkomandanti>”< u
(b) minnufih warajh g[andu jid[ol il-proviso ;did li ;ej> “I]da g[all-inqas wie[ed mis-so/ji solidali jkun jew
individwu jew korp ;uridiku li jkollu l-obbligazzjonijiet tieg[u
garantiti bir-responsabbilta’ mhux limitata u in solidum ta’
so/ju jew so/ji tieg[u.”.
37. L-artikolu 53 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) fis-subartikolu (1) tieg[u, minflok il-kliem “Persuna li
turi li tkun” g[andhom jid[lu l-kliem “Persuna, mag[dud so/ju solidali, li turi li tkun”< u
(b) fis-subartikolu (2) tieg[u, minflok il-kelma “so/ju” kull fejn tinsab g[andhom jid[lu f’kull ka] il-kliem “so/ju akkomandanti”.
38. L-artikolu 58 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok il-kliem “li ja[tru s-so/ji li g[andhom”
g[andhom jid[lu l-kliem “li ja[tru minn fosthom is-so/ji li
g[andhom”< u
(b) fil-proviso li hemm g[alih, minflok il-kliem “fil-[atra jew tke//ija ta’ so/ji” g[andhom jid[lu l-kliem “fil-[atra ta’ so/ji solidali li, jew tke//ija ta’ so/ji solidali”.
39. Minnufih wara s-subartikolu (11) ta’ l-artikolu 66 ta’ l-Att prin/ipali g[andu jid[ol is-subartikolu (2) ;did li ;ej>-
“(12) (a) Meta so/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha jkun maqsum f’azzjonijiet, tkun xolta u jkun in[atar stral/jarju, malli jsir l-istral/ tan-negozju tas-so/jetà, l- istral/jarju g[andu jag[mel rendikont ta’ l-istral/ , fejn juri kif ikun sar l-istral/ u kif il-proprjeta’ tas-so/jetà in akkomandita jew so/jetà limitata tkun disposta, u g[andu jag[mel skema ta’ tqassim, u jie[u [sieb li r-rendikont ikun verifikat minn awdituri ma[tura b’de/i]joni tas-so/ji. L-istral/jarju g[andu jag[ti b’att ;udizzjarju lil kull wie[ed mis-so/ji kopja tar-rendikont u ta’ l-iskema ta’ tqassim, jekk ikun hemm, flimkien mar-rapport ta’ l-awdituri u jag[ti spjegazzjoni tag[hom.
(b) Ir-rendikont u l-iskema ta’ tqassim jitqiesu li jkunu approvati mis-so/ji kollha jekk ma ti;ix pre]entata oppo]izzjoni g[alihom b’/itazzjoni minn xi wie[ed mis-so/ji fi ]mien tliet xhur min-notifika ta’ l-att ;udizzjarju msemmi fil-paragrafu (a) ta’ dan is-subartikolu.
(ç) Id-dispo]izzjonijiet ta’ l-artikolu 153 ta’ dan l-Att g[andhom japplikaw g[al awditur ma[tur skond il-paragrafu (a) ta’ dan is-subartikolu, u l-kliem “it-tliet snin ta’ qabel” fl-imsemmi artikolu 153 g[andhom jiftiehmu b[ala li jirreferu g[all-a[[ar tliet snin minnufih qabel id-data tax-xoljiment. Dak l-awditur
A 277

Emenda ta’ l- artikolu 53 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 58 ta’ l-Att priçipali.

Emenda ta’ l- artikolu 66 ta’ l-Att prin/ipali.

A 278

}ieda ta’ artikolu

;did 66A ma’ l-Att prin/ipali.

m’g[andux ikun persuna li kellha l-kariga ta’ awditur tas-so/jetà in akkomandita jew so/jetà limitata f’xi ]mien matul l-a[[ar tliet snin minnufih qabel id-data tax-xoljiment.”
40. Minnufih wara l-artikolu 66 ta’ l-Att prin/ipali g[andu jid[ol l-artikolu ;did 66A li ;ej>

“So/jeta’ in akkomandita jew so/jeta’ limitata.”

66A (1) Dan l-artikolu japplika g[al so/jetà in akkomandita jew so/jetà limitata li fil-ftehim ta’ l- assoçjazzjoni tag[ha espressament tillimita l-g[anijiet tag[ha g[all-investiment kollettiv tal-fondi tag[ha f’sigurtajiet u f’beni o[ra mobbli u immobbli, jew f’xi w[ud minnhom, bil- g[an li tifrex ir-riskju u li tag[ti lis-so/ji l-benefi//ji tar- ri]ultati ta’ l-immani;;jar tal-fondi tag[ha, u g[al [wejje; an/illari jew in/identali g[al dan, u li tikkwalifika g[al skema ta’ investiment kollettiv u li tkun li/enzjata kif imiss skond l- Att dwar Servizzi ta’ Investiment jew g[al kull g[an ie[or kif il-Ministru jista’ minn ]mien g[al ]mien jippreskrivi b’regolamenti.
(2) So/jeta’ in akkomandita jew so/jetà limitata skond kif imfisser fis-subartikolu (1) ta’ dan l-artikolu tkun regolata bid-dispo]izzjonijiet li jinsabu fl-G[axar Skeda li tinsab ma’ dan l-Att u, kemm-il darba ma huwiex provdut xort’o[ra fl- imsemmija Skeda, bid-dispo]izzjonijiet tat-Taqsima IV ta’ dan l-Att i]da biss sal-limitu li dawk id-dispo]izzjonijiet ma jkunux inkonsistenti ma’ l-imsemmija Skeda>
I]da meta xi [a;a partikolari tinqala’ dwar so/jetà in akkomandita jew so/jetà limitata skond kif imfisser fis- subartikolu (1) ta’ dan l-artikolu li ma tkunx spe/ifikament regolata b’xi dispo]izzjoni ta’ l-G[axar Skeda jew tat-Taqsima IV ta’ dan l-Att, g[andha ssir riferenza, safejn applikabbli u sal-limitu possibbli, g[al xi dispo]izzjoni rilevanti ta’ dan l- Att, inklu]i kull regolamenti mag[mula bis-sa[[a tieg[u.
(3) Il-Ministru jista’ jag[mel regolamenti g[at-twettiq a[jar tad-dispo]izzjonijiet ta’ l-G[axar Skeda li tinsab ma’ dan l-Att u tat-Taqsima IV ta’ dan l-Att kif applikabbli g[al so/jetajiet akkomanditi jew so/jetajiet limitati skond kif imfisser fis-subartikolu (1) ta’ dan l-artikolu u jista’ bla [sara g[all-;eneralità ta’ dak li jing[ad qabel, b’dawk ir-regolamenti jipprovdi g[al kull [a;a minn dan li ;ej -
(a) il-formuli li g[andhom jintu]aw g[all-finijiet ta’ dan l-Att dwar dawk is-so/jetajiet in akkomanditi jew so/jetajiet limitati<
(b) ir-re;istrazzjoni ta’ dawk is-so/jetajiet in akkomanditi jew so/jetajiet limitati ta[t dan l-Att u kull [a;a li in/identali g[aliha<
(ç) kull [a;a li g[andha ti;i preskritta ta[t dan l- Att dwar dawk is-so/jetajiet in akkomanditi jew soçjetajiet limitati skond kif imfisser fis-subartikolu (1) ta’ dan l-artikolu<
(d) l-emenda ta’ kull dispo]izzjoni -
(i) relatata ma’ [wejje; li g[andhom ji;u re;istrati mar-Re;istratur dwar ir-re;istrazzjoni ta’ dawk is-so/jetatjiet in akkomanditi jew so/jetajiet limitati<
(ii) relata mar- records li g[andhom jin]ammu minn dawk is-so/jetajiet in akkomanditi jew so/jetajiet limitati<
(e) li ji;u preskritti drittijiet li jit[allsu ta[t dan l- Att dwar dawk is-so/jetajiet in akkomanditi jew soçjetajiet limitati<
(f) l-e]enzjoni ta’ so/jetajiet in akkomanditi jew so/jetajiet limitati skond kif imfisser fis-subartikolu (1) ta’ dan l-artikolu jew xi kategorija minnhom minn xi dispo]izzjonijiet ta’ l-G[axar Skeda jew ta’ dan l-Att, skond il-ka], bla [sara g[all-varjazzjonijiet u kondizzjonijiet li jistg[u jkunu spe/ifikati.
(5) Regolamenti mag[mula ta[t dan l-artikolu jistg[u jag[mlu dispo]izzjonijiet differenti g[al ka]ijiet differenti jew g[al klassijiet ta’ ka]ijiet.”.
41. L-artikolu 69 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) fil-paragrafu (f) tas-subartikolu (1) tieg[u, minflok il-
kliem “dwar kull azzjoni<” g[andhom jid[lu l-kliem “dwar kull
azzjoni u, meta l-kapital azzjonarju jkun maqsum fi klassijiet differenti ta’ azzjonijiet, id-drittijiet marbuta ma’ l-azzjonijiet ta’ kull klassi<”< u
A 279

Emenda ta’ l- artikolu 69 ta’ l-Att prin/ipali.

A 280

Emenda ta’ l- artikolu 70 ta’ l-Att prin/ipali.

(b) minnufih wara s-subartikolu (2) tieg[u, g[andu jid[ol is-subartikolu (3) ;did li ;ej>-
“(3) Kumpanniji ffurmati u re;istrati qabel il-bidu fis- se[[ ta’ dan is-subartikolu g[andhom i[arsu d- dispo]izzjonijiet tal-paragrafu (f) tas-subartikolu (1) ta’ dan l-artikolu bil-kxif, fil-memorandum ta’ asso/jazzjoni tal- kumpannija, tad-drittijiet marbuta ma’ l-azzjonijiet ta’ kull klassi, fi ]mien tnax-il xahar mill-bidu fis-se[[ ta’ dan is- subartikolu>
I]da kumpanniji ffurmati u re;istrati qabel il-bidu fis-se[[ ta’ dan is-subartikolu g[andhom jitqiesu li jissodisfaw il-[ti;iet tal-paragrafu (f) tas-subartikolu (1) ta’ dan l-artikolu mal-kxif, fil- memorandum ta’ l-asso/jazzjoni tad-drittijiet marbuta ma’ l- azzjonijiet ta’ kull klassi differenti, jekk dik id-dispo]izzjoni jew o[ra ekwivalenti g[aliha tkun di;a nkorporata fl-artikoli ta’ l- assoçjazzjoni tal-kumpannija.”.
42. L-artikolu 70 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok is-subartikolu (5) tieg[u, g[andu jid[ol dan li
;ej>-
“(5) Kumpannija m’g[andix ti;i re;istrata b’isem li jinkludi l-kelma “nominee” kemm-il darba ma tkunx kumpannija kwalifikata li tkun re;istrata b[ala kumpannija nominee ta[t l-Att dwar i/-?entru g[as-Servizzi Finanzjarji ta’ Malta jew l-Att dwar it-Trusts.”<
(b) fil-paragrafu (a) tas-subartikolu (6) tieg[u, minflok il- kliem “jew “ltd.”, g[andhom jid[lu l-kliem “jew “limited” jew “ltd.”,”< u
(ç) fil-paragrafu (b) tas-subartikolu (6) tieg[u, il-kliem “jew l-Att dwar Servizzi ta’ Investiment” g[andhom jit[assru, u nnota mar;inali “Cap. 370” relattivament g[alih g[andha tit[assar.

Emenda tat-test

Ingli] ta’ l-artikolu

74 ta’ l-Att prinçipali.

43. Fit-test Ingli], minflok il-paragrafu (b) tas-subartikolu (3)
ta’ l-artikolu 74 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>-
“(b) there has been some other contravention of the article which that person knew or ought to have known amounted to a contravention<
the company shall be entitled to recover from that person any consideration given by it under the agreement, or an amount equal to the value of the consideration at the time of the agreement, so far as not carried out, shall be void.”.
44. L-artikolu 76 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) fis-subartikolu (1) tieg[u, minflok il-kliem “68 sa 75 u
ta’ l-artikolu 139" g[andhom jid[lu l-kliem “68 sa 73 u ta’ l-artikolu
139"< u
(b) minnufih wara s-subartikolu (3) tieg[u, g[andu jid[ol is-subartikolu (4) ;did li ;ej>
“(4) Minkejja d-dispo]izzjonijiet tas-subartikolu (1) ta’ dan l-artikolu, u bla [sara g[ad-dispo]izzjonijiet tas- subartikolu (2) ta’ l-artikolu 77 ta’ dan l-Att, ir-responsabbilta’ li jkun ]gurat li l-istatut ta’ asso/jazzjoni, jekk ikun hemm, ta’ kumpannija, ikun korett, komplut u li jkun i[ares g[al kollox dan l-Att u kull li;i o[ra applikabbli, tkun fuq il-persuni li jkunu da[lu u ssottoskrivew g[all-istatut ta’ asso/jazzjoni.”.
45. L-artikolu 79 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej> (a) minflok is-subartikolu (2) tieg[u, g[andu jid[ol dan li
A 281

Emenda ta’ l- artikolu 76 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 79 ta’ l-Att prin/ipali.

;ej>
“(2) Ikun dmir id-diretturi u s-segretarju tal- kumpannija li jikkonsenjaw lir-Re;istratur g[ar-re;istrazzjoni kopja mitbug[a ta’ kull ri]oluzzjoni kif intqal qabel fi ]mien erbatax-il jum wara d-data tar-ri]oluzzjoni, flimkien ma’ kopja riveduta u a;;ornata tal-memorandum, u ta’ l-istatut, jekk ikun hemm, kif emendati bl-imsemmija ri]oluzzjoni u li jkun fihom it-tibdiliet kollha li jkun saru sa dak inhar dwar id- diretturi, is-segretarju tal-kumpannija, ir-rappre]entazzjoni tal-kumpannija, tibdil fl-uffi//ju re;istrat tal-kumpannija jew kull trasferiment jew trasmissjoni ta’ azzjonijiet jew xi g[oti ta’ azzjonijiet. Kull test pre/edenti emendat tal-memorandum u ta’ l-istatut, jekk ikun hemm, jista’ ji;i mwarrab mir- Re;istratur meta test sussegwenti emendat ikun konsenjat lilu g[ar-re;istrazzjoni>
I]da f’ka] ta’ diskrepanza bejn it-test ta’ xi memorandum u statut emendati, jekk ikun hemm, u t-test tal-memorandum u statut ori;inali, jekk ikun hemm, re;istrati skond id- dispo]izzjonijiet ta’ l-artikolu 76 ta’ dan l-Att, it-test ta’ l-
A 282

Emenda ta’ l- artikolu 83 ta’ l-Att prin/ipali.

a[[ar flimkien mar-ri]oluzzjonijiet re;istrati skond id- dispo]izzjonijiet tas-subartikolu (2) ta’ dan l-artikolu jipprevalu.
Minkejja d-dispo]izzjonijiet tas-subartikolu (2) ta’ dan l-artikolu, meta it-tibdil ikun il-bidla fl-uffi//ju re;istrat f’Malta tal-kumpannija, id-diretturi jew is-segretarju tal- kumpannija g[andu jibg[at lir-Re;istratur g[ar-re;istrazzjoni prospett tal-bidla fl-uffi//ju re;istrat, li jispe/ifika d-data tal- bidla, flimkien ma’ l-uffi//ju re;istrat il-;did, fi ]mien erbatax-il jum minn dik il-;rajja.”<
(b) is-subartikolu (4) tieg[u g[andu ji;i numerat mill-;did b[ala subartikolu (5)< u
(ç) minnufih wara s-subartikolu (3) tieg[u, g[andu jid[ol is-subartikolu (4) ;did li ;ej>
“(4) Ir-responsabbilta’ li jkun ]gurat li kull emendi proposti g[all-istatut ta’ asso/jazzjoni, jekk ikun hemm, ta’ kumpannija, ikunu korretti, kompleti u li jkunu j[arsu g[al kollox dan l-Att u kull li;i o[ra applikabbli, tkun fuq id- diretturi ta’ l-imsemmija kumpannija.”.
46. L-artikolu 83 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok it-tieni proviso g[as-subartikolu (5) tieg[u,
g[andu jid[ol dan li ;ej>
“I]da wkoll kull ri]erva b[al dik g[andha tintu]a biss biex tpa/i telf li jkun sar jew biex ji]died il-kapital azzjonarju ma[ru; bil-kapitalizzazzjoni ta’ dik ir-ri]erva.”<
(b) fis-subartikolu (6) tieg[u, minflok il-kliem “sej[iet fuq l- azzjonijiet tag[hom.” g[andhom jid[lu l-kliem “sej[iet fuq l- azzjonijiet tag[hom>”< u
(c) minnufih wara s-subartikolu (6) tieg[u g[andu jid[ol il- proviso ;did li ;ej>
“I]da jekk id-dispo]izzjonijiet tas-subartikoli (1) u (2) ta’ dan l-artikolu dwar id-drittijiet mog[tija lill-kredituri tal-kumpannija jkunu segwiti sabiex titnaqqas xi somma ta’ flus li tkun tinsab f’xi ri]erva b[al dik, kif imsemmi fis-subartikolu (5) ta’ dan l-artikolu, l-ammonti li jinkisbu minnhom jistg[u jintu]aw sabiex isiru [lasijiet jew tqassim lill-azzjonisti.”.
47. L-artikolu 84 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>- (a) minflok is-sub-paragrafu (ii) tal-paragrafu (ç) tas-
subartikolu (2) tieg[u, g[andu jid[ol dan li ;ej>
“li l-azzjonijiet tal-kumpannija g[andhom jinxtraw mill- kumpannija direttament jew indirettament mill-attiv tal- kumpannija, fuq it-talba ta’ xi wie[ed mid-detenturi tag[hom jew kif xort’o[ra provdut mill-memorandum jew l-istatut tal- kumpannija.”< u
(b) fis-subartikolu (7) tieg[u, minflok il-kliem “105 sa 112”
g[andhom jid[lu l-kliem “105 sa 113”.
A 283

Emenda ta’ l- artikolu 84 ta’ l-Att prin/ipali.

;ej>
48. L-artikolu 84A ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 84A ta’ l- Att prin/ipali.

(a) fis-subartikolu (1) tieg[u, minflok il-kliem “li tmexxi l- kummer/ ta’ assigurazzjoni affiljata,” g[andhom jid[lu l-kliem “li tmexxi l-kummer/ ta’ assigurazzjoni,”<
(b) minflok il-paragrafu (a) tas-subartikolu (2) tieg[u, g[andu jid[ol dan li ;ej>
“ “kummer/ ta’ assigurazzjoni” tinkludi manager ta’ kummer/ ta’ assigurazzjoni, kif ukoll il-kummer/ ta’ broking ta’ l-assigurazzjoni ta[t l-Att dwar il-Brokers ta’ l- Assigurazzjoni u Intermedjarji O[ra, u riferenza g[al “kumpannija” g[andha tinkludi so/jetà in akkomandita jew korp ;uridiku simili jew ekwivalenti li l-kapital tag[ha jkun maqsum f’azzjonijiet<”< u
(c) fil-paragrafu (b) tas-subartikolu (2) tieg[u, minflok il- kliem “kif jista’ ji;i preskritt<” g[andhom jid[lu l-kliem “kif jista’ ji;i preskritt u tinkludi riferenza g[al kontijiet segregati, kompartamenti jew unitajiet f’kumpannija li jkollha kontijiet multipli, kompartamenti jew unitajiet, ikunu kif ikunu msej[a, u l- kelma “/ellulari” g[andha tkun imfissra u applikata f’dan is-sens<”.
49. Minnufih wara l-artikolu 84A ta’ l-Att prin/ipali, g[andu ji]died l-artikolu ;did 84B li ;ej>
“84B. Ebda [a;a fl-artikolu 84 ta’ dan l-Att ma g[andha tipprojbixxi kumpannija, li ma tkunx kumpannija b’kapital azzjonarju varjabbli i]da li tikkwalifika b[ala skema g[al investiment kollettiv u li tkun li/enzjata kif imiss ta[t l-Att dwar

}ieda ta’ artikolu

;did 84B ma’ l-Att prin/ipali.

A 284

Emenda ta’ l- artikolu 85 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 88 ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 89 ta’ l-Att prin/ipali.

Emenda tat-test

Ingli] ta’ l-artikolu

95 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 101 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 107 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 109 ta’ l- Att prin/ipali.

Servizzi ta’ Investiment, milli tkun kostitwita b[ala kumpannija umbrella jew multi-class u d-dispo]izzjonijiet tal-paragrafu (/) tas-subartikolu (10) ta’ l-artikolu 84 ta’ dan l-Att g[andhom mutatis mutandis japplikaw g[al dik il-kumpannija.”.
50. Fis-subartikolu (4) ta’ l-artikolu 85 ta’ l-Att prin/ipali, minflok il-kliem “lir-Re;istratur g[ar-re;istrazzjoni” g[andhom jid[lu l-kliem “lir-Re;istratur g[ar-re;istrazzjoni, fi ]mien erbatax-il jum wara d-data tar-ri]oluzzjoni relattiva,”.
51. Minnufih wara s-subartikolu (1) ta’ l-artikolu 88 ta’ l-Att prin/ipali g[andu jid[ol il-proviso ;did li ;ej>
“I]da azzjonijiet f’kumpannija, sew pubblika jew privata, ma g[andhomx ikunu offerti fuq ba]i ta’ prelazzjoni lill-kumpannija nnifisha, minkejja kull dispo]izzjoni o[ra ta’ dan l-Att li tag[ti s- setg[a lill-kumpannija li ]]omm l-azzjonijiet tag[ha stess.”.
52. Minflok il-paragrafu (/) tas-subartikolu (1) ta’ l-artikolu 89 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“(/) minn detentur ta’ li/enza ta’ skema ta’ investiment kollettiv kif imfisser fl-Att dwar is-Servizzi ta’ Investiment kemm- il darba dak il-[ru; isir skond regoli jew regolamenti mag[mula ta[t dak l-Att.”.
53. Fit-test Ingli] tal-paragrafu (a) tas-subartikolu (2) ta’ l-artikolu
95 ta’ l-Att prin/ipali, minflok il-kliem “the allotment< or agreement”
g[andhom jid[lu l-kliem “the allotment or agreement”.
54. Fis-subartikolu (1) ta’ l-artikolu 101 ta’ l-Att prin/ipali, minflok il-kliem “fuq xi bor]a” g[andhom jid[lu l-kliem “fuq exchange ta’ investiment rikonoxxut”.
55. Fis-subartikolu (1) ta’ l-artikolu 107 ta’ l-Att prinçipali, minflok il-kliem “xi azzjonijiet tag[ha stess im[allsa g[al kollox xort’o[ra milli” g[andhom jid[lu l-kliem “xi azzjonijiet tag[ha stess xort’o[ra milli”.
56. Fil-paragrafu (b) ta’ l-artikolu 109 ta’ l-Att prin/ipali, minflok il-kliem “mal-passiv” g[andhom jid[lu l-kliem “mar-ri]ervi”.

Emenda ta’ l- artikolu 110 ta’ l- Att prin/ipali.

;ej>-
57. L-artikolu 110 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fin-nota mar;inali tieg[u, minflok il-kelma “holding”
g[andha tid[ol il-kelma “parent”<
(b) fil-paragrafu (a) tas-subartikolu (l) tieg[u, minflok il- kelma “holding” g[andha tid[ol il-kelma “parent”< u
(ç) fil-paragrafu (b) tas-subartikolu (1) tieg[u, minflok il- kliem “bil-g[an li, jew konnessjoni ma’” g[andhom jid[lu l-kliem “bil-g[an li”.
58. Is-subartikolu (1) ta’ l-artikolu 113 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>
(a) minflok il-kliem minn “Kumpannija ma tkunx tista’” sal-kliem “fil-kumpannija, kemm-il darba-” g[andhom jid[lu l- kliem “Kumpannija tkun tista’ t[allas kummissjoni jew tag[mel skont jew allowance lil xi persuna b’kumpens talli tissottoskrivi jew talli tiftiehem li tissottoskrivi, tant g[al kollox kemm ta[t kondizzjoni, g[al xi azzjonijiet fil-kumpannija, jew talli tipprokura jew tiftiehem li tipprokura sottoskrizzjonijiet, tant g[al kollox kemm ta[t kondizzjoni, g[al xi azzjonijiet fil-kumpannija, kemm- il darba -”< u
A 285

Emenda ta’ l- artikolu 113 ta’ l- Att prin/ipali.

;ej>
(b) minflok il-paragrafu (d) tieg[u g[andu jid[ol dan li
“(d) fl-ebda ka] ma g[andu l-valur ta’ dawk l- azzjonijiet jitnaqqas ta[t il-valur nominali tag[hom b[ala ri]ultat ta’ dik il-kummissjoni, skont jew allowance.”.
;ej>-
59. L-artikolu 115 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 115 ta’ l- Att prin/ipali.

(a) minflok il-paragrafu (b) tas-subartikolu (1) tieg[u, g[andu jid[ol dan li ;ej>-
“(b) ebda azzjonijiet b[al dawn ma g[andhom jin[ar;u wara l-1 ta’ :unju 2003 kemm-il darba ma jkunux sodisfatti il-pattijiet u l-kondizzjoniet li ;ejjin dwar il-fidi -
(i) id-data li fiha, jew sa liema data, jew id-dati li bejniethom, l-azzjonijiet g[andhom jew jistg[u ji;u mifdija g[andhom ikunu spe/ifikati fil-memorandum jew fl-istatut jew, jekk il-memorandum jew l-istatut hekk jipprovdi, stabbilit mid-diretturi, u f’dan l-a[[ar ka] id-
A 286
data jew id-dati g[andhom ikunu stabbiliti qabel ma jin[ar;u l-azzjonijiet<
(ii) f’kull /irkostanzi o[ra li fihom l-azzjonijiet g[andhom jew jistg[u ji;u mifdija g[andhom ikunu speçifikati fil-memorandum jew fl-istatut tal- kumpannija>
(iii) l-ammont li g[andu jit[allas mal-fidi g[andu jkun spe/ifikat, jew de/i], skond il-memorandum jew l- istatut tal-kumpannija, u f’dan l-a[[ar ka] il- memorandum jew l-istatut ma jistax jipprovdi li l- ammont ikun de/i] b’riferenza g[ad-diskrezzjoni jew fehma ta’ xi persuna> u
(iv) kull pattijiet u kondizzjonijiet ta’ fidi o[ra g[andhom ikunu spe/ifikati fil-memorandum jew l- istatut tal-kumpannija<”< u
(b) fis-subartikolu (5) tieg[u, minflok il-kliem “lir- Re;istratur g[ar-re;istrazzjoni.”, g[andhom jid[lu l-kliem “lir- Re;istratur g[ar-re;istrazzjoni, fi ]mien erbatax-il jum wara d- data tal-fidi.”.

Emenda ta’ l- artikolu 122 ta’ l- Att prin/ipali.

;ej>
60. L-artikolu 122 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-paragrafu (a) tas-subartikolu (12) tieg[u, minflok il- kliem “il-Bor]a ta’ Malta” kull fejn jinsabu, g[andhom jid[lu f’kull ka] il-kliem “exchange ta’ investiment rikonoxxut”< u
(b) fis-subartikolu (15) tieg[u, minflok il-kliem “lir- Re;istratur fi ]mien erbatax-il jum” g[andhom jid[lu l-kliem “lir- Re;istratur g[ar-re;istrazzjoni fi ]mien erbatax-il jum”.

Emenda ta’ l- artikolu 135 ta’ l- Att prin/ipali.

61. Minflok is-subartikolu (2) ta’ l-artikolu 135 ta’ l-Att prinçipali, g[andu jid[ol dan li ;ej>–
“(2) Ri]oluzzjoni ordinarja tg[addi minn membru jew membri li g[andhom id-dritt jattendu u jivvotaw li j]ommu azzjonijiet li flimkien jag[tu jedd lid-detentur jew detenturi tag[hom g[al iktar minn [amsin fil-mija tal-jeddijiet g[all-vot marbuta ma’ l-azzjonijiet rappre]entati u bil-jedd tal-vot fil-laqg[a, jew dak il-per/enta;; akbar li l-memorandum jew l-istatut jista’ jippreskrivi.”.
62. Fl-artikolu 136 ta’ l-Att prin/ipali, minflok il-kliem “li tissellef flus u li tipoteka jew to[loq pi] fuq l-impri]a, proprjetà u kapital mhux imsejja[ tag[ha jew fuq parti minnhom mag[dud b[ala garanzija fuq l-obbligi tag[ha” g[andhom jid[lu l-kliem “li tissellef flus u li tag[ti garanzija fuq l-obbligi ta’ terzi u, g[al dan il-g[an, tipoteka jew to[loq pi] fuq l-impri]a, proprjetà u kapital mhux imsejja[ tag[ha jew fuq parti minnhom mag[dud b[ala garanzija fuq l-obbligi tag[ha jew ta’ terzi”.
63. Minnufih wara l-artikolu 136 ta’ l-Att prin/ipali g[andu jid[ol l-artikolu ;did 136A li ;ej>
A 287

Emenda ta’ l- artikolu 136 ta’ l- Att prin/ipali.

}ieda ta’ artikolu

;did 136A ma’ l-Att prin/ipali.

“Dmirijiet

;enerali tad- diretturi.

136A (1) Direttur ta’ kumpannija jkun marbut li ja;ixxi b’onesta u bona fide fl-a[jar interessi tal-kumpannija.
(2) Id-diretturi ta’ kumpannija g[andhom jippromwovu il-benessere tal-kumpannija u jkunu responsabbli g[al>
(a) it-tmexxija ;enerali tal-kumpannija u l- amministrazzjoni u l-immani;;jar tag[ha< u
(b) is-sorveljanza ;enerali ta’ l-affarijiet tag[ha. (3) B’mod partikolari, i]da bla [sara g[al kull dmir
ie[or mog[ti lid-diretturi ta’ kumpannija, jew lil xi wie[ed
minnhom, bil-memorandum u l-Istatut ta’ asso/jazzjoni jew b’dan l-Att jew b’xi li;i o[ra, id-diretturi ta’ kumpannija>
(a) ikunu obbligati li je]er/itaw kura, dili;enza u [ila li jkunu e]er/itati minn persuna ra;onevolment dili;enti li jkollha -
(i) kemm it-tag[rif, il-[ila u l-esperjenza li jkunu ra;onevolment mistennija minn persuna li tkun qed taqdi l-istess funzjonijiet li jkunu moqdija jew fdati lil dak id-direttur dwar il-kumpannija<
(ii) kif ukoll it-tag[rif, il-[ila u l-esperjenza li jkollu d-direttur<
(b) ma g[andhomx jag[mlu profitti sigrieti jew personali mill-po]izzjoni tag[hom ming[ajr il- kunsens tal-kumpannija, lanqas ma jag[mlu gwadan personali minn informazzjoni konfidenzjali tal- kumpannija<
A 288

Emenda ta’ l- artikolu 137 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 138 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 140 ta’ l- Att prin/ipali.

(ç) g[andhom jassiguraw li l-interessi personali tag[hom ma jkunux f’konflitt ma’ l-interessi tal- kumpannija<
(d) ma g[andhomx ju]aw xi proprjeta’, informazzjoni jew opportunità tal-kumpannija g[all- benefi//ju tag[hom stess jew ta’ xi [add ie[or, jew jie[du xi benefi//ju b’xi mod ie[or b’konnessjoni ma’ l- e]erçizzju tas-setg[at tag[hom, [lief bil-kunsens tal- kumpannija f’laqg[a ;enerali jew [lief kif permess mill- memorandum u l-istatut ta’ asso/jazzjoni tal- kumpannija<
(e) g[andhom je]er/itaw is-setg[at li g[andhom g[all-finijiet li jkunu ng[ataw is-setg[at u m’g[andhomx ju]aw [a]in dawk is-setg[at.”.
64. Minflok is-subartikolu (4) ta’ l-artikolu 137 ta’ l-Att prinçipali, g[andu jid[ol dan li ;ej>-
“(4) Minkejja kull [a;a li tinsab fil-memorandum jew fl- istatut ta’ asso/jazzjoni dwar il-mod kif ti;i e]er/itata r- rappre]entanza tal-kumpannija, kull [a;a li tkun saret mill-bord tad-diretturi ta’ kumpannija li ti//edi l-limiti tas-setg[at tag[hom jew minn xi direttur barra mis-setg[at tieg[u, tkun torbot lill- kumpannija kemm-il darba l-eg[mil ma je//ediex is-setg[at mog[tija lill-Bord tad-diretturi jew lil direttur, skond il-ka], bis- sa[[a ta’ dan l-Att.”.
65. Minnufih wara s-subartikolu (7) ta’ l-artikolu 138 ta’ l-Att prin/ipali, g[andu jid[ol is-subartikolu ;did (8) li ;ej>-
“(8) Fin-nuqqas tat-t[aris tad-dispo]izzjonijiet tas- subartikolu (4) ta’ dan l-artikolu kull direttur tal-kumpannija li jkun naqas jista’ je[el penali, u g[al kull jum li matulu jkompli n-nuqqas, penali o[ra.”.
66. Minflok is-subartikolu (1) ta’ l-artikolu 140 ta’ l-Att prinçipali, g[andu jid[ol dan li ;ej>
“(1) Kumpannija tista’ tne[[i direttur qabel ma jg[addi
]-]mien tal-kariga tieg[u b’ri]oluzzjoni li tittie[ed f’laqg[a ;enerali tal-kumpannija u mg[oddija minn membru jew membri li jkollhom il-jedd li jattendu g[aliha u jivvutaw, li flimkien ikollhom azzjonijiet li jag[tu l-jedd lid-detentur jew detenturi tag[hom g[al
iktar minn [amsin fil-mija tal-jeddijiet tal-vot marbuta ma’ l- azzjonijiet rappre]entati u li jag[tu l-jedd g[al vot fil-laqg[a.”.
67. Fil-paragrafu (/) tas-subartikolu (1) ta’ l-artikolu 142 ta’ l- Att prin/ipali, minflok il-kliem “tkun minuri< jew” g[andhom jid[lu l- kliem “tkun minuri li ma tkunx ;iet eman/ipata g[all-kummer/< jew”.
68. Fis-subartikolu (1) ta’ l-artikolu 143 ta’ l-Att prin/ipali, minflok il-kliem “g[al [addie[or< jew” g[andhom jid[lu l-kliem “g[al [addie[or, jew”.
69. Fl-artikolu 150 ta’ l-Att prin/ipali, minflok il-kliem “g[andha titqies li hi me[tie;a li ssir” g[andhom jid[lu l-kliem “g[andha titqies ukoll li hi me[tie;a li ssir”.
70. Fil-paragrafu (b) tas-subartikolu (3) ta’ l-artikolu 165 ta’ l- Att prin/ipali, minflok il-kliem “ta[t l-artikolu 180 ta’ dan l-Att” g[andhom jid[lu l-kliem “ta[t l-artikolu 182 ta’ dan l-Att”.
A 289

Emenda ta’ l- artikolu 142 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 143 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 150 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 165 ta’ l- Att prin/ipali.

;ej>-
71. L-artikolu 167 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 167 ta’ l- Att prin/ipali.

(a) fis-subartikolu (2) tieg[u, minflok il-kliem “;eneralment a//ettati.” g[andhom jid[lu l-kliem “;eneralment a//ettati>”<
(b) minnufih wara s-subartikolu (2) tieg[u, g[andu jid[ol il-proviso ;did li ;ej>
“I]da fil-ka] li dispo]izzjoni ta’ dan l-Att tkun f’konflitt jew ma tkunx taqbel ma’ prin/ipji u prattika ta’ kontijiet
;eneralment a//ettati, il-kontijiet g[andhom isiru li juru qag[da sewwa u xierqa skond il-[ti;iet stabbiliti ta[t is- subartikolu (3) ta’ dan l-artikolu.”<
li ;ej>
(ç) minflok is-subartikolu (3) tieg[u, g[andu jid[ol dan
“(3) Il-kontijiet individwali g[andhom juru sewwa u xieraq l-attiv, il-passiv, il-qag[da finanzjarja u qlieg[ jew telf tal-kumpannija.”<
(d) is-subartikolu (4) u (5) tieg[u g[andhom ji;u numerati mill-;did b[ala (5) u (6) rispettivament<
A 290

Emenda ta’ l- artikolu 168 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 169 ta’ l- Att prin/ipali.

(e) minnufih wara s-subartikolu (3) tieg[u, g[andu jid[ol is-subartikolu (4) ;did li ;ej>-
“(4) Il-kontijiet individwali g[andhom i[arsu l- [ti;iet tat-Tielet Skeda li tinsab ma’ dan l-Att dwar il-forma u l-kontenut tal-karta tal-bilan/ u l-kont ta’ qlieg[ u telf u dwar tag[rif addizzjonali li g[andu jkun provdut b[ala nota mal-kontijiet.”< u
(f) fis-subartikolu (6) tieg[u kif numerat mill-;did, minflok il-kliem “ma’ l-obbligu stabbilit fis-subartikolu (3) ta’ dan l-artikolu, dik id-dispo]izzjoni g[andu jkun hemm deroga minnha sabiex jintwera stat sewwa u xieraq skond kif imfisser fl-imsemmi subartikolu (3). Kull deroga b[al dik” g[andhom jid[lu l-kliem “ma’ l-obbligu li l-kontijiet individwali juru l-qag[da sewwa u korretta, dik id-dispo]izzjoni g[andu jkun hemm deroga minnha sabiex tintwera l-qag[da sewwa u xierqa. Kull deroga b[al dik”.
72. Fis-subartikolu (1) ta’ l-artikolu 168 ta’ l-Att prin/ipali, minflok il-kliem “tas-subartikolu (3) ta’ l-artikolu 167 u tas-subartikolu (6) ta’ l-artikolu 171 ta’ dan l-Att”, g[andhom jid[lu l-kliem “tas- subartikolu (4) ta’ l-artikolu 167 u tas-subartikolu (4) ta’ l-artikolu 171 ta’ dan l-Att”.
73. Fis-subartikolu (1) ta’ l-artikolu 169 ta’ l-Att prin/ipali, minflok il-kliem “Minkejja d-dispo]izzjonijiet tas-subartikolu (3) ta’ l- artikolu 167" g[andhom jid[lu l-kliem “Minkejja d-dispo]izzjonijiet tas-subartikolu (4) ta’ l-artikolu 167".

Emenda ta’ l- artikolu 171 ta’ l- Att prin/ipali.

;ej>-
74. L-artikolu 171 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subartikolu (2) tieg[u, minflok il-kliem “kontijiet
;eneralment a//ettati.” g[andhom jid[lu l-kliem “kontijiet
;eneralment a//ettati>”<
(b) minnufih wara s-subartikolu (2) tieg[u, g[andu jid[ol il-proviso ;did li ;ej>
“I]da fil-ka] li dispo]izzjoni ta’ dan l-Att tkun f’konflitt jew ma tkunx taqbel ma’ prin/ipji u prattika ta’ kontijiet
;eneralment a//ettati, il-kontijiet g[andhom isiru li juru l- qag[da sewwa u xierqa skond il-[ti;iet stabbiliti ta[t is- subartikolu (3) ta’ dan l-artikolu.”<
(ç) is-subartikoli (4), (5) u (6) tieg[u g[andhom ji;u numerati mill-;did b[ala (5), (6) u (4) rispettivament< u
(d) fis-subartikolu (6) tieg[u kif numerat mill-;did, minflok il-kliem “ma’ l-obbligu stabbilit fis-subartikolu (3) ta’ dan l- artikolu, dik id-dispo]izzjoni g[andu jkun hemm deroga minnha sabiex jintwera stat sewwa u xieraq skond kif imfisser fl-imsemmi subartikolu (3). Kull deroga b[al dik” g[andhom jid[lu l-kliem “ma’ l-obbligu li kontijiet konsolidati juru l-qag[da sewwa u korretta, dik id-dispo]izzjoni g[andu jkun hemm deroga minnha sabiex tintwera l-qag[da sewwa u xierqa. Kull deroga b[al dik”.
75. Fil-proviso g[as-subartikolu (1) ta’ l-artikolu 173 ta’ l-Att prinçipali, minflok il-kliem “tal-Bor]a ta’ Malta” g[andhom jid[lu l- kliem “ta’ exchange ta’ investiment rikonoxxut”.
A 291

Emenda ta’ l- arikolu 173 ta’ l-Att prinçipali.

;ej>
76. L-artikolu 174 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 174 ta’ l- Att prin/ipali.

(a) minflok il-paragrafu (b) tas-subartikolu (1) tieg[u, g[andu jid[ol dan li ;ej>
“(b) meta disg[in fil-mija jew iktar tal-valur nominali ta’ l-azzjonijiet fl-imsemmija kumpannija parent ikunu mi]muma minn kumpannija parent u avvi] li jitlob it-t[ejjija ta’ kontijiet konsolidati ma jkunx ing[ata mill-ewwel kumpannija msemmija mill-azzjonisti li flimkien ikollhom il-per/entwali li jifdal fil-valur nominali ta’ l-azzjonijiet kollha tag[ha. Dak l-avvi] ma jkunx validu kemm-il darba ma jing[atax mhux iktar tard minn sitt xhur wara l-bidu ta]-]mien tal-kontijiet li g[alih jirreferi.”< u
(b) fis-subartikolu (3) tieg[u, minflok il-kliem “tal-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “ta’ exchange ta’ investiment rikonoxxut”.
77. Fit-test Ingli] tas-subartikolu (13) ta’ l-artikolu 179 ta’ l-Att prin/ipali, minflok il-kliem “Council of the International Federation of Accounts” g[andhom jid[lu l-kliem “Council of the International Federation of Accountants”.
78. Minnufih wara s-subartikolu (6) ta’ l-artikolu 180 ta’ l-Att prin/ipali, g[andu jid[ol is-subartikolu ;did li ;ej>
“(7) G[all-finijiet ta’ dan l-artikolu, riferenza g[al
“kontijiet annwali” g[andha tinkludi r-rapport tad-diretturi

Emenda ta’ l- artikolu 179 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 180 ta’ l- Att prin/ipali.

A 292
speçifikat fl-artikolu 177 ta’ dan l-Att u r-rapport ta’ l-awdituri spe/ifikat fl-artikolu 179 ta’ dan l-Att.”.

Emenda ta’ l- artikolu 183 ta’ l- Att prin/ipali.

;ej>-
79. L-artikolu 183 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-proviso g[as-subartikolu (2) tieg[u, minflok il-kliem “r-rapport tad-diretturi.” g[andhom jid[lu l-kliem “r-rapport tad- diretturi>”<
(b) minnufih wara l-proviso g[as-subartikolu (2) tieg[u g[andu jid[ol il-proviso li ;ej>
“I]da wkoll meta l-kumpannija e]entata li tikkwalifika li tag[mel kontijiet imqassra tkun kumpannija msemmija fil- paragrafu (b) tas-subartikolu (1) ta’ l-artikolu 185 ta’ dan l- Att, din tista’ tikkonsenja lir-Re;istratur karta tal-bilan/ imqassra biss, in-noti kollha rilevanti g[all-finijiet tal-karta tal-bilan/, i]da ming[ajr il-kont ta’ qlieg[ u telf, ir-rapport tad-diretturi u r-rapport ta’ l-awdituri.”<
(/) fil-proviso g[as-subartikolu (4) tieg[u minflok il-kliem
“kif saru.” g[andhom jid[lu l-kliem “kif saru>”< u
(d) minnufih wara l-proviso g[as-subartikolu (4) tieg[u g[andu jid[ol il-proviso ;did li gej>
“I]da wkoll, id-dispo]izzjonijiet ta’ dan is-subartikolu ma japplikawx g[al kumpanniji msemmija fil-paragrafu (b) tas-subartikolu (1) ta’ l-artikolu 185 ta’ dan l-Att.”.

Emenda ta’ l- artikolu 184 ta’ l- Att prin/ipali.

80. Minflok l-artikolu 184 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“184 (1) Kull kumpannija g[andha, wara l-1 ta’ Jannar 2004, ma’ kull anniversarju tar-re;istrazzjoni tag[ha, tag[mel prospett fil-forma murija fis-Seba’ Skeda li tinsab ma’ dan l-Att li juri l- [wejje; fiha indikati kif kienu fid-data ta’ dak l-anniversarju>
I]da –
(a) meta kumpannija kienet, qabel l-1 ta’ Jannar 2004, b’nuqqas dwar il-konsenja ta’ prospett jew propspetti annwali, dan l-artikolu ma g[andux jolqot l-obbligu tal-kumpannija li tag[mel
dak il-prospett jew dawk il-prospetti jew g[all-[las ta’ xi penali li jinqala’ minn dan in-nuqqas<
(b) meta kumpannija tkun bidlet xi azzjonijiet tag[ha fi stock u tkun irre;istrat il-bdil kif provdut fl-artikolu 79 ta’ dan l-Att, il- lista tal-membri ta’ qabel u pre]enti murija fit-Taqsima 3 tas-Seba’ Skeda li tinsab ma’ dan l-Att g[andha tiddikjara l-ammont ta’ stock mi]mum minn kull wie[ed mill-membri e]istenti minflok l- ammont ta’ azzjonijiet u l-partikolaritajiet dwar azzjonijiet me[tie;a b’din il-parti.
(2) Il-prospett annwali, kompletat kif imiss, g[andu jkun iffirmat minn g[all-inqas direttur wie[ed tal-kumpannija jew mis- segretarju tal-kumpannija u jintbag[at lir-Re;istratur g[ar- re;istrazzjoni fi ]mien tnejn u erbg[in jum mid-data sa liema jkun mag[mul.
(3) Fin-nuqqas ta’ t[aris tad-dispo]izzjonijiet ta’ dan l- artikolu, kull uffi/jal tal-kumpannija li jkun naqas jista’ jkun su;;ett g[al penali, u, g[al kull jum li matulu jkompli n-nuqqas, penali o[ra.”.
A 293
;ej>
81. L-artikolu 185 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 185 ta’ l- Att prin/ipali.

(a) is-subartikolu (1) tieg[u g[andu ji;i numerat mill-;did b[ala paragrafu (a) tas-subartikolu (1)<
(b) fil-paragrafu (a) tas-subartikolu (1) kif numerat mill-
;did, minflok il-kliem “kif imsemmi fis-subartikolu (3) ta’ dan l- artikolu.” g[andhom jid[lu l-kliem “kif spe/ifikat fis-subartikolu (3) ta’ dan l-artikolu<”<
(/) minnufih wara l-paragrafu (a) tas-subartikolu (1) ta’ l- artikolu 185 g[andu jid[ol il-paragrafu (b) ;did li ;ej>
“(b) Kumpanniji privati li fid-dati tal-karti tal-bilan/ tag[hom ma jkunux ji//edu l-limitu ta’ ]ew; kriterji mit-tlieta li ;ejjin>
– total tal-karta tal-bilan/> g[oxrin elf lira<
– turnover> erbg[in elf lira<
– numru medja ta’ impjegati matul i]-]mien tal- kontijiet> tnejn<
A 294

Emenda ta’ l- artikolu 186 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 187 ta’ l- Att prin/ipali.

ikunu e]entati mid-dispo]izzjonijiet tal-Kapitolu IX tat- Taqsima V ta’ dan l-Att u mill-[tie;a imposta bl-artikolu 179 ta’ dan l-Att u dawk il-kumpanniji li jistg[u, g[all-finijiet ta’ dan l-Att, jag[mlu karti tal-bilan/ imqassra u formati mqassra tal-kont ta’ qlieg[ u telf kif imsemmi fis-subartikolu (2) ta’ dan l-artikolu u noti mqassra g[all-kontijiet kif imsemmi fis- subartikolu (3) ta’ dan l-artikolu.”<
(d) fis-subartikolu (3) tieg[u, minflok il-kliem “bl-indent (d) u minn (j) sa (o)” g[andhom jid[lu l-kliem “bl-indent (d) u minn (g) sa (o)”< u
(e) minnufih wara s-subartikolu (6) tieg[u g[andu jid[ol il-proviso ;did li ;ej>
“I]da d-dispo]izzjonijiet tas-subartikolu (6) ta’ dan l-artikolu ma g[andhomx japplikaw g[al kumpannija parent li tkun e]entata mill-[tie;a li t[ejji kontijiet konsolidati skond l-artikolu 174 ta’ dan l-Att.”.
82. Fis-subartikolu (1) ta’ l-artikolu 186 ta’-l-Att prin/ipali, minflok il-kliem “ECU huwa munita konvertibbli.” g[andhom jid[lu l- kliem “l-euro huwa munita konvertibbli.”.
83. Minflok is-subartikolu (4) ta’ l-artikolu 187 ta’ l-Att prinçipali, g[andu jid[ol dan li ;ej>
“(4) Il-kontijiet annwali g[andhom ikunu pubblikati fil- munita li fihom ikunu saru. Dawn jistg[u wkoll ikunu pubblikati kemm fil-munita li fihom ikunu saru kif ukoll f’euro. Il-kambju f’euro g[andu jsir billi tintu]a r-rata tal-kambju bejn il-munita w]ata u l-euro fid-data tal-karta tal-bilan/, u dik ir-rata tkun il- middle rate uffi/jali ta’ g[eluq dak il-jum ma[ru;a mill-Bank
?entrali ta’ Malta. Din ir-rata g[andha tintwera fin-noti tal- kontijiet.”.

Emenda ta’ l-atikolu

188 ta’ l-Att prinçipali.

;ej>-
84. L-artikolu 188 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-paragrafu (e) tieg[u, minflok il-kliem “kumpannija b[al dik< jew” g[andhom jid[lu l-kliem “kumpannija b[al dik<”<
(b) fil-paragrafu (f) tieg[u, minflok il-kliem “azzjonarju varjabbli jkun espress.” g[andhom jid[lu l-kliem “azzjonarju varjabbli jkun espress< jew”< u
(/) minnufih wara l-paragrafu (f) tieg[u g[andu jid[ol il- paragrafu (g) ;did li ;ej>
“(g) jemenda jew ivarja d-dispo]izzjonijiet ta’ dan il-Kapitolu sabiex i;ibhom jaqblu mal-[ti;ijiet ta’ l- International Accounting Standards jew l-International Standards on Auditing.” .
A 295
;ej>
85. L-artikolu 191 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 191 ta’ l- Att prin/ipali.

(a) fis-subartikolu (1) tieg[u, minfok il-kliem “f’so/jetà in akkomandita li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet ikunu huma nfushom so/jetajiet in akkomanditi li l-kapital tag[hom ikun maqsum f’azzjonijiet” g[andhom jid[lu l-kliem “f’so/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, ikunu huma nfushom so/jetajiet in akkomanditi jew so/jetajiet limitati, li l-kapital tag[hom ikun maqsum f’azzjonijiet”<
(b) fis-subartikolu (2) tieg[u, minflok il-kliem “f’so/jetà in akkomandita” kull fejn jinsabu g[andhom jid[lu f’kull ka] il- kliem “f’so/jetà in akkomandita jew so/jetà limitata”<
(/) fis-subartikolu (3) tieg[u, minflok il-kliem “f’so/jetà in akkomandita li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, ikunu huma nfushom kumpanniji jew so/jetajiet in akkomanditi” g[andhom jid[lu l-kliem “f’so/jetà in akkomandita jew so/jetà limitata li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, ikunu huma nfushom kumpanniji jew ikunu so/jetajiet in akkomanditi jew so/jetajiet limitati”.
86. Fil-paragrafu (a) tas-subartikolu (4) ta’ l-artikolu 194 ta’ l- Att prin/ipali, minflok il-kliem “fil-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “f’exchange ta’ investiment rikonoxxut”.
87. Fis-subartikolu (5) ta’ l-artikolu 199 ta’ l-Att prin/ipali, minflok il-kliem “lir-Re;istratur.” g[andhom jid[lu l-kliem “lir- Re;istratur g[ar-re;istrazzjoni.”.
88. Fil-paragrafu (b) tas-subartikolu (2) ta’ l-artikolu 209 ta’ l-Att prin/ipali, minflok il-kliem “ikunu offerti g[all-bejg[ lill- pubbliku, skond it-tifsira me[tie;a fl-artikolu 89 ta’ dan l-Att.”, g[andhom jid[lu l-kliem “offerti lill-pubbliku, skond it-tifsir mog[ti bil-kliem “offerti mag[mula lill-pubbliku” fis-subartikolu (3) ta’ l- artikolu 2 ta’ dan l-Att.”.

Emenda ta’ l- artikolu 194 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 199 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 209 ta’ l- Att prin/ipali.

A 296

Emenda ta’ l- artikolu 210 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 212 ta’ l- Att prin/ipali.

89. Fl-artikolu 210 ta’ l-Att prin/ipali, minflok il-kliem “msej[a u mi]muma b’mod xieraq” g[andhom jid[lu l-kliem “msej[a u mi]muma b’mod xieraq u d-dispo]izzjonijiet ta’ l-artikolu 155 ma japplikawx”.
90. Fis-subartikolu (1) ta’ l-artikolu 212 ta’ l-Att prin/ipali, minflok il-kliem “d-dispo]izzjonijiet tas-subartikolu (1) ta’ l-artikolu
72 ta’ dan l-Att” g[andhom jid[lu l-kliem “id-dispo]izzjonijiet ta’ l-
artikolu 68 u tas-subartikolu (1) ta’ l-artikolu 72 ta’ dan l-Att”.

Emenda ta’ l- artikolu 214 ta’ l- Att prin/ipali.

;ej>-
91. L-artikolu 214 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subparagrafu (i) tal-paragrafu (a) tas-subartikolu (2) tieg[u, minflok il-kliem “tnax-il xahar<” g[andhom jid[lu l-kliem “erbg[a u g[oxrin xahar<”< u
;ej>
(b) minflok is-subartikolu (4) tieg[u, g[andu jid[ol dan li
“(4) Meta kumpannija tkompli bin-negozju tag[ha ming[ajr ma jkollha g[all-inqas ]ew; membri g[al iktar mis- sitt xhur imsemmija fis-sub-paragrafu (i) tal-paragrafu (b) tas- subartikolu (2) ta’ dan l-artikolu, persuna li, g[a]-]mien kollu jew g[al parti mi]-]mien li l-kumpannija tkompli bin-negozju tag[ha wara l-imsemmija sitt xhur, tkun membru tal- kumpannija u tkun taf li l-kumpannija tkun qed tkompli bin- negozju tag[ha b’membru wie[ed biss, g[andha tin]amm responsabbli bla limitu u in solidum mal-kumpannija g[all- obbligazzjonijiet kollha li jkun kuntrattati mill-kumpannija g[a]-]mien kollu jew, skond il-ka], dik il-parti minnu, meta jg[addu s-sitt xhur sax-xoljiment tal-kumpannija jew sa dak i]-]mien meta jkun rimedjat in-nuqqas mill-kuimpannija skond il-proviso g[as-subartikolu (3) ta’ dan l-artikolu.”.

Emenda ta’ l- artikolu 217 ta’ l- Att prin/ipali.

;ej>-
92. L-artikolu 217 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “Id- dispo]izzjonijiet ta’ dan l-artikolu japplikaw meta wara li tkun xolta, kumpannija –” g[andu jid[ol dan li ;ej>
“Id-dispo]izzjonijiet tas-subartikoli (2) u (3) ta’ dan l-artikolu g[andhom japplikaw biss wara x- xoljiment ta’ kumpannija, meta kumpannija qabel ix- xoljiment tag[ha –”< u
(b) fil-paragrafu (b) tas-subartikolu (1) tieg[u, minflok il- kliem “im[allsa b[ala kontribuzzjoni g[all-attiv tag[ha,” g[andhom jid[lu l-kliem “im[allsa b[ala kontribuzzjoni g[all-attiv tag[ha skond l-artikolu 216 ta’ dan l-Att.”.
A 297
;ej>-
93. L-artikolu 218 ta’-l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 218 ta’ l- Att prin/ipali.

(a) fis-subartikolu (1) tieg[u, minflok il-kliem “kontributorju jew kontributorji.” g[andhom jid[lu l-kliem “kontributorju jew kontributorji>”<
(b) minnufih wara s-subartikolu (1) g[andu jid[ol il-proviso
;did li ;ej>
“I]da rikors skond il-paragrafu (a) ta’ dan is- subartikolu jista’ wkoll isir minn xi azzjonist jew direttur tal- kumpannija.”<
(/) fis-subartikolu (4) tieg[u, minflok il-kliem “fis- subartikolu (2) ta’ l-artikolu 214 ta’ dan l-Att.” g[andhom jid[lu l-kliem “fis-sub-paragrafu (ii) u (iii) tal-paragrafu (b) tas- subartikolu (2) ta’ l-artikolu 214 ta’ dan l-Att.”< u
;ej>
(d) minflok is-subartikolu (5) tieg[u, g[andu jid[ol dan li
“(5) Bis-sa[[a ta’ l-artikolu 294 ta’ dan l-Att,. rikors g[al stral/ mill-Qorti jista’ jsir minkejja li kumpannija tkun qed ti;i stral/jata volontarjament. Rikors b[al dan jista’ jsir ukoll mir-Ri/evitur Uffi/jali ma[tur skond id-dispo]izzjonijiet ta’ l-artikolu 225 ta’ dan l-Att.”.
;ej>-
94. L-artikolu 219 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 219 ta’ l- Att prin/ipali.

(a) id-dispo]izzjoni pre]enti g[andha ti;i numerata mill-
;did b[ala subartikolu (1)< u
(b) minnufih wara s-subartikolu (1) tieg[u kif numerat mill-
;did g[andu jid[ol is-subartikolu (2) ;did li ;ej>
“(2) Minkejja d-dispo]izzjonijiet tas-subartikolu (1) ta’ dan l-artikolu, meta l-Qorti tkun sodisfatta li l-[ti;ijiet tal- paragrafu (a) tas-subartikolu (1) ta’ l-artikolu 218 ta’ dan l- Att ikunu ;ew im[assra, il-Qorti tista’ tilqa’ r-rikors.”.
A 298

Emenda ta’ l- artikolu 222 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 223 ta’ l- Att prin/ipali.

95. Fl-artikolu 222 ta’ l-Att prin/ipali, minflok il-kliem “Sew kawzjonarju jew e]ekuttiv, ma[ru; jew mi;jub” g[andhom jid[lu l- kliem “sew kawzjonarju jew e]ekuttiv, barra minn mandat ta’ inibizzjoni, ma[ru; jew mi;jub”.
96. Minnufih wara l-proviso g[as-subartikolu (1) ta’ l-artikolu
223 ta’ l-Att prin/ipali, g[andu jid[ol il-proviso ;did li ;ej>
“I]da wkoll meta ordni g[al stral/ ikun sar bis-sa[[a tal- paragrafu (a) tas-subartikolu (1) ta’ l-artikolu 218 ta’ dan l-Att, id- data tax-xoljiment tkun id-data li fiha tkun g[addiet ir-ri]oluzzjoni g[ax-xoljiment u l-istral/ konsegwenzjali mill-Qorti jew dik id- data wara li tista’ ti;i spe/ifikata fl-imsemmija ri]oluzzjoni.”.

Emenda ta’ l- artikolu 224 ta’ l- Att prin/ipali.

;ej>
97. L-artikolu 224 ta’ l-Att prin/pali g[andu ji;i emendat kif
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “Meta l-Qorti tag[mel ordni g[al stral/ kopja ta’ l-ordni” g[andhom jid[lu l- kliem “Ma’ l-eg[mil ta’ ordni g[al stral/, jew ma/-/a[da ta’ rikors g[al xoljiment, kopja ta’ l-ordni jew ta/-/a[da”< u
(b) is-subartikolu (3) tieg[u g[andu jit[assar.

Emenda ta’ l- artikolu 230 ta’ l- Att prin/ipali.

98. Fis-subartikolu (2) ta’ l-artikolu 230 ta’ l-Att prin/ipali, minflok il-kliem “mill-kumpannija g[andha ssir b’ri]oluzzjoni straordinarja tal-kumpannija” g[andhom jid[lu l-kliem “mill- kontributorji g[andha ssir b’ri]oluzzjoni tal-kontributorji”.

Emenda ta’ l- artikolu 238 ta’ l- Att prin/ipali.

;ej>
99. L-artikolu 238 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-paragrafu (f) tas-subartikolu (1) tieg[u, minflok il- kliem “jitqassam l-attiv tag[ha.” g[andhom jid[lu l-kliem “jitqassam l-attiv tag[ha>”<
(b) minnufih wara l-paragrafu (f) tas-subartikolu (1) tieg[u g[andu jid[ol il-proviso ;did li ;ej>
“I]da l-Qorti tista’ tag[!ti ordni illi l-istral/jarju jkun jista’, meta ma jkunx hemm kumitat ta’ stral/, je]er/ita kull wa[da mis-setg[at imsemmija fil-paragrafu (a) jew (b) ta’ dan is-subartikolu ming[ajr il-permess tal-Qorti.”<
(/) fis-subartikolu (3) tieg[u, minflok il-kliem “xi wa[da minn dawk is-setg[at>” g[andhom jid[lu l-kliem “xi wa[da minn dawk is-setg[at.”< u
(d) il-proviso g[as-subartikolu (3) tieg[u g[andu jit[assar.
100. Fit-test Ingli] tal-proviso g[as-subartikolu (10) ta’ l-artikolu
246 ta’ l-Att prin/ipali, minflok il-kliem “the state of in the winding up,” g[andhom jid[lu l-kliem “the state of the winding up,”.
101. Fit-test Ingli] ta’ l-artikolu 255 ta’ l-Att prin/ipali, minflok il-kliem “claims or to be excluded” g[andhom jid[lu l-kliem “claims or are to be excluded”.
102. Fit-test Ingli] tas-subartikolu (1) ta’ l-artikolu 257 ta’ l-Att prin/ipali, minflok il-kliem “inspection of accounts, according records” g[andhom jid[lu l-kliem “inspection of accounts, accounting records”.
103. Fis-subartikolu (1) ta’ l-artikolu 265 ta’ l-Att prin/ipali, minflok il-kliem “wara li tkun g[addiet ir-ri]oluzzjoni,” g[andhom jid[lu l-kliem “wara d-data tax-xoljiment tal-kumpannija,”.
104. Minflok il-proviso g[all-artikolu 266 ta’ l-Att prin/ipali g[andu jid[ol dan li ;ej>
“I]da meta l-Qorti tkun ordnat li l-kumpannija tkun stralçjata volontarjament bis-sa[[a tad-dispo]izzjonijiet tas-subartikolu (3) ta’ l-artikolu 214 ta’ dan l-Att, il-kumpannija g[andha titqies li tkun xoljiet mid-data li fiha jkun pre]entat ir-rikors g[all-istral/.”.
A 299

Emenda tat-test

Ingli] ta’ l-artikolu

246 ta’ l-Att prinçipali.

Emenda tat-test

Ingli] ta’ l-artikolu

255 ta’ l-Att prinçipali.

Emenda tat-test

Ingli] ta’ l-artikolu

257 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 265 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 266 ta’ l- Att prin/ipali.

;ej>
105. L-artikolu 268 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 268 ta’ l- Att prin/ipali.

(a) fit-test Ingli] tas-subartikolu (2) tieg[u, minflok il- kliem “A declaration made as in accordance with” g[andhom jid[lu l-kliem “A decleration made in accordance with”<
(b) fit-test Ingli] tas-subartikolu (3) tieg[u>”
(i) minflok il-kliem “wound up voluntarily by nature of the provisions” g[andhom jid[lu l-kliem “wound up voluntarily by virtue of the provisions”< u
(ii) minflok il-kliem “to make the declaerations referred to” g[andhom jid[lu l-kliem “to make the declaeration referred to”.
A 300

Emenda ta’ l- artikolu 270 ta’ l- Att prin/ipali.

106. Is-subartikolu (3) ta’ l-artikolu 270 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>
(a) minflok il-kliem “id-diretturi g[andhom jag[mlu rikors lill-qorti” g[andhom jid[lu l-kliem “kull direttur g[andu jag[mel rikors lill-Qorti”< u
(b) minflok il-kliem “g[andu jsir mid-diretturi tal- kumpannija sa erbatax-il jum” g[andhom jid[lu l-kliem “g[andu jsir sa erbatax-il jum”.

Emenda ta’ l- artikolu 271 ta’ l- Att prin/ipali.

;ej>-
107. L-artikolu 271 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subartikolu (2) tieg[u, minflok il-kliem “avvi] ta’
dan” g[andhom jid[lu l-kliem “avvi] tal-laqg[a”< u
(b) fis-subartikolu (4) tieg[u, minflok il-kliem “fis- subartikolu (1) ta’ dan l-artikolu” g[andhom jid[lu l-kliem “fis- subartikolu (1) ta’ dan l-artikolu, jew jekk il-vakanza ti;ri fil-kariga ta’ stral/jarju ma[tur mill-Qorti,”.

Emenda ta’ l- artikolu 274 ta’ l- Att prin/ipali.

;ej>-
108. L-artikolu 274 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fit-test Ingli] tas-subartikolu (1) tieg[u, minflok il-kliem “shall therefore call” g[andhom jid[lu l-kliem “shall thereupon call”< u
(b) fis-subartikolu (4) tieg[u minflok il-kliem “fl-a[[ar tliet snin” u “g[all-a[[ar tliet snin” g[andhom jid[lu rispettivament il- kliem “fit-tliet snin ta’ qabel” u “g[at-tliet snin ta’ qabel”.

Emenda ta’ l- artikolu 279 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 280 ta’ l- Att prin/ipali.

109. Fis-subartikolu (2) ta’ l-artikolu 279 ta’ l-Att prin/ipali, minflok il-kliem “id-diretturi tal-kumpannija” g[andhom jid[lu l-kliem “kull direttur tal-kumpannija”.
110. Minflok is-subartikolu (1) ta’ l-artikolu 280 ta’ l-Att prinçipali g[andu jid[ol dan li ;ej>
“(1) Il-kredituri fil-laqg[a mi]muma skond l-artikolu 278 ta’ dan l-Att, jew f’xi laqg[a wara jistg[u, jekk jidrilhom xieraq, b’ri]oluzzjoni ja[tru mhux iktar minn [ames rapre]entanti tal- kredituri f’kumitat ta’ stral/, u jekk dak il-kumitat ikun ma[tur, il- kontributuri jistg[u b’ri]oluzzjoni ja[tru sa [ames persuni biex ja;ixxu b[ala r-rappre]entanti tag[hom fuq il-kumitat>”.
111. Fl-artikolu 282 ta’ l-Att prin/ipali, minflok il-kliem “ri]enja jew xort’o[ra” g[andhom jid[lu l-kliem “ri]enja jew tne[[ija liema stral/jarju ma jkunx ma[tur mill-Qorti,”.
112. Minflok is-subartikolu (3) ta’ l-artikolu 283 ta’ l-Att prinçipali, g[andu jid[ol dan li ;ej>-
“(3) Membru jew membri li jkollhom mhux inqas minn proporzjon ta’ minn g[axra wie[ed tal-kapital azzjonarju m[allas bil-jedd tal-vot f’laqg[at ;enerali tal-kumpannija jew kreditur jew kredituri li jirrappre]entaw mhux inqas minn g[axra wie[ed fil- valur tal-kredituri tal-kumpannija jistg[u, f’kull ]mien, b’talba bil- miktub je[tie;u lill-istral/jarju biex isejja[ laqg[a ;enerali tal- kumpannija, jew laqg[a tal-kredituri, skond il-ka]. Dik it-talba g[andha tkun iffirmata minn dak il-membru jew dawk il-membri, jew minn dak il-kreditur jew dawk il-kredituri, skond il-ka], u g[andhom jag[tu l-g[anijiet tal-laqg[a.”.
A 301

Emenda ta’ l- artikolu 282 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 283 ta’ l- Att prin/ipali.

;ej>-
113. L-artikolu 289 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 289 ta’ l- Att prin/ipali.

(a) id-dispo]izzjoni pre]enti g[andha ti;i numerata mill-
;did b[ala subartikolu (1)< u
(b) minnufih wara s-subartikolu (1) kif numerat mill-;did g[andhom jid[lu s-subartikoli (2) u (3) ;odda li ;ejjin>-
“(2) Vakanza li tirri]ulta mill-mewt jew ri]enja ta’ stral/jarju ma[tur mill-Qorti tista’, fuq rikors ta’ xi membru, kreditur jew kontributorju, timtela mill-Qorti.
(3) Il-persuna li tkun g[amlet ir-rikors lill-Qorti skond is-subartikolu (2) ta’ dan l-artikolu g[andha, fil-ka] ta’ vakanza li tirri]ulta mill-mewt ta’ stral/jarju, tg[arraf lir- Re;istratur bil-mewt ta’ l-istral/jarju.”.
114. Fis-subartikolu (1) ta’ l-artikolu 290 ta’ l-Att prin/ipali, minflok il-kliem “fi ]mien erbatax-il jum wara li jkun a//etta l-[atra tieg[u” g[andhom jid[lu l-kliem “fi ]mien erbatax-il jum mill-[atra tieg[u”.

Emenda ta’ l- artikolu 290 ta’ l- Att prin/ipali.

;ej>-
115. L-artikolu 292 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 292 ta’ l- Att prin/ipali.

(a) is-subartikoli (2) u (3) tieg[u g[andhom ikunu numerati mill-;did b[ala (4) u (5) rispettivament<
A 302

Emenda ta’ l- artikolu 298 ta’ l- Att prin/ipali.

}ieda ta’ artikoli

;odda 300A u 300B

ma’ l-Att prin/ipali.

(b) minnufih wara s-subartikolu (1) tieg[u g[andu jid[ol is-subartikolu (2) ;did li ;ej>
“(2) L-istral/jarju jista’ jag[mel rikors lill-Qorti sabiex tistabbilixxi ]-]mien jew ]-]minijiet li fihom il-kredituri g[andhom jippruvaw id-djun jew il-pretensjonijiet tag[hom jew li jkunu esklu]i mill-benefi//ju ta’ kull tqassim li jsir qabel ma jkunu ppruvati dawk id-djun.”< u
(/) fis-subartikolu (3) tieg[u kif numerat mill-;did, minflok il-kliem “fis-subartikolu (1) ta’ dan l-artikolu” g[andhom jid[lu l- kliem “fis-subartikoli (1) u (2) ta’ dan l-artikolu.”.
116. Minflok il-paragrafu (b) tas-subartikolu (1) ta’ l-artikolu
298 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“(b) F’laqg[a tal-kontributorji ri]oluzzjoni titqies li tkun g[addiet meta tlett kwarti fil-valur tal-kontributorji pre]enti personalment jew bi prokura, u li jivvotaw fuq ir-ri]oluzzjoni, jew b’ma;;oranza fil-valur tal-kontributorji kollha, ikunu vvotaw favur ir-ri]oluzzjoni. Il-valur tal-kontributorji g[andu jkun stabbilit skond in-numru ta’ voti mog[tija lil kull kontributur bil- memorandum jew bl-istatut tal-kumpannija jew, jekk il- memorandum u l-istatut ma jg[idu xejn dwar dan, skond il-valur tar-responsabbilta’ rispettiva tag[hom biex jikkontribwixxu.”.
117. Minnufih wara l-artikolu 300 ta’ l-Att prin/ipali g[andhom ji]diedu l-artikoli ;odda 300A u 300B li ;ejjin>

“Rettifikaz- zjoni ta’ Skema ta’ Distribuz- zjoni.

300A. (1) Meta fil-kors ta’ l-istral/ ta’ kumpannija l- istral/jarju ma jkunx ikkalkula xi assi tal-kumpannija, u l- isem tal-kumpannija jkun t[assar minn fuq ir-re;istru, kull persuna nteressata tista’ b’rikors, titlob lill-Qorti biex tordna r-rettifika ta’ l-iskema ta’ distribuzzjoni, u l-Qorti tista’, meta jidhrilha xieraq, tordna dik ir-rettifika ta[t dawk il-pattijiet u l-kondizzjonijiet li jidrilha xierqa.
(2) Meta kumpannija tkun g[amlet distribuzzjoni lill- azzjonisti tag[ha skond skema ta’ distribuzzjoni u l-isem ta’ dik il-kumpannija jkun t[assar minn fuq ir-re;stru, kull kreditur li l-pretensjoni tieg[u kontra l-kumpannija ma tkunx
;iet sodisfatta jista’, b’rikors, jag[mel talba g[al dak li hu
dovut lilu ming[and l-azzjonisti tal-kumpannija pro rata g[all-ammont li jkun ri/evut mill-azzjonisti mad- distribuzzjoni, u l-Qorti tista’, meta tikkunsidra hekk xieraq,

Restituz- zjoni ta’ isem ta’ kumpannija fuq ir- re;istru.

tordna li jsiru [lasijiet mill-azzjonisti lil dak il-kreditur ta[t dawk il-pattijiet u l-kondizzjonijiet li jidhrilha xierqa>
I]da f’ebda ka] ma g[andu azzjonist ikun me[tie; li jikkontribwixxi g[al ammont li jkun i]jed minn dak ri/evut minnu mad-distribuzzjoni.
(3) Ma jista’ jsir ebda rikors ta[t dan l-artikolu wara li jg[addu [ames snin mid-data li fiha l-isem tal-kumpannija jkun t[assar mir-re;istru.
300B. (1) Meta kumpannija tkun t[assret minn fuq ir- re;istru, kull persuna interessata tista’ b’rikors, titlob lill-Qorti biex tordna hi li l-isem tal-kumpannija jkun restitwit fuq ir- re;istru u li l-istral/ jer;a’ jinfeta[.
(2) Meta, fuq rikors mag[mul ta[t is-subartikolu (1) ta’ dan l-artikolu, il-Qorti tkun sodisfatta li l-istral/ u t-t[assir tal-kumpannija jkun vizzjat bi frodi jew b’illegalita’ ta’ natura materjali, il-Qorti tista’ tordna li l-isem tal-kumpannija jkun restitwit fuq ir-re;istru u li l-istral/ jer;a’ jinfeta[ g[al dawk ir-ra;unijiet u g[al dak i]-]mien li l-Qorti tispe/ifika fid-de/ i]joni tag[ha, u l-Qorti g[andha tag[ti dawk id-direttivi u timponi dawk il-kondizzjonijiet li jidrilha xieraq.
(3) Il-Qorti g[andha tilqa’ t-talba biss jekk tkun sodisfatta li dak ikun l-uniku rimedju li jkun hemm.
(4) Fid-de/i]joni tag[ha l-Qorti g[andha wkoll tiddeçiedi jekk l-ordnijiet u d-direttivi tag[ha jkunux effettivi favur il-persuni kollha jew jekk g[andhomx japplikaw limitatament g[al persuni spe/ifiki ndikati fid-de/i]joni.
(5) Ma jista’ jsir ebda rikors ta[t dan l-artikolu wara li jg[addu [ames snin mid-data li fiha l-isem tal-kumpannija jkun t[assar mir-re;istru.”.
A 303
118. Minflok l-artikolu 303 ta’ l-Att prin/ipali g[andu jid[ol dan li ;ej>-
“303 (1) Kull privile;;, ipoteka jew pi] ie[or, jew trasferiment jew disponiment ta’ proprjeta’ jew jeddijiet, u kull [las, e]ekuzzjoni jew att ie[or dwar proprjeta’ jew jeddijiet mag[mula mill-kumpannija jew kontriha, u kull obbligazzjoni li tid[ol fiha l-kumpannija, fi ]mien sitt xhur qabel ix-xoljiment tal-kumpannija g[andhom jitqiesu li huma

Emenda ta’ l- artikolu 303 ta’ l- Att prin/ipali.

A 304

Emenda ta’ l- artikolu 305 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 322 ta’ l- Att prin/ipali.

preferenza bi frodi kontra l-kredituri tag[ha, kemm jekk ikunu ta’ xorta gratuwita jew jekk ikunu ta’ xorta oneru]a jekk jikkostitwixxu transazzjoni ta[t il-valur jew jekk ting[ata preferenza, kemm-il darba l-persuna li favur tag[ha jkunu saru ma tipprovax li ma kenitx taf u ma kellhiex ra;uni ta[seb li l-kumpannija kienet x’aktarx se tkun xolta min[abba insolvenza, u fil-ka] li l-kumpannija tkun hekk xolta kull preferenza bi frodi tkun nulla.
(2) G[all-finijiet ta’ dan l-artikolu –
(a) kumpannija tag[mel transazzjoni ta[t il-valur jekk>
(i) il-kumpannija tag[ti rigal jew xort’o[ra tag[mel transazzjoni b’kondizzjonijiet li jipprovdu li l-kumpannija ma tir/ievi ebda konsiderazzjoni< jew
(ii) il-kumpannija tag[mel transazzjoni g[al konsiderazzjoni li l-valur tag[ha, fi flus jew valur ta’ flus, ikunu b’mod sinifikanti inqas mill-valur fi flus jew mill-valur ta’ flus tal-konsiderazzjoni provduta mill-kumpannija<
(b) kumpannija tag[ti preferenza lil persuna jekk> (i) dik il-persuna tkun wa[da mill-kredituri
jew garanti ta’ xi dejn jew passiv ie[or tal-
kumpannija< u
(ii) il-kumpannija tag[mel xi [a;a jew t[alli li ssir xi [a;a li, f’kull ka], ikollha l-effett li tqieg[ed lil dik il-persuna f’qag[da li, fil-ka] li l-kumpannija tmur g[al stral/ ta’ insolvenza, tkun f’qag[da a[jar milli kienet tkun kieku dak l-eg[mil jew nuqqas ma jkunx sar.”.
119. Fis-subartikolu (2) ta’ l-artikolu 305 ta’ l-Att prin/ipali, minflok il-kliem “li fiha il-kumpannija tkun xolta” g[andhom jid[lu l- kliem “tax-xoljiment tal-kumpannija kif stabbilit skond id- dispo]izzjonijiet ta’ dan l-Att.”.
120. Fis-subartikolu (1) ta’ l-artikolu 322 ta’ l-Att prin/ipali, minflok il-kliem “jibg[at lir-re;istratur dikjarazzjoni” g[andhom jid[lu l-kliem “jibg[at lir-Re;istratur g[ar-re;istrazzjoni dikjarazzjoni”.
121. Minflok l-artikolu 325 ta’ l-Att prin/ipali g[andu jid[ol dan li ;ej>-
“325. (1) Meta r-Re;istratur ikollu ra;uni bi]]ejjed biex ja[seb li kumpannija ma tkunx qed tmexxi negozju jew ma tkunx qed topera, dan jista’ jibg[at lill-kumpannija ittra bil- posta fejn jistaqsi jekk il-kumpannija tkunx qed tmexxi negozju jew tkunx qed topera.
(2) Jekk ir-Re;istratur jir/ievi twe;iba fis-sens li l- kumpannija ma tkunx qed tmexxi negozju jew ma tkunx qed topera, jew jekk ma jir/evix twe;iba fi ]mien xahar minn meta jkun bag[at l-ittra, dan jista’ jibg[at lill-kumpannija bil- posta u jippubblika avvi] fil-Gazzetta u f’gazzetta li to[ro; kuljum li /-/irkolazzjoni tag[ha tkun g[al kollox jew prinçipalment f’Malta li, f’eg[luq tliet xhur mid-data ta’ l- a[[ar pubblikazzjoni ta’ l-imsemmi avvi], l-isem tal- kumpannija g[andu, kemm-il darba qabel ma tintwerix ra;uni biex isir kuntrarju jew jekk ir-Re;istratur ikun sodisfatt li hemm ra;unijiet bi]]ejjed biex ma jippro/edix bit-t[assir, jit[assar minn fuq ir-re;istru, u l-attiv tal-kumpannija jg[addi f’idejn il-Gvern ta’ Malta.
(3) Jekk, f’xi ka] fejn kumpannija tkun qed ti;i stralçjata volontarjament, ir-Re;istratur ikollu ra;uni bi]]ejjed biex ja[seb jew li ebda stral/jarju ma jkun qed ja;ixxi jew li l-affarijiet tal-kumpannija jkunu stral/jati g[al kollox, u li l- prospetti li huma me[tie;a li jsiru mill-istral/jarju skond l- artikolu 322 ta’ dan l-Att ikunu tard b’sitt xhur jew iktar, ir- Re;istratur jista’ jippubblika fil-Gazzetta u f’gazzetta li to[ro; kuljum li /-/irkolazzjoni tag[ha tkun g[al kollox jew prinçipalment f’Malta, avvi] li f’eg[luq tliet xhur mill-a[[ar pubblikazzjoni ta’ l-imsemmi avvi], l-istral/ tal-kumpannija g[andu, kemm-il darba qabel ma tintweriex ra;uni biex isir kuntrarju, jitqies li jkun ;ie mitmum u konsegwentament li l- isem tal-kumpannija jit[assar minn fuq ir-re;istru. Ir- Re;istratur g[andu jie[u [sieb jibg[at bil-posta kopja ta’ l- imsemmi avvi] lill-kumpannija u lill-istral/jarju, jekk ikun hemm. Malli jag[laq l-imsemmi ]mien ta’ tliet xhur l-istralç tal-kumpannija g[andu, kemm-il darba qabel ma tintwerix ra;uni biex isir kuntrarju, jitqies li jkun ;ie mitmum u r- Re;istratur g[andu j[assar l-isem tal-kumpannija minn fuq ir-re;istru u l-attiv tal-kumpannija jg[addi f’idejn il-Gvern ta’ Malta.
A 305

Emenda ta’ l- artikolu 325 ta’ l- Att prin/ipali.

A 306

Emenda ta’ l- artikolu 327 ta’ l- Att prin/ipali.

(4) Jekk membru jew kreditur tal-kumpannija, jew xi persuna o[ra li fil-fehma tal-Qorti jkollha interess li t[ossha aggravata bil-fatt li l-isem tal-kumpannija jkun t[assar minn fuq ir-Re;istru bis-sa[[a ta’ dan l-artikolu, il-Qorti, fuq rikors mag[mul mill-membru jew kreditur jew minn dik il-persuna l-o[ra, qabel ma jg[addu [ames snin mill-pubblikazzjoni ta’ l-avvi] tat-t[assir provdut fis-subartikoli (2) u (3) ta’ dan l- artikolu, tista’, jekk tkun sodisfatta li jkun xieraq li l-isem tal-kumpannija jer;a’ jid[ol fir-re;istru, tordna li dak l-isem jer;a’ jid[ol fir-re;istru, u mal-konsenja ta’ kopja uffi/jali ta’ l-ordni mir-Re;istratur tal-Qrati Superjuri lir-Re;istratur g[ar-re;istrazzjoni, il-kumpannija g[andha titqies li kompliet bl-e]istenza tag[ha daqslikieku isimha ma kienx t[assar< u l- Qorti tista’ bl-ordni tag[ha tag[ti dawk id-direzzjonijiet u tag[mel dawk il-provvedimenti li jidhrilha xierqa biex il- kumpannija u l-persuni l-o[ra kollha jitqieg[du fl-istess po]izzjoni kemm jista’ jkun vi/in dik li kieku l-isem tal- kumpannija ma jkunx t[assar. Ir-Re;istratur g[andu minnufih jg[addi biex jippubblika avvi] fil-Gazzetta u f’gazzetta li to[ro; kuljum li /-/irkolazzjoni tag[ha tkun g[al kollox jew prin/ipalment f’Malta u l-isem tal-kumpannija jer;a’ jid[ol fir-re;istru.
(5) Avvi] mibg[ut ta[t dan l-artikolu jista’ ji;i ndirizzat lill-istral/jarju fil-post tan-negozju jew fl-indirizz tieg[u l-a[[ar mag[ruf, u ittra jew avvi] li g[andu jintbag[at lil kumpannija g[andu ji;i ndirizzat lill-kumpannija fl-uffiççju re;istrat tag[ha.
(6) Minkejja li l-isem tal-kumpannija jkun t[assar minn fuq ir-re;istru skond id-dispo]izzjonijiet ta’ qabel dan l- artikolu, ir-responsabbilita’, jekk il-ka], ta’ kull direttur jew uffi/jal ie[or tal-kumpannija u ta’ kull membru tal- kumpannija g[andha tkompli u tista’ ti;i nfurzata daqslikieku l-isem tal-kumpannija ma jkunx t[assar mir-re;istru.
(7) Minkejja d-dispo]izzjonijiet tas-subartikolu (1) ta’ l-artikolu 429 ta’ dan l-Att, id-dispo]izzjonijiet ta’ dan l- artikolu japplikaw g[al kumpannija li x-xoljiment u l-istral/ konsegwenzjali tag[ha jkunu regolati bl-Ordinanza.”.
122. Il-paragrafu (a) tas-subartikolu (5) ta’ l-artikolu 327 ta’ l- Att prin/ipali g[andu ji;i emendat kif ;ej>-
(a) minflok il-kliem “is-subartikolu (4)” g[andhom jid[lu l-kliem “is-subartikolu (5)”< u
(b) minflok il-kliem “is-sub-paragrafu (iv)” g[andhom jid[lu l-kliem “is-sub-paragrafu (iii)”.
123. Minnufih wara l-artikolu 329 ta’ l-Att prin/ipali g[andhom jid[lu l-artikoli ;odda 329A u 329B>
A 307

}ieda ta’ artikoli

;odda 329A u 329B

ma’ l-Att prin/ipali.

“Dmirijiet ta’

329A. Meta d-diretturi ta’ kumpannija jsiru jafu li l-

diretturi meta kumpannija ma tkunx tista’ t[allas id-djun tag[ha, jew aktarx

ma tkunx tista’ t[allas id-djun.

Pro/edura biex kumpannija tirkupra.

ikun imminenti li ma tkunx tista’ t[allas id-djun tag[ha, dawn g[andhom minnufih, mhux iktar tard minn tletin jum minn meta jkunu saru jafu bil-fatt, isejj[u kif imiss laqg[a ;enerali tal-kumpannija bil-mezz ta’ avvi] f’dak is-sens g[al data li ma tkunx iktar tard minn erbg[in jum mid-data ta’ l-avvi] sabiex tkun riveduta l-qag[da tal-kumpannija u sabiex ji;i de/i] x’passi g[andhom jittie[du biex tkun trattata s- sitwazzjoni, mag[duda konsiderazzjoni dwar jekk il- kumpannija g[andhiex ti;i xolta jew, jekk applikabbli, jekk il-kumpannija g[andhiex tag[mel Rikors biex Kumpannija tirkupra skond l-artikolu 329B ta’ dan l-Att.
329B. (1) (a) Meta kumpannija ma tkunx tista’ t[allas id-djun tag[ha, jew x’aktarx ikun imminenti li ma tkunx tista’ t[allas id-djun tag[ha, jista’ jsir Rikors biex Kumpannija Tikrkupra lill-Qorti fejn issir talba lill-Qorti biex il- kumpannija titqieg[ed ta[t Pro/edura biex Kumpannija Tirkupra u biex ta[tar Kontrollur Spe/jali biex jie[u kontroll hu, biex jimmani;;a u jamministra n-negozju tal-kumpannija g[al ]mien spe/ifikat mill-Qorti su;;ett g[al-limitazzjoni mposta bil-paragrafu (2) ta’ dan is-subartikolu.
(b) Rikors biex Kumpannija Tirkupra, hawnhekk i]jed
’il quddiem f’ dan l-artikolu msejja[ “Rikors” g[andu jsir b’
rikors mag[mul minn>
(i) jew mill-kumpannija wara ri]oluzzjoni straordinarja< jew
(ii) mid-diretturi wara de/i]joni tal-bord tad- diretturi< jew
(iii) mill-kredituri tal-kumpannija li jirrapre]entaw iktar minn nofs il-valur tal-kredituri tal- kumpannija.
(c) Il-[atra ta’ Kontrollur Spe/jali g[andha ssir g[al
]mien ta’ mhux iktar minn tnax-il xahar< i]da, jekk f’xi ]mien
A 308
li matulu jkun hemm fis-se[[ Pro/edura biex Kumpannija
Tirkupra, il-Qorti tista’, jekk tintwera ra;uni xierqa testendi
]-]mien b’dak i]-]mien jew ]minijiet addizzjonali li b’kollox ma jei//edux tnax-il xahar ie[or.
(d) Id-dispo]izzjonijiet ta’ dan l-artikolu japplikaw g[al>
(i) il-kumpanniji kollha li ma jikkwalifikawx b[ala “kumpanniji ]g[ar” skond l-artikolu 185 ta’ dan l-Att< u
(ii) “kumpanniji ]g[ar” li jkollhom iktar minn valur ta’ LM200,000 dovut lill-kredituri.
(e) Il-Ministru jista’ b’regolamenti, jemenda jew jissostitwixxi l-kriterji murija fil-paragrafu (d) tas-subartikolu (1) ta’ dan l-artikolu sabiex jistabbilixxi l-applikabbilita’ tad- dispo]izzjonijiet ta’ dan l-artikolu.
(f) Ebda Rikors ma jista’ jsir minn kumpannija wara li tkun ;iet xolta volontarjament jew jekk, dwar l-istess kumpannija, ikun digà sar ordni g[al stral/.
(2)(a) Rikors g[andu, kemm hu possibli, jag[ti l-fatti, i/-/irkostanzi u r-ra;unijiet kollha li wasslu biex il- kumpannija ma tkunx tista’ jew ikunu imminenti li ma tkunx tista’, t[allas id-djun tag[ha, flimkien ma’ dikjarazzjoni mir- rikorrenti ta’ kif il-qag[da finanzjarja u ekonomika tal- kumpannija tkun tista’ tittejjeb fl-interessi tal-kredituri u ta’ l-impjegati tag[ha u tal-kumpannija nnifisha b[ala a]jenda vijabbli.
(b) Meta Rikors ikun mag[mul mill-kumpannija, g[andhom ikunu annessi mieg[u d-dokumenti li ;ejjin>
(i) dikjarazzjoni ta’ l-attiv u l-passiv tal- kumpannija mag[mula sa data li ma tkunx qabel id-data tar-Rikors b’iktar minn xahrejn< u
(ii) lista li jkun fiha l-ismijiet u l-indirizzi tal- kredituri flimkien ma’ indikazzjoni ta’ l-ammont dovut lil kull wie[ed minn dawk il-kredituri u s-sigurta’, jekk ikun hemm, tal-kredituri rispettivi.

Setg[a tal- Qorti.

(/) Meta Rikors isir mill-kredituri, g[andu jkollu mieg[u d-dokumentazzjoni u d-dikjarazzjonijiet xierqa b’sustenn.
(3)(a) Meta tisma’ Rikors, il-Qorti tista’, wara li te]amina /-/irkostanzi kollha u l-azzjonijiet li jkun hemm, jew ti/[ad ir-Rikors jew to[ro; Ordni biex Kumpannija Tirkupra, hawnhekk i]jed ’il quddiem f’dan l-artikolu wkoll imsemmi “Ordni”, fejn tilqa’ t-talba u tqieg[ed lill- kumpannija ta[t Pro/edura biex Kumpannija Tirkupra.
(b) Il-Qorti g[andha tilqa’ r-Rikors, u skond dan tqieg[ed lill-kumpannija ta[t Pro/edura biex Kumpannija Tirkupra, biss jekk -
(i) tkun sodisfatta li l-kumpannija ma tkunx tista’, jew x’aktarx ikun imminenti, li ma tkunx tista’, t[allas id-djun tag[ha skond kif imfisser fis-subartikolu (5) ta’ l-artikolu 214 ta’ dan l-Att< u
(ii) jekk tikkunsidra li l-Ordni x-aktarx jil[aq xi wie[ed mill-g[anijiet li ;ejjin>
- li l-kumpannija tibqa’ a]jenda vijabbli g[al kollox jew f’parti< jew
- is-sanzjonament ta[t l-artikolu 327 ta’ dan l-Att ta’ kompromess jew arran;ament bejn il- kumpannija u kull kredituri jew membri tag[ha.
(/) Fl-eg[mil ta’ Ordni, il-Qorti g[andha tikkunsidra> (i) l-a[jar interessi tal-kredituri, ta’ l-azzjonisti u
tal-kumpannija nnifisha, u l-possibbilta’ li t[ares l- impjiegi kif ikun jidher ra;onevoli u finanzjarjament possibli fi/-/irkostanzi< u
(ii) il-kost li jkollu jsir biex tkun adottata Proçedura biex Kumpannija Tirkupra, partikolarment id- drittijiet u l-ispejje] li jkollhom jit[allsu.
(d) Meta kumpannija jkollha fil-pussess tag[ha liçenza jew awtorizzazzjoni o[ra ta[t il-li;ijiet li jirregolaw il-kummer/ bankarju, l-assigurazzjoni, is-servizzi ta’ investiment, istituzzjonijiet finanzjarji jew elenku ta’ sigurtajiet f’exchange ta’ investiment rikonoxxut, il-Qorti m’g[andiex tg[addi biex tag[mel Ordni ming[ajr ma qabel
A 309
A 310

Effett ta’ Ordni biex Kumpannija Tirkupra.

tkun ikkonsultat ma’ l-awtorita’ kompetenti rilevanti responsabbli mill-issolveljar ta’ dik il-kumpannija jew ta’ xi attivitajiet tag[ha.
(e) Il-Qorti g[andha tidde/iedi jekk ti/[hadx ir- rikors jew tag[milx Ordni biex Kumpannija Tirkupra fi ]mien ta’ mhux iktar minn g[oxrin jum tax-xog[ol minn meta jkun pre]entat ir-rikors.
(4) Meta jkun sar Rikors u sakemm ma ji;ix mi/[ud, jew matul i]-]mien li fih tkun isse[[ Pro/edura biex Kumpannija Tirkupra>
(a) kull rikors g[all-stral/ jew pendenti g[andu jieqaf<
(b) ebda ri]oluzzjoni g[ax-xoljiment u stral/
konsegwenzjali ma tkun tista’ tg[addi jew ting[ata effett<
(/) l-e]ekuzzjoni ta’ talbiet ta’ xorta monetarja kontra l-kumpannija u kull img[ax li xort’ o[ra jista’ jakkumula fuqu g[andhom jieqfu<
(d) matul it-titolu ta’ kirja, ebda sid il-kera jew persuna o[ra li lilha jkollha tit[allas il-kera ma tista’ tezer/ita xi jedd g[at-terminazzjoni ta’ kirja dwar post li jkun mikri lill-kumpannija min[abba n-nuqqas ta’ t[aris ta’ xi patt jew kondizzjoni tal-kirja tag[ha dwar dak il-post, [lief bil-permess tal-Qorti u b’dawk il- kondizzjonijet li-l-Qorti jidhrilha xierqa li timponi<
(e) ebda passi o[ra ma jistg[u jittie[du biex ti;i nfurzata xi sigurta’ fuq il-proprjeta’ tal-kumpannija, jew biex jittie[ed pussess lura ta’ xi o;;etti li jkunu fil- pussess tal-kumpannija ta[t xi ftehim ta’ hire-purchase, [lief bil-permess tal-Qorti u ta[t dawk il-kondizzjonijiet li l-Qorti jidhrilha xierqa li timponi<
(f) ebda att jew mandat kawzjonarju jew e]ekuttiv imsemmi fil-Kodi/i ta’ Organizzazzjoni u Pro/edura
?ivili ma jista’ jsir kontra l-kumpannija jew xi proprjetà
tal-kumpannija ming[ajr il-permess tal-Qorti u ta[t dawk il-kondizzjonijiet li l-Qorti jidhrilha xierqa li timponi< u

{atra ta’ Kontrollur Spe/jali.

Setg[at u dmirijiet tal- Kontrollur Spe/jali.

(g) ebda pro/edimenti ;udizzjarji ma g[andhom jinbdew jew jitkomplew kontra l-kumpannija jew il- proprjeta’ tag[ha [lief bil-permess tal-Qorti u su;;etti g[al dawk il-kondizzjonijiet li l-Qorti jidhrilha xieraq li timponi.
(5)(a) Fl-Ordni, il-Qorti g[andha>
(i) ta[tar individwu biex ja;ixxi ta’ Kontrollur Spe/jali u biex jaqdi dawk il-funzjonijiet u setg[at li l- Qorti tista’ tafdalu fl-amministrazzjoni u fl-immanzjoni u fl-immanjeta’ u n-negozju tal-kumpannija<
(ii) tistabbilixxi dik ir-rimunerazzjoni tal- Kontrollur Spe/jali, li l-Qorti jidhrilha xierqa wara li tikkunsidra l-qag[da finanzjarja, in-negozju u l-attiv tal- kumpannija<
(iii) tistabbilixxi ]-]mien, li ma jkunx iktar minn g[axart ijiem tax-xog[ol mill-eg[mil ta’ l-Ordni biex Kumpannija Tirkupra, li fih il-kumpannija g[andha tiddepo]ita somma ta’ flus fil-Qorti jew toffri garanzija o[ra xierqa jew arran;ament ie[or addattat, li, fil-fehma tal-Qorti, ikun bi]]ejjed biex ikopri r-rimunerazzjoni, u l-ispejje] tal-Kontrollur Spe/jali konnessi mal-[atra tieg[u.
(b) Il-Qorti g[andha ta[tar b[ala Kontrollur Spe/jali individwu li l-Qorti tkun a//ertat g[as-sodisfazzjon tag[ha li jkollu l-kompetenza u l-esperjenza ppruvata fl-immani;;jar ta’ mpri]i kummer/jali, ikun kwalifikat u jkun irid ja//etta l- [atra, u ma jkollu ebda konflitt ta’ nteress dwar il-[atra tieg[u.
(/) Sakemm il-Kontrollur Spe/jali jkollu l-kariga, il- fatt tal-[atra tieg[u f’dik il-kariga u ismu s[i[ flimkien ma’ l-indirizz tieg[u residenzjali u tan-negozju g[andhom jintwerew b’mod /ar fuq kull ittri tan-negozju, formuli ta’ ordnijiet, fatturi u kull dokumenti o[ra tal-kumpannija.
(6)(a) Matul i]-]mien li l-Ordni jkun fis-se[[, il- kumpannija g[andha tkompli tmexxi l-attivitajiet normali tag[ha ta[t it-tmexxija tal-Kontrollur Spe/jali.
(b) Il-Kontrollur Spe/jali g[andu, kemm jista’ jkun malajr mal-[atra tieg[u, jie[u ta[t il-kustodja jew il-kontroll tieg[u il-proprjeta’ kollha tal-kumpannija u minn dak il-[in
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ikun responsabbli biex jimmani;;a u jissorvelja l-attivitajiet, in-negozju u l-proprjeta’ tag[ha.
(/) Il-Kontrollur Spe/jali g[andu je]amina l-attiv, l- affarijiet u l-andament tan-negozju tal-kumpannija u g[andu ja//erta u jivverifika jekk ikunx hemm aspettativa ra;onevoli li l-kumpannija tirkupra u li tkompli b[ala a]jenda vijabbli, g[al kollox jew f’parti, u g[andu jissottometti rapport inizzjali dwar dan lill-Qorti mhux iktar tard minn xahrejn mid-data tal-[atra tieg[u.
(d) Mal-[atra ta’ Kontrollur Spe/jali, kull setg[a mog[tija lill-kumpannija, lid-diretturi jew uffi/jali tag[ha, b’dan l-Att jew b’xi li;i o[ra, jew bil-memorandum jew bl- istatut ta’ assoçjazzjoni tal-kumpannija, g[andha ti;i sospi]a kemm-il darba ma jinkisibx il-kunsens tal-Kontrollur Speçjali biex ti;i e]er/ita setg[a b[al dik, liema kunsens jista’ jing[ata jew b’mod ;enerali jew dwar ka] jew ka]ijiet partikolari, u ma tista’ tissejja[ ebda laqg[a tal-kumpannija [lief bil- permess tal-Qorti u skond dawk il-kondizzjonijiet li l-Qorti jidhrilha xierqa li timponi.
(e) Matul i]-]mien li fih tkun isse[[ Pro/edura biex Kumpannija Tirkupra, kull dmir mog[ti lill-kumpannija, lid- diretturi jew uffi/jali tag[ha, b’dan l-Att jew xi li;i o[ra, jew bil-memorandum jew statut ta’ asso/jazzjoni tal-kumpannija, jg[addi g[and u jkun e]er/itat mill-Kontrollur Spe/jali.
(f) B’ ]ieda u ming[ajr [sara g[al dmir ie[or mog[ti lill-Kontrollur Spe/jali mill-Qorti jew b’ dan l-Att jew b’ xi li;i o[ra, il-Kontrollur Spe/jali jkun obbligat li jaqdi l- funzjonijiet tieg[u b’mod ;ust u ekwu meta jqis l-a[jar interessi tal-kumpannija, ta’ l-azzjonisti u tal-kredituri tag[ha flimkien ma’ l-interessi ta’ kull parti o[ra nteressata.
B’]ieda mal-funzjonijiet u setg[at o[ra mog[tija lilu mill-Qorti, il-Kontrollur Spe/jali jkollu s-setg[a>
(i) wara li jg[arraf lill-Qorti, bil-mezz ta’ nota, ine[[i kull direttur tal-kumpannija u li ja[tar kull individwu biex tkun manager<
(ii) iqabbad persuni biex jag[tu servizzi professjonali u amministrattivi, u li jikkommetti lill- kumpannija g[all-[las tad-drittijiet u spejje] rispettivi tag[hom< jew
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(iii) li jsejja[ kull laqg[a tal-membri jew tal- kredituri tal-kumpannija.
Kontrollur Spe/jali ma g[andux, ming[ajr l- awtorizzazzjoni espressa tal-Qorti>
(i) ida[[al lill-kumpannija g[al xi obbligu ta’ iktar minn sitt xhur< jew

Negozju

[azin.

Laqg[a ta’ kredituri u membri.

(ii) itemm l-impieg ta’ impjegati tal-kumpannija li jidhirlu me[tie;a sabiex ji]gura l-kontinwazzjoni tal- kumpannija b[ala a]jenda vijabbli g[al kollox jew f’parti< jew
(iii) ibieg[ jew xort’o[ra jiddisponi minn proprjeta’ tal-kumpannija lilu innifsu, jew lill-parti l-o[ra fi]-]wie; jew lil qraba u d-dispo]izzjonijiet ta’ l-artikolu 306 ta’ dan l-Att g[andhom japplikaw daqslikieku riferenzi lill-istralçjarju kienu riferenzi lill-Kontrollur Spe/jali.
Il-Qorti tista’, fuq it-talba tal-Kontrollur Spe/jali, u jekk tintwera ra;uni ;usta, testendi l-[atra u l-funzjonijiet u s- setg[at relattivi tieg[u g[al kull kumpannija li tkun jew kumpannija grupp relattivament g[all-kumpannija li tkun tqeg[det ta[t Pro/eduri biex Kumpannija Tirkupra, i]da, sakemm jista’ jkun, il-Qorti g[andha, qabel ma tag[mel hekk, tisma’ x’ g[andhom x’ jg[idu d-diretturi, jew u[ud minnhom, ta’ dik il-kumpannija grupp, kif jidhrilha xieraq.
(7)(a) Fi ]mien xahar mill-[atra tieg[u, il-Kontrollur Spe/jali g[andu jsejja[ laqg[a jew laqg[at tal-kredituri u membri, sew separatament kemm flimkien, kif jidhirlu xieraq, sabiex -
(i) iqieg[ed quddiemhom g[all-informazzjoni u revi]joni tag[hom dikjarazzjoni komprensiva ta’ l- affarijiet tal-kumpannija flimkien ma’ proposti prelminari fuq il-prospetti u t-tmexxija futura tal- kumpannija< u
(ii) ja[tar kumitat kon;unt ta’ kredituri u membri, li jikkonsisti f’mhux iktar minn tliet kredituri u mhux iktar minn tliet membri, biex jag[ti dawk il-pariri u g[ajnuna li l-Kontrollur Spe/jali jista’ je[tie; fit-
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Negozju frodulenti.

tmexxija ta’ l-affarijiet, negozju u proprjetà tal- kumpannija u biex tirkupra b[ala a]jenda vijabbli.
(b) Mhux inqas minn erbatax-il jum jing[ataw biex issir xi laqg[a b[al dik, u l-Kontrollur Speçjali g[andu jibg[at kopja ta’ l-avvi] li jsejja[ il-laqg[a lil kull diretturi u uffi/ jali tal-kumpannija, inklu]i persuni li kienu diretturi jew uffi/ cjali o[ra fil-passat, li l-pre]enza tag[hom fil-laqg[a, tkun me[tie;a fil-fehma tal-Kontrollur Spe/jali.
(/) Il-Kontrollur Spe/jali g[andu jippubblika avvi] tal- laqg[at f’gazzetta ta’ kuljum b’/irkolazzjoni g[al kollox jew prin/ipalment f’Malta, mhux iktar tard minn erbatax-il jum qabel ma tin]amm il-laqg[a.
(d) Meta g[al xi ra;uni il-kredituri jew il-membri jew it-tnejn ma ja[trux rappre]entanti tag[hom fuq il-kumitat kon;unt tal-kredituri u l-membri, il-Kontrollur Spe/jali jista’ jkompli fl-e]er/izzju tal-funzjonijiet tieg[u ming[ajr dak il- kumitat jew biss b’kumitat tal-kredituri jew membri, skond il-ka].
(8)(a) Jekk matul i]-]mien li Pro/edura biex Kumpannija Tirkupra tkun fis-se[[, ikun jidher li xi negozju tal-kumpannija jkun sar bi [sieb li jkun hemm frodi tal- kredituri tal-kumpannija jew g[al xi g[an frodulenti ie[or, il-Qorti tista’, fuq rikors tal-Kontrollur Spe/jali, jekk hekk jidhrilha xieraq li tag[mel, tiddikjara li kull persuni li xjentement kienu parti fit-tmexxija tan-negozju bil-mod imsemmi jkunu personalment responsabbli, ming[ajr limitazzjoni ta’ responsabbilita’ g[ad-djun u responsabbilitajiet kollha jew u[ud minnhom tal-kumpannija kif il-Qorti tista’ tordna.
(b) Meta n-negozju ta’ kumpannija jitmexxa bil-[sieb jew g[all-g[anijiet imsemmija fil-paragrafu (a) ta’ dan is- subartikolu, kull persuna li xjentement kienet parti fit-tmexxija tan-negozju bil-mod kif intqal qabel, tkun [atja ta’ reat u te[el, meta tinsab [atja, multa ta’ mhux i]jed minn mitt elf lira jew pri;unerija ta’ mhux i]jed minn [ames snin, jew dik il-multa u pri;unerija flimkien.
(9)(a) Id-dispo]izzjonijiet ta’ dan is-subartikolu g[andhom japplikaw meta Pro/edura biex Kumpannija Tirkupra tkun fis-se[[ u jkun jidher li persuna li tkun direttur tal-kumpannija kienet taf, jew kellha tkun taf, li l-kumpannija

Tne[[ija jew vakanza fil- kariga ta’ Kontrollur Spe/jali.

ma setg[etx t[allas id-djun tag[ha jew kien x’aktarx imminenti li ma tkunx tista’ t[allas id-djun tag[ha.
(b) Il-Qorti, fuq rikors tal-Kontrollur Spe/jali ta’ kumpannija li g[aliha japplika dan is-subartikolu, tista’ tiddikjara li persuna li tkun direttur kif imsemmi fil-paragrafu (a) ta’ dan is-subartikolu, jkollha tag[mel [las favur l-attiv tal-kumpannija kif il-Qorti jidhrilha xieraq.
(/) Il-Qorti m’g[andiex tilqa’ rikors ta[t dan is- subartikolu jekk tkun sodisfatta li l-persuna li tkun direttur [adet il-passi kollha li kellha tie[u bil-[sieb li tnaqqas it-telf potenzjali g[all-kredituri tal-kumpannija.
(d) G[all-finijet tal-paragrafu (b) u (/) ta’ dan is- subartikolu, il-fatti li direttur tal-kumpannija g[andu jkun jaf jew ja//ertta, il-konklu]jonijiet li g[andu jil[aq u l-passi li g[andu jie[u huma dawk li jkunu mag[rufa jew a//ertati, jew mil[uqa jew me[uda, minn persuna ra;onevolment dili;enti li jkollha -
(i) kemm it-tag[rif, il-[ila u l-esperjenza li b’mod ra;onevoli jkunu mistennija minn persuna li tmexxi l- istess fuinzjonijiet li jitmexxew jew li ji;u fdati lil dak id-direttur dwar il-kumpannija< u
(ii) it-tag[rif, il-[ila u l-esperjenza li jkollu d- direttur.
(e) G[all-finijiet ta’ dan is-subartikolu, direttur jinkludi persuna li skond id-direzzjonijiet jew l-istruzzjonijiet tag[ha d-diretturi tal-kumpannija soltu ja;ixxu.
(10)(a) Jekk tin[oloq vakanza fil-kariga ta’ Kontrollur Spe/jali min[abba mewt, ri]enja jew xort’o[ra, il-Qorti g[andha ta[tar individwu ie[or biex jimla l-vakanza fuq rikors mag[mul mill-Kontrollur Spe/jali li jkun qed jispiçça, minn kreditur, minn membru, minn direttur, jew mill-Qorti fuq mozzjoni tag[ha stess, skond il-ka].
(b) Il-Qorti tista’, fuq mozzjoni tag[ha stess jew fuq ir-rikors ta’ xi membru jew kreditur, tirrevedi, tikkonferma, timmodifika jew tre;;a’ lura kull g[emil jew de/i]joni tal- Kontrollur Spe/jali u tag[tih dawk id-direzzjonijiet jew ordnijiet li jidhrilha xierqa jew tne[[i Kontrollur Spe/jali jekk tkun sodisfatta li jkunu je]istu ra;unijiet bi]]ejjed li
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Rapporti li

Terminazzjoni ta’ Ordni

biex Kumpannija Tirkupra.

ji;;ustifikaw it-tne[[ija tieg[u jew il-[atra ta’ Kontrollur
Speçjali ie[or.
(11)(a) Fit-tmiem ta’ kull perijodu ta’ erba’ xhur li jibdew ma’ l-eg[mil ta’ l-Ordni sakemm jispi//a l-[atra tieg[u, il-Kontrollur Spe/jali g[andu jissottometti lill-Qorti rapport komprensiv bil-miktub tal-pro/edimenti ta’ l- amministrazzjoni tieg[u u tal-proposti tieg[u dwar il-prospetti biex il-kumpannija tirkupra b[ala azjenda vijabbli g[al kollox jew f’parti.
(b) Meta l-Kontrollur Spe/jali jissottometti lill-Qorti r-rapport imsemmi fil-paragrafu (a) ta’ dan is-subartikolu, ir- Re;istratur tal-Qrati Superjuri g[andu minnufih jibg[at kopja tieg[u lir-Re;istratur g[ar-re;istrazzjoni.
(12)(a) Jekk, matul xi ]mien li Pro/edura biex Kumpannija Tirkupra tkun fis-se[[, jirri]ulta lill-Kontrollur Spe/jali, wara konsultazzjoni mal-kumitat kon;unt tal- kredituri u l-membri, li ma jkun se jservi ta’ xejn li l- kumpannija tkompli bl-imsemmija Pro/edura, il-Kontrollur Spe/jali g[andu minnufih jag[mel rikors lill-Qorti g[at- terminazzjoni tal-Pro/edura biex Kumpannija Tirkupra, li jkun fih ir-ra;unijiet tieg[u dettaljati u komprensivi g[al hekk.
Wara li tir/ievi r-rikors mag[mul mill-Kontrollur Speçjali g[at-teminazzjoni tal-Pro/edura biex Kumpannija Tirkupra, il-Qorti tista’ tordna li l-kumpannija tkun stral/jata mill-Qorti. Meta jsir l-ordni g[al stral/, kopja tieg[u g[andha tkun mibg[uta minnufih mir-Re;istratur tal-Qorti Superjuri lir-Re;istratur g[ar-re;istrazzjoni.
(b) Jekk, f’xi ]mien li matulu Pro/edura biex Kumpannija Tirkupra tkun fis-se[[, jirri]ulta lill-Kontrollur Spe/jali, wara konsultazzjoni mal-kumitat kon;unt tal- kredituri u l-membri, li l-affarijiet tal-kumpannija jkunu tjiebu b’mod li tkun tista’ t[allas id-djun tag[ha, g[andu jag[mel rikors lill-Qorti, li jkun fih ir-ra;unijiet dettaljati u komprensivi f’dan is-sens, u jitlob lill-Qorti biex to[ro; ordni g[at- terminazzjoni tal-Pro/edura biex Kumpannija Tirkupra. Fil- ka] li l-Qorti tilqa’ r-rikors, din g[andha tag[mel dawk il- provvedimenti u kondizzjonijiet, li jidhrilha me[tie;a fi/- çirkostanzi tal-ka].
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(/) Jekk, f’xi ]mien li matulu Pro/edura biex Kumpannija Tirkupra tkun fis-se[[, id-diretturi tal- kumpannija jew il-membri f’laqg[a ;enerali straordinarja jkunu sodisfatti li l-affarijiet tal-kumpannija jkunu tjiebu b’mod li tkun tista’ t[allas id-djun tag[ha, dawn jistg[u jag[mlu rikors lill-Qorti, li jkollu mieg[u d-dokumentazzjoni u l-informazzjoni xierqa b’sustenn, fejn jikkonfermaw li jkunu hekk sodisfatti, u fejn jitolbu lill-Qorti biex to[ro; ordni g[at- terminazzjoni tal-Pro/edura biex Kumpannija Tirkupra, u l- Qorti ma g[andiex tg[addi biex tag[mel ordni fejn tilqa’ jew ti/[ad ir-rikors qabel ma tisma’ lill-Kontrollur Spe/jali.
Fil-ka] li l-Qorti tilqa’ r-rikors, din g[andha tag[mel dawk il-provvedimenti u kondizzjonijiet li jidhrilha xierqa fi/-/irkostanzi tal-ka].
(d) Fit-tmiem tal-perjodu tal-[atra tieg[u, il-Kontrollur Spe/jali g[andu jissottometti Rapport Finali bil-miktub lill- Qorti li jkun fih il-fehmiet u r-ra;unijiet dettaljati u komprensivi tieg[u jekk il-kumpannija jkollhiex jew le prospetti ra;onevoli li tkompli b[ala a]jenda vijabbli g[al kollox jew f’parti u li tkun f’po]izzjoni li t[allas id-djun tag[ha b’mod regolari fil-futur.
(e) Meta r-Rapport Finali sottomess mill-Kontrollur Spe/jali jag[ti l-fehma li l-kumpannija jkollha prospetti ra;onevoli li tkompli b[ala a]jenda vijabbli, g[al kollox jew f’parti, jew meta jsir rikors lill-Qorti mill-Kontrollur Spe/jali ta[t il-paragrafu (b) ta’ dan is-subartikolu, dan g[andu wkoll ikollu anness mieg[u Pjan ta’ Rkuprar li jkun fih il-proposti kollha me[tie;a sabiex il-kumpannija tkun tista’ tkompli b[ala a]jenda vijabbli, b’dawk l-ispjegazzjonijiet li jkunu me[tie;a biex jing[ata effett lil dak l-irkpru, mag[duda proposti dwar ri]orsi finanzjarji; is-sitwazzjoni ta’ mpjegati u t-tmexxija futura tal-kumpannija. L-imsemmi Pjan ta’ Rkuprar g[andu wkoll jispjega l-mod propost g[all-[las tal-kredituri tat-talbiet tag[hom kollha jew proporzjon tag[hom, jekk ikunx intla[aq kompromess volontarju mal-kredituri kollha, jew jekk ikunx propost li l-Qorti tissanzjona kompromess li ma jkunx approvat mill-kredituri kollha.
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G[oti ta’ dokumenti lir- Re;istratur g[ar-

re;istrazzjoni.

(f) Wara li tir/ievi r-rikors imsemmi fil-paragrafu (b) ta’ dan is-subartikolu jew ir-Rapport Finali u l-Pjan ta’ Rkuprar, il-Qorti tista’ titlob kull spjegazzjonijiet u kjarifiki li jidhrilha xierqa li g[andhom ji;u provduti jew verbalment jew bil-miktub kif il-Qorti tista’ tordna.
(g) Il-Qorti tista’ jew ti/[ad il-Pjan ta’ Rkuprar jew tista’ ta//ettah u tapprovah g[al kollox jew f’parti u tista’ te[tie; li jsirulu emendi. Meta l-Qorti tapprova l-Pjan ta’ Rkuprar sottomess mill-Kontrollur Spe/jali, sew b’emendi jew ming[ajrhom kif il-Qorti tista’ tordna, il-Pjan ta’ Rkuprar ikun effettiv u jorbot il-partijiet interessati kollha g[all-finijiet kollha tal-li;i.
(13)(a) Mas-sottomissjoni ta’ Rikors biex Kumpannija Tirkupra, mal-[ru; ta’ Ordni biex Kumpannija Tirkupra, mal- [atra u mat-tmiem tal-[atra tal-Kontrollur Spe/jali u mal-[atra ta’ sostitwit tieg[u, is-sottomissjoni ta’ rikors g[at- terminazzjoni ta’ Ordni biex Kumpannija Tirkupra u l-ordni tal-Qorti li tittermina l-Pro/edura biex Kumpannija Tirkupra g[al xi ra;uni, ir-Re;istratur tal-Qrati Superjuri g[andu minnufih jibg[at kopja ta’ kull rikors, ordni tal-Qorti jew dokument rilevanti ie[or kif issemma’ qabel lir-Re;istratur g[ar-re;istrazzjoni.
(b) Ir-Re;stratur tal-Qorti Superjuri g[andu minnufih jibg[at vera kopja tar-Rapport Finali, kif a//ettat mill-Qorti, lir-Re;istratur g[ar-re;istrazzjoni.
(ç) Minkejja d-dispo]izzjonijiet tal-paragrafu (a) u (b) ta’ dan is-subartikolu, kopja tal-Pjan ta’ Rkuprar, anness mar- Rapport Finali jew me[tie; li ji;i anness ma’ rikors g[at- terminazzjoni ta’ Ordni biex Kumpannija Tirkupra, ma g[andhiex ti;i konsenjata lir-Re;istratur flimkien ma’ dak ir-Rapport jew rikors.

Stral/ mill- Qorti.

Setg[a g[all- eg[mil ta’ regolamenti.

(14) Meta, skond xi wa[da mid-dispo]izzjonijiet ta’ dan l-artikolu, il-Qorti to[ro; ordni g[at-terminazzjoni tal- Pro/edura biex Kumpannija Tirkupra fuq il-ba]i li l- kumpannija ma g[andhix prospetti ra;onevoli biex tkompli b[ala a]jenda vijabbli u mhux se tkun f’qag[da li t[allas id- djun tag[ha b’mod regolari fil-futur, il-Qorti g[andha tordna li l-kumpannija ti;i stral/jata bil-Qorti. Meta jing[ata l-ordni g[al stral/, kopja tieg[u g[andha tintbag[at mir-Re;istratur tal-Qorti Superjuri lir-Re;istratur g[ar-re;istrazzjoni.
(15) Il-Ministru jista’ jag[mel regolamenti sabiex ikunu jistg[u jse[[u a[jar kull dispo]izzjoni ta’ dan l-artikolu.
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124. Is-subartikolu (2) ta’ l-artikolu 330 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>
(a) minflok il-kliem “f’isem kollettiv jew in akkomandita” g[andhom jid[lu l-kliem “f’isem kollettiv jew in akkomandita jew so/jetà limitata”< u
(b) fil-proviso li hemm g[alih, minflok il-kliem “tas-soçji akkomanditi ta’ so/jetà in akkomandita li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, jew minn g[axra wie[ed tal-kapital azzjonarju tas-so/jetà in akkomandita li l-kapital” g[andhom jid[lu l-kliem “tas-so/ji ta’ so/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, jew minn g[axra wie[ed tal-kapital azzjonarju tas-so/jetà in akkomandita jew soçjetà limitata, li l-kapital”.
125. Fis-subartikolu (2) ta’ l-artikolu 335 ta’ l-Att prin/ipali, minflok il-kliem “jew so/jetà in akkomandita r-responsabbiltà mhux limitata tas-so/ji kollha fis-so/jetà f’isem kollettiv u dik tas-so/ji ;enerali fis-so/jetà in akkomandita” g[andhom jid[lu l-kliem “jew so/jetà in akkomandita jew so/jetà limitata r-responsabbiltà mhux limitata tas- so/ji kollha fis-so/jetà f’isem kollettiv u dik tas-so/ji ;enerali fis-soçjetà in akkomandita jew fis-so/jetà limitata”.
126. L-artikolu 336 ta’ l-Att prin/ipali g[andu ji;i emendat kif
;ej>
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “u in akkomandita” g[andhom jid[lu l-kliem “u so/jetajiet in akkomandita jew so/jetajiet limitati”< u
(b) fis-subartikolu (2) tieg[u, minflok il-kliem “ikunu kollha in akkomanditi” g[andhom jid[lu l-kliem “ikunu kollha in akkomanditi jew so/jetajiet limitati” u minflok il-kliem “jkunu in akkomanditi” g[andhom jid[lu l-kliem “jkunu in akkomanditi jew so/jetajiet limitati”.

Emenda ta’ l- artikolu 330 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 335 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 336 ta’ l- Att prin/ipali.

A 320

Emenda ta’ l- artikolu 342 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 343 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 345 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 354 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 357 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 358 ta’ l- Att prin/ipali.

127. Fis-subartikolu (3) ta’ l-artikolu 342 ta’ l-Att prin/ipali, minflok il-kliem “tkun so/jetà in akkomandita” g[andhom jid[lu l-kliem “tkun so/jetà in akkomandita jew so/jetà limitata”.
128. Fis-subartikolu (2) ta’ l-artikolu 343 ta’ l-Att prin/ipali, minflok il-kliem “takkwista l-attiv u l-passiv” g[andhom jid[lu l-kliem “takkwista l-attiv u l-passiv kollu”.
129. Is-subartikolu (6) ta’ l-artikolu 345 ta’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>
(a) fil-paragrafu (a) tieg[u, minflok il-kliem “jidde/iedu fuq l-abbozz tal-kondizzjonijiet tal-qag[da<” g[andhom jid[lu l-kliem “jidde/iedu fuq l-abbozz tal-kondizzjonijiet tal-qag[da< u”<
(b) fil-paragrafu (b) tieg[u, minflok il-kliem “tal- kumpannija li tkun se takkwista< u” g[andhom jid[lu l-kliem “tal- kumpannija li tkun se takkwista>”< u
(/) fil-paragrafu (/) tieg[u minflok l-ittra “(/)” g[andhom jid[lu l-kliem “I]da, f’kull ka],”.
130. Minflok il-proviso g[as-subartikolu (3) ta’ l-artikolu 354 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“I]da kull drittijiet li g[andhom jit[allsu ma]-]ieda fil-kapital azzjonarju awtorizzat tal-kumpannija li tkun se takkwista jibqg[u dovuti u jkollhom jit[allsu.”.
131. Fit-tielet proviso g[as-subartikolu (1) ta’ l-artikolu 357 ta’ l-Att prin/ipali, minflok il-kliem “li jirreferi g[al dik it-taxxa jew drittijiet o[ra” g[andhom jid[lu l-kliem “li jirreferi g[al dawk id-drittijiet”.
132. L-artikolu 358 ta’ l-Att prin/ipali g[andu ji;i emendat kif
;ej>
(a) minflok in-nota mar;inali li hemm g[alih, minflok il- kliem “ l-azzjonijiet kollha li jag[tu l-jedd g[all-vot” g[andhom jid[lu l-kliem“ l-azzjonijiet kollha” <
(b) fis-subartikolu (1) tieg[u, minflok il-kliem “li tkun id- detentur ta’ l-azzjonijiet kollha tag[hom li jag[tu l-jedd g[all-vot f’laqg[at ;enerali u” g[andhom jid[lu l-kliem “li tkun id-detentur ta’ l-azzjonijiet kollha tag[hom u”<
(/) is-subartikolu (3) tieg[u g[andu ji;i emendat kif ;ej>
(i) fil-paragrafu (a) tieg[u, minflok il-kliem “sse[[ l- operazzjoni<” g[andhom jid[lu l-kliem “sse[[ l-operazzjoni< u”<
(ii) fil-paragrafu (b) tieg[u, minflok il-kliem “g[andhom japplikaw<” g[andhom jid[lu l-kliem “g[andhom japplikaw>”< u
(iii) fil-paragrafu (/) tieg[u minflok l-ittra “(/)”
g[andhom jid[lu l-kliem “I]da, f’kull ka],”< u
A 321
;ej>-
(d) is-subartikolu (4) tieg[u g[andu jit[assar.
133. L-artikolu 359 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 359 ta’ l- Att prin/ipali.

(a) is-subartikolu (1) tieg[u g[andu ji;i emendat kif ;ej>
(i) fil-paragrafu (a) tieg[u, minflok il-kliem “g[andhom ikunu pubblikati minnu g[all-anqas tliet xhur qabel id-data stabbilita g[al-laqg[a ;enerali tal-kumpanniji li jkunu qed ji;u akkwistati li g[andha tidde/iedi dwar l- abbozz tal-kondizzjonijiet ta’ l-akkwist>” g[andhom jid[lu l- kliem “g[andu jkunu pubblikati minnu>”<
(ii) il-paragrafi (b) u (/) tieg[u g[andhom ji;u numerati mill-;did b[ala paragrafi (/) u (d) rispettivament< u
(iii) minnufih wara il-paragrafu (a) tieg[u g[andu jid[ol il-paragrafu (b) ;did li ;ej>
“(b) il-laqg[at ;enerali tal-kumpanniji li jkunu se ji;u akkwistati biex jidde/iedu l-abbozz tal-kondizzjonijiet ta’ l-akkwist g[andhom isiru mhux iktar tard minn tliet xhur mill-pubblikazjoni msemmija fil-paragrafu (a) tas-subartikolu (1) ta’ dan l-artikolu>”< u
(iv) fil-paragrafu (/) tieg[u kif numerat mill-;did, minflok il-kliem “fi]-]mien imsemmi fil-paragrafu (a) ta’ dan is-subartikolu” g[andhom jid[lu l-kliem “fi]-]mien imsemmi fil-paragrafu ta’ qabel ta’ dan is-subartikolu”<
(b) fil-proviso g[as-subartikolu (2) tieg[u, minflok il- kliem “li jispezzjonaw id-dokumenti” g[andhom jid[lu l-kliem “li jispezzjonaw u jiksbu kopji tad-dokumenti”< u
A 322

Emenda ta’ l- artikolu 360 ta’ l- Att prin/ipali.

;ej>
(/) is-subartikolu (3) tieg[u g[andu jit[assar.
134. L-artikolu 360 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-paragrafu (b) tas-subartikolu (1) tieg[u, minflok il-kliem “kumpanniji ;odda.” g[andhom jid[lu l-kliem “kumpanniji ;odda< jew”<
(b) minnufih wara l-paragrafu (b) tas-subartikolu (1)
tieg[u, g[andu jid[ol il-paragrafu ;did li ;ej>
“(/) qsim b’kombinazzjoni ta’ qsim b’akkwist, ma’
qsim b’formazzjoni ta’ kumpannija wa[da jew iktar
;odda<”<
(/) is-subartikoli (4), (5), (6) u (7) tieg[u g[andhom ji;u numerati mill-;did b[ala (5), (6), (7) u (8) rispettivament< u
(d) minnufih wara s-subartikolu (3) tieg[u g[andu jid[ol is-subartikolu ;did li ;ej>

Emenda ta’ l- artikolu 361 ta’ l- Att prin/ipali.

Emenda tat-test

Ingli] ta’ l-artikolu

362 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 363 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 368 ta’ l- Att prin/ipali.

“(4) Qsim b’kombinazzjoni ta’ qsim b’akkwist ma’
qsim b’formazzjoni ta’ kumpannija wa[da jew iktar
;odda hija l-istess b[al operazzjoni deskritta fis- subartikolu (2) ta’ dan l-artikolu kombinata ma’ l- operazzjoni deskritta fis-subartikolu (3) ta’ dan l- artikolu.”.
135. Fil-paragrafu ([) tas-subartikolu (2) ta’ l-artikolu 361 ta’ l- Att prin/ipali, minflok il-kliem “id-deskrizzjoni pre/i]a” g[andhom jid[lu l-kliem “id-deskrizzjoni pre/i]a u dettaljata”.
136. Fit-test Ingli] tas-subartikolu (2) ta’ l-artikolu 362 ta’ l-Att prin/ipali, minflok il-kliem “agreed of as the court,” g[andhom jid[lu l-kliem “agreed or as the court,”.
137. Fis-subartikolu (1) ta’ l-artikolu 363 ta’ l-Att prinçipali, minflok il-kliem “l-allokazzjoni ta’ l-azzjonijiet.” g[andhom jid[lu l- kliem “l-allokazzjoni ta’ l-azzjonijiet. Ir-rapport g[andu wkoll jiddeskrivi kull diffikultà ta’ valutazzjoni li tkun inqalg[et.”.
138. Fit-tieni proviso g[as-subartikolu (3) ta’ l-artikolu 368 ta’ l-Att prin/ipali, minflok il-kliem “il-paragrafu (/) tas-subartikolu (1) ta’ l-artikolu 375” g[andhom jid[lu l-kliem “il-paragrafu (/) tas- subartikolu (2) ta’ l-artikolu 375”.
;ej>
139. L-artikolu 370 ta’ l-Att prin/ipali g[andu ji;i emendat kif
A 323

Emenda ta’ l- artikolu 370 ta’ l- Att prin/ipali.

(a) fis-subartikolu (1) tieg[u, minflok il-kliem “mibdul skond i/-/irkostanzi” g[andhom jid[lu l-kliem “mibdul biex jirriflettu /-/irkostanzi”< u
;ej>
(b) fis-subartikolu (2) tieg[u, minflok il-kliem “l-artikolu
344” g[andhom jid[lu l-kliem “l-artikolu 368”.
140. L-artikolu 371 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 371 ta’ l- Att prin/ipali.

(a) fit-test Ingli] tal-paragrafu (a) tas-subartikolu (1) tieg[u, minflok il-kliem “assets, liabilities and obligations” g[andhom jid[lu l-kliem “assets, rights, liabilities and obligations”<
(b) minflok il-proviso g[as-subartikolu (3) tieg[u g[andu jid[ol dan li ;ej>
“I]da kull drittijiet li jista’ jkollhom jit[allsu ma]-]ieda tal-kapital azzjonarju awtorizzat tal-kumpanniji ri/evituri jibqg[u dovuti u jkollhom jit[allsu.”< u
(/) minnufih wara s-subartikolu (4) tieg[u g[andu jid[ol is-subartikolu (5) ;did li ;ej>
“(5) Meta l-attiv tal-kumpannija li tkun se ti;i divi]a jinkludi proprjeta’ immobbli jew jeddijiet dwarhom, id- diretturi tal-kumpanniji ri/evituri g[andhom jie[du [sieb li fi ]mien xahar mill-bidu fis-se[[ tad-divi]joni, jkun pubblikat att pubbliku dikjaratorju, li jkun fih deskrizzjoni dettaljata u l-allokazzjoni tal-proprjeta’ immobbli jew jeddijiet dwarhom konsenjati lil kull wa[da mill-kumpanniji ri/evituri, u vera kopja ta’ l-imsemmi att g[andha tkun sottomessa lir- Re;istratur fi ]mien erbatax-il jum mill-iskrizzjoni tieg[u fir- Re;istru Pubbliku.”.
141. Minflok il-paragrafu (b) u l-kliem li ji;u minnufih warajh ta’ l-artikolu 372 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“(b) tkun espert li hu responsabbli biex jag[mel f’isem dik il-kumpannija r-rapport fuq l-abbozz tal-kundizzjonijiet tal-qsim,
u li, min[abba m;ieba [a]ina bir-rieda jew b’negli;enza fil- qadi ta’ dmirijietha to[loq danni lil xi azzjonist tal-kumpannija li tkun se tinqasam, tkun responsabbli g[al dawk id-danni.”.

Emenda ta’ l- artikolu 372 ta’ l- Att prin/ipali.

A 324

Emenda ta’ l- artikolu 373 ta’ l- Att prin/ipali.

;ej>-
142. L-artikolu 373 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) il-paragrafu (a) tieg[u g[andu ji;i emendat kif ;ej>
(i) minflok il-kliem “ta’ l-artikolu 361 ta’ dan l-Att<
jew fi ]mien tliet xhur” g[andhom jid[lu l-kliem “ta’ l-artikolu
361 ta’ dan l-Att, jew fi ]mien tliet xhur”<
(ii) minflok il-kliem “r-ri]oluzzjoni tal-laqg[a ;enerali straordinarja” g[andhom jid[lu l-kliem “xi wa[da mir- ri]oluzzjonijiet tal-laqg[at ;enerali straordinarja msemmija fihom”< u
(iii) minflok il-kliem “mir-Re;istratur fil-Gazzetta<”
g[andhom jid[lu l-kliem “mir-Re;istratur<”<
(b) fil-paragrafu (/) tieg[u, minflok il-kliem “Re;istratur permezz ta’ avvi] fil-Gazzetta li jg[id,” g[andhom jid[lu l-kliem “Re;istratur li jg[id,”< u

Emenda ta’ l- artikolu 374 ta’ l- Att prin/ipali.

;ej>
(/) fil-paragrafu (g) tieg[u, minflok il-kliem “il-qsim ma g[andux jibda jse[[” g[andhom jid[lu l-kliem “il-qsim ma jkunx operattiv”.
143. L-artikolu 374 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “Id- dispo]izzjonijiet ta’ l-artikoli 361, 362, 363,” g[andhom jid[lu l- kliem “Id-dispo]izzjonijiet ta’ l-artikolu 361, tas-subartikoli (1) sa (5) ta’ l-artikolu 362, ta’ l-artikolu 363,”< u
(b) minflok il-proviso g[as-subartikolu (1) tieg[u g[andu jid[ol dan li ;ej>

Numerazzjoni mill-

;did tal-Kapitolu III tat-Taqsima IX ta’ l- Att prin/ipali.

D[ul ta’ Kapitolu

III ;did tat-Taqsima IX ta’ l-Att prinçipali.

“I]da l-proviso g[as-subartikolu (3) ta’ l-artikolu 371 ta’ dan l-Att g[andu jitqies li jirreferi g[al dawk id-drittijiet li jista’ jkollhom jit[allsu mar-re;istrazzjoni tal-kumpanniji l-;odda.”.
144. Il-Kapitolu III tat-Taqsima IX ta’ l-Att prin/ipali g[andu ji;i numerat mill-;did b[ala Kapitolu IV.
145. Minnufih qabel il-Kapitolu IV tat-Taqsima IX ta’ dan l-Att prin/ipali kif numerat mill-;did g[andu jid[ol il-Kapitolu III ;did li
;ej>-
“Kapitolu III – Qsim b’kombinazzjoni ta’ qsim b’akkwist ma’
qsim bil-formazzjoni ta’ kumpannija jew kumpanniji o[ra ;odda
A 325

Qsim b’kombinazzjoni ta’ qsim b’akkwist ma’ qsim

bil- formazzjoni ta’ kumpanniji

;odda.

374 (A) (1) Id-dispo]izzjonijiet ta’ l-artikoli 361, 362,
363 tas-subartikoli (1) u (2) ta’ l-artikolu 364 u ta’ l-artikoli minn 365 sa 373 ta’ dan l-Att g[andhom japplikaw g[al qsim b’kombinazzjoni ta’ qsim b’akkwist ma’ qsim bil-formazzjoni ta’ kumpannija jew kumpanniji o[ra ;odda>
I]da l-proviso g[as-subartikolu (3) ta’ l-artikolu 371 ta’ dan l-Att g[andu jitqies li jirreferi wkoll g[al dawk id-drittijiet li jista’ jkollhom jit[allsu mar-re;istrazzjoni tal-kumpanniji l-;odda, meta huwa l-ka].
(2) B’]ieda mat-tag[rif spe/ifikat fis-subartikolu (2) ta’ l-artikolu 361 ta’ dan l-Att, l-abbozz tal- kondizzjonijiet tal-qsim, g[andu wkoll jindika l-istatus, l-isem u l-uffi//ju re;istrat tal-kumpannija jew kumpanniji ;odda.
(3) L-abbozz tal-kondizzjonijiet tal-qsim u, jekk ikunu jinsabu f’dokument separat, l-abbozz tal- memorandum u l-abbozz ta’ l-istatut tal-kumpannija jew kumpanniji ;odda g[andhom ikunu approvati b’ri]oluzzjoni straordinarja me[uda f’laqg[a ;enerali tal- kumpannija li tkun se tinqasam u ta’ kull wa[da mill- kumpanniji ri/evituri.
(4) La l-artikolu 364 u lanqas l-artikolu 365 ta’ dan l-Att, safejn jirreferu g[al rapport bil-miktub li jkun sar minn espert wie[ed jew iktar, ma g[andhom japplikaw dwar kumpanniji ;odda meta l-azzjonijiet f’dawk il-kumpanniji ikunu allokati lill-azzjonisti tal- kumpannija li tkun se tinqasam fil-proporzjon tas-sehem tag[hom fil-kapital azzjonarju ma[ru; ta’ dik il- kumpannija.
(5) Ir-Re;istratur g[andu, wara li j[assar l-isem tal-kumpannija li tkun se tinqasam minn fuq ir-re;istru skond id-dispo]izzjonijiet tas-subartikolu (1) ta’ l- artikolu 370 ta’ dan l-Att, jg[addi biex jo[ro; /ertifikat ta’ re;istrazzjoni g[al kull wa[da mill-kumpanniji l-
;odda hekk furmati< li juri l-fatt li l-formazzjoni tag[ha kien ri]ultat tad-divi]joni.”.
A 326

Emenda ta’ l- artikolu 375 ta’ l- Att prin/ipali.

;ej>-
146. L-artikolu 375 ta’ l-Att prin/ipali g[andu ji;i emendat kif
;ej>
(a) minflok is-subartikolu (1) tieg[u g[andu jid[ol dan li
“(1) Il-kumpannija li tkun se tinqasam tista’ tag[mel rikors lill-qorti biex tissorvelja l-qsim.”<
(b) minnufih wara l-proviso g[all-paragrafu (b) tas- subartikolu (2) tieg[u g[andu jid[ol il-proviso ;did li ;ej>
“I]da wkoll, id-disposizzjonijiet ta’ dan il-paragrafu g[andhom, dwar il-qsim bil-formazzjoni ta’ kumpanniji ;odda, japplikaw biss g[all-kumpannija li tkun se tinqasam<”
(/) fil-paragrafu (a) tas-subartikolu (3) tieg[u, minflok il- kliem “is-subartikolu (4) ta’ l-artikolu 361” g[andhom jid[lu l- kliem “is-subartikolu (5) ta’ l-artikolu 361”< u
(d) minnufih wara s-subartikolu (3) tieg[u g[andu jid[ol is-subartikolu (4) ;did li ;ej>

Emenda tat-

Taqsima XI ta’ l-Att prin/ipali.

Emenda ta’ l- artikolu 385 ta’ l- Att prin/ipali.

“(4) Id-disposizzjonijiet tas-subartikolu (3) ta’ l- artikolu 368 ta’ dan l-Att ma g[andhomx japplikaw g[al qsim ta[t dan il-Kapitolu meta ma;;oranza fl-g[add li tirrappre]enta tliet kwarti fil-valur tal-kredituri tal-kumpannija li tkun se tinqasam, tkun ftiehmet li tirrinunzja g[al dik ir- responsabbiltà in solidum kif imsemmi fis-subartikolu (3) ta’ l-artikolu 368 ta’ dan l-Att.”.
147. Fit-Taqsima XI ta’ l-Att prin/ipali, mag[dud it-titolu tag[ha, minflok il-kliem “post tan-negozju” kull fejn jinsabu, g[andhom jid[lu f’kull ka] il-kliem “ferg[a jew post tan-negozju”.
148. L-artikolu 385 ta’ l-Att prin/ipali g[andu ji;i emendat kif
;ej>-
(a) minflok il-paragrafu (b) tas-subartikolu (1) tieg[u g[andu jid[ol dan li ;ej>
“(b) lista tad-diretturi u segretarji ta’ kumpannija, jekk ikun hemm, jew tal-persuni li g[andhom l-amministrazzjoni tal-kumpannija barranija, fejn dik il-kumpannija ma jkollhix diretturi jew segretarji ta’ kumpannija, u, fil-ka]ijiet kollha, lista tal-persuni li g[andhom ir-rappre]entanza tal-kumpannija
barranija. Dawk il-listi g[andhom jinkludu l-partikolaritajiet li ;ejjin>
(i) fil-ka] ta’ ndividwu, ismu, l-indirizz tar- residenza normali tieg[u, in-nazzjonalita’ tieg[u u l- okkupazzjoni tax-xog[ol tieg[u< u
(ii) fil-ka] ta’ korp ;uridiku, l-isem re;istrat jew
;uridiku tieg[u u l-uffi//ju re;istrat jew prin/ipali<”<
(b) minflok il-paragrafu (/) tas-subartikolu (1) tieg[u, g[andu jid[ol dan li ;ej>
“(/) prospett li jkun fih il-partikolaritajiet li ;ejjin>-
(i) l-isem li bih il-ferg[a jew il-post tan-negozju jkun qed imexxi l-attivitajiet meta dan ikun differenti mill-isem tal-kumpannija barranija<
(ii) l-indirizz tal-ferg[a jew post tan-negozju stabbilit f’Malta mill-kumpannija barranija, u meta jkunu
;ew stabbiliti iktar minn ferg[a wa[da jew post tan-
negozju wie[ed, g[andu jing[ata l-indirizz tal-ferg[a jew post tan-negozju prin/ipali<
(iii) l-attivitajiet li se jkunu jitmexxew mill-ferg[a jew post tan-negozju stabbilit f’Malta<
(iv) l-ismijiet u l-indirizzi ta’ individwu wie[ed jew iktar residenti f’Malta li jkunu awtorizzati biex jirrappre]entaw lill-kumpannija barranija fl-attivitajiet tal-ferg[a jew post tan-negozju stabbilit f’Malta< u
(v) il-limitu ta’ l-awtorita’ ta’ kull individwu li jaqa’ ta[t is-sub-paragrafu (iv) ta’ hawn fuq, mag[dud jekk dak l-individwu jkunx awtorizzat li ja;ixxi wa[du jew flimkien ma’ o[rajn, u fil-ka] ta’ l-a[[ar, l-isem ta’ kull persuna li mag[ha jkun awtorizzat ja;ixxi.”< u
(/) minnufih wara l-paragrafu (/) tas-subartikolu
(1) tieg[u, g[andu jid[ol il-paragrafu (d) ;did li ;ej>
“(d) kemm-il darba ma jkunx ing[ata t-tag[rif bid- dokument spe/ifikat fil-paragrafu (a) tas-subartikolu (1) ta’ dan l-artikolu, prospett li jkun fih il-partikolaritajiet li ;ejjin dwar il-kumpannija barranija> -
A 327
A 328
(i) il-forma ;uridika tal-kumpannija barranija< u

Emenda ta’ l- artikolu 386 ta’ l- Att prin/ipali.

;ej>
(ii) l-identità tar-re;istru li fih il-kumpannija barranija tkun re;istrata u n-numru li bih tkun re;istrata.”.
149. L-artikolu 386 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) minflok il-paragrafu (b) tieg[u, g[andu jid[ol dan li ;ej>
“(b) id-diretturi jew segretarju ta’ kumpannija jew il- persuni li g[andhom l-amministrazzjoni jew ir-rappre]entanza ta’ kumpannija barranija, jew il-partikolaritajiet spe/ifikati ta[t il-paragrafu (b) tas-subartikolu (1) ta’ l-artikolu 385< jew”< u
;ej>
(b) minflok il-paragrafu (/) tieg[u, g[andu jid[ol dan li

Emenda ta’ l- artikolu 390 ta’ l- Att prin/ipali.

;ej>
“(/) l-ismijiet jew l-indirizzi ta’ l-individwi awtorizzati li jirrappre]entaw kumpannija barranija g[all-attivitajiet tal- ferg[a jew post tan-negozju stabbilit f’Malta<”.
150. L-artikolu 390 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fis-subartikolu (1) tieg[u, minflok il-kliem “barra minn Malta.”, g[andhom jid[lu l-kliem “barra minn Malta>”< u
(b) minnufih wara s-subartikolu (1) tieg[u, g[andu jid[ol il-proviso ;did li ;ej>

Emenda ta’ l- artikolu 391 ta’ l- Att prin/ipali.

“I]da l-imsemmija dispo]izzjonijiet ma g[andhomx japplikaw g[al prospett ma[ru; minn detentur ta’ li/enzja ta’ skema ta’ investiment kollettiv skond l-Att dwar Servizzi ta’ Investiment u i]da wkoll jekk il-[ru; ta’ dak il-prospett i[ares regoli u regolamenti mag[mula ta[t dak l-Att.”.
151. Fil-paragrafu (b) tas-subartikolu (6) ta’ l-artikolu 391 ta’ l- Att prin/ipali, minflok il-kliem “fil-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “exchange ta’ investiment rikonoxxut”.

Emenda ta’ l- artikolu 395 ta’ l- Att prin/ipali.

;ej>
152. L-artikolu 395 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) minflok il-paragrafu (b) tas-subartikolu (1) tieg[u g[andu jid[ol dan li ;ej>
“(b) issir applikazzjoni lill-Awtorita’ dwar l-Elenku g[all-permess sabiex dawk l-azzjonijiet jew l- obbligazzjonijiet ikunu mni]]la f’exchange ta’ investiment rikonoxxut.”<
(b) fis-subartikolu (2) tieg[u, minflok il-kliem “mill-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “mill-Awtorita dwar l-Elenku”< u
(/) fis-subartikolu (3) tieg[u, minflok il-kliem “g[al permess lill-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “g[al permess g[al tni]]il f’exchange ta’ bor]a rikonoxxuta”.
153. Fis-subartikolu (4) ta’ l-artikolu 396 ta’ l-Att prin/ipali, minflok il-kliem “lill-Bor]a ta’ Malta” g[andhom jid[lu l-kliem “exchange ta’ investiment rikonoxxut”.
154. Minnufih wara l-artikolu 399 ta’ l-Att prin/ipali, g[andu jid[ol l-artikolu 399A ;did li ;ej>-
A 329

Emenda ta’ l- artikolu 396 ta’ l- Att prin/ipali.

}ieda ta’ artikolu

;did 399A ma’ l- Att prin/ipali.

“ G[eluq minn kumpannija barranija

tal-ferg[a jew post

tan-negozju tag[ha f’Malta.

399A.(1)(a) Kumpannija barranija g[andha, fi ]mien xahar mill-eg[luq tal-ferg[a jew tal-post tan-negozju tag[ha f’ Malta, tag[ti lir-Re;istratur g[ar-Re;istrazzjoni avvi] ta’ dak l-eg[luq.
(b) Meta kumpannija barranija, kostitwita jew inkorporata barra minn Malta, li tkun stabbilit ferg[a jew post tan-negozju f’Malta, tkun ;iet xolta jew g[al xi ra;uni tkun
;iet stral/jata, din g[andha, fi ]mien xahar mid-data tax-
xoljiment jew mid-data li fiha jibda l-istral/, tag[ti lir- Re;istratur g[ar-re;istrazzjoni prospett fil-forma preskritta li jkun fih il-partikolaritajiet li ;ejjin -
(i) deskrizzjoni fil-qosor ta’ l-istral/ jew pro/ edimenti o[ra li g[alihom tkun ;iet su;;etta l- kumpannija, li tispe/ifika jekk dawk il-pro/edimenti jammontawx g[al pro/edimenti ta’ insolvenza, jew g[al arran;ament jew kompo]izzjoni, jew g[al xi pro/ edimenti analogi<
(ii) jekk il-kumpannija tkunx ;iet xolta jew tkunx qed ti;i stral/jata b’ordni tal-qorti<
(iii) jekk il-kumpannija ma tkunx qed ti;i xolta jew stral/jata, b[ala ri]ultat ta’ liema azzjoni jkun beda x-xoljiment jew l-istral/<
A 330
jew
(iv) jekk ix-xoljiment jew l-istral/ ikun, instigat > (a) mill-membri tal-kumpannija barranija< (b) mill-kredituri tal-kumpannija baranija<
(/) minn xi persuna jew persuni o[ra, u
(v) id-data li fiha x-xoljiment jew stral/ ikun sar jew ikun se ji;i effettiv.
(/) Jekk kumpannija barranija tonqos li t[ares id- dispo]izzjonijiet ta’ dan is-subartikolu, l-istral/jarju jew kull uffi/jal jew a;ent tal-kumpannija, skond il-ka], li jkun naqas jista’ je[el penali u, fil-ka] ta’ nuqqas kontinwu, penali o[ra g[al kull jum li matulu jkompli n-nuqqas.
(2)(a) Persuna ma[tura biex tkun stral/jarju ta’ kumpannija barranija g[andha, fi ]mien xahar mid-data tal- [atra tag[ha, tag[ti lir-Re;istratur g[ar-re;istrazzjoni prospett fil-forma preskritta li jkun fih il-partikolaritajiet li ;ejjin -
(i) isimha, l-indirizz tar-residenza tag[ha u l- okkupazzjoni tan-negozju jew professjonali tag[ha<
(ii) id-data tal-[atra tag[ha< u
(iii) deskrizzjoni tas-setg[at tag[ha flimkien ma’ spjegazzjoni safejn dawk is-setg[at ikunu miksuba xort’o[ra barra mil-li;i ;enerali jew mill-kostituzzjoni tal-kumpannija.
(b) L-istral/jarju ta’ kumpannija barranija g[andu, fi ]mien xahar mit-tmiem ta’ l-istral/ tal-kumpannija barranija, jag[ti lir-Re;istratur g[ar-re;istrazzjoni, prospett fil-forma preskritta li tav]ah b’ dak it-tmiem.
(/) Jekk l-istral/jarju jonqos li j[ares xi wa[da mill- [ti;ijiet tal-paragrafi (a) u (b) ta’ dan is-subartikolu jista’ je[el penali u, g[al kull jum li matulu n-nuqqas ikompli, penali o[ra.” .

Emenda ta’ l- artikolu 401 ta’ l- Att prin/ipali.

;ej>
155. L-artikolu 401 ta’ l-Att prin/ipali g[andu ji;i emendat kif
(a) fil-paragrafu (d) tas-subartikolu (1) tieg[u, minflok il- kliem “xi wa[da mid-dispo]izzjonijiet ta’ dan l-Att<” g[andhom jid[lu l-kliem “xi wa[da mid-dispo]izzjonijiet ta’ dan l-Att u kull konsenja, g[oti jew notifika b[al dawk lir-Re;istratur u t-ti]mim u r-re;istrazzjoni ta’ kull dokument mir-Re;istratur, g[andhom isiru b’dak il-mod u b’dawk il-mezzi u f’dak il-format, inklu]a komunikazzjoni elettronika skond kif imfisser fl-Att dwar il- Kummer/ Elettroniku, li r-Re;istratur jidhirlu xieraq<”<
(b) fil-paragrafu (g) tas-subartikolu (1) tieg[u, minflok in- numru “XI” fit-test Ingli], g[andu jid[ol in-numru “IX”, u minflok il-kliem“ ta’ dan l-Att< dak l-avvi]” g[andhom jid[lu l-kliem“ ta’ dan l-Att, jew it-t[assir ta’ l-isem ta’ kumpannija, ta[t id- dispo]izzjonijiet ta’ l-artikolu 325 ta’ dan l-Att. Dak l-avvi]”.
A 331
;ej>-
156. L-artikolu 402 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 402 ta’ l- Att prin/ipali.

(a) is-subartikoli (4) u (5) tieg[u, g[andhom ji;u numerati mill-;did (5) u (6) rispettivament< u
(b) minnufih wara l-paragrafu (g) tas-subartikolu (3) tieg[u g[andu jid[ol is-subartikolu (4) ;did li ;ej>
“(4) Meta jsir ordni g[ax-xoljiment ta’ kumpannija skond il-paragrafu (g) tas-subartikolu (3) ta’ dan l-artikolu, il-kumpannija g[andha titqies li tkun xoljiet fid-data meta jkun sar l-ordni u d-dispo]izzjonijiet tas-Sub-Titli I u III tat- Titlu II tat-Taqsima V ta’ dan l-Att li jirregolaw l-istral/ ta’ kumpanniji g[andhom japplikaw.”.
157. Minnufih wara s-subartikolu (5) ta’ l-artikolu 404 ta’ l-Att prin/ipali, g[andu jid[ol is-subartikolu (6) ;did li ;ej>-
“(6) Ir-Re;istratur g[andu je]er/ita s-setg[at mog[tija b’dan l-artikolu meta jkun jidhirlu spedjenti u fl-interess pubbliku li hekk jag[mel.”.
158. Fis-subartikolu (1) ta’ l-artikolu 406 ta’ l-Att prin/ipali, minflok il-kliem “sussidjarja jew kumpannija holding tal-kumpannija jew kumpannija holding tas-sussidjarja tag[ha,” g[andhom jid[lu l- kliem “is-sussidjarja jew kumpannija parent tal-kumpannija, jew sussidjarja tal-kumpannija parent tag[ha jew kumpannija parent tas- sussidjarja tag[ha”,
159. Fis-subartikolu (2) ta’ l-artikolu 418 ta’ l-Att prin/ipali, minflok il-kliem“ tas-setg[at mog[tija lilu ta[t din it-Taqsima”

Emenda ta’ l- artikolu 404 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 406 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 418 ta’ l- Att prin/ipali.

A 332
g[andhom jid[lu l-kliem “tad-dmirijiet u tas-setg[at mog[tija lilu ta[t din it-Taqsima”.

Emenda ta’ l- artikolu 425 ta’ l- Att prin/ipali.

;ej>-
160. L-artikolu 425 ta’ l-Att prin/ipali, g[andu ji;i emendat kif
(a) fil-paragrafu (d) tas-subartikolu (1) tieg[u, minflok il- kliem “mid-Disa’, l-G[axar, u l-{dax-il Skeda” g[andhom jid[lu l-kliem “mid-Disa’, l-G[axar, il-{dax u t-Tnax-il Skeda”<
(b) fil-paragrafu (g) tas-subartikolu (1) tieg[u, minflok il- kliem “fuq xi bor]a” g[andhom jid[lu l-kliem “fuq xi exchange ta’ investiment rikonoxxut”<
(/) minflok il-paragrafu (h) tas-subartikolu (1) tieg[u, g[andu jid[ol dan li ;ej>
“(h) jispe/ifika l-kategoriji ta’ kumpanniji pubbli/i li ma jistg[ux jo[or;u warrants ta’ azzjonijiet ikun x’ikun l- isem kif ikunu deskritti u jippreskrivi regoli biex ikomplu jirregolaw u jirrestrin;u l-[ru; ta’ warrants ta’ azzjonijiet<”<
(d) fil-paragrafu (i) tas-subartikolu (1) tieg[u, minflok il- kliem “spe/ifikati< u” g[andha tid[ol il-kelma “spe/ifikat<”<
(e) il-paragrafu (j) tas-subartikolu (l) tieg[u, g[andu ji;i numerat mill-;did b[ala paragrafu (l)< u
(f) minnufih wara l-paragrafu (i) tas-subartikolu (1) tieg[u, g[andhom jid[lu ]-]ew; paragrafi (j) u (k) ;odda li ;ejjin>
“(j) jipprovdi g[all-e]enzjoni ta’ kumpanniji offshore ffurmati u re;istrati ta[t l-Att dwar i/-?entru tas-Servizzi Finanzjarji ta’ Malta minn kull wa[da mid-dispo]izzjonijiet ta’ dan l-Att, jew g[all-applikazzjoni g[al kull kumpanniji b[al dawk ta’ l-imsemmija dispo]izzjonijiet b’dawk il- kwalifiki u su;;etti g[al dawk il-varjazzjonijiet u kondizzjonijiet li jistg[u ji;u preskritti, inklu]a l-preskrizzjoni ta’ regoli addizzjonali jew differenti u [ti;iet li jirregolaw dawk il-kumpanniji<
(k) jipprovdi g[all-e]enzjoni ta’ kumpanniji barranin, li jistabbilixxu ferg[a jew f’post ta’ negozju f’Malta ta[t it- Taqsima XI ta’ dan l-Att, minn kull dispo]izzjoni tat-Taqsima XI ta’ dan l-Att, jew g[all-applikazzjoni g[al kull kumpanniji barranin b[al dawk ta’ l-imsemmija dispo]izzjonijiet b’dawk
il-kwalifiki u su;;etti g[al dawk il-varjazzjonijiet u kondizzjonijiet li jistg[u ji;u preskritti, inklu]a l-preskrizzjoni ta’ regoli addizzjonali jew differenti u [ti;ijiet li jirregolaw dawk il-kumpanniji barranin< u”.
A 333
;ej>-
161. L-artikolu 427 ta’ l-Att prin/ipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 427 ta’ l- Att prin/ipali.

(a) fis-subartikolu (1) tieg[u, minflok il-kliem “g[all- G[axar Skeda” g[andhom jid[lu l-kliem “g[all-Hdax-il Skeda”<
(b) fis-subartikolu (2) tieg[u, minflok il-kliem “Fl-G[axar Skeda” g[andhom jid[lu l-kliem “Fil-{dax-il Skeda” u minflok il-kliem “Il-penali g[al kull jum ta’ nuqqas tkun dovuta g[al kull jum li matulu jkompli n-nuqqas, u g[andha ti]died minn dik il-
;urnata li fiha r-Re;istratur jag[ti avvi] ta[t is-subartikolu (3) ta’
l-artikolu 401 ta’ dan l-Att li tkun dovuta penali.” G[andhom jid[lu l-kliem “Il-penali tkun dovuta fil-jum li fih ji;ri n-nuqqas u l-penali g[al kull jum li matulu jkompli u g[andha tibda tg[odd mill-jum li ji;i wara dak li fih ji;ri n-nuqqas.”< u
(/) minnufih wara s-subartikolu (3) tieg[u, g[andu jid[ol is-subartikolu (4) ;did li ;ej>
“ (4) Kumpannija tkun responsabbli in solidum ma’ l- uffi/jali tag[ha g[all-[las ta’ kull penali amministrattiva mposta ta[t dan l-Att.”.
162. Fis-subartikolu (15) ta’ l-artikolu 428 ta’ l-Att prin/ipali, il-kliem “re;istrat ta[t dan l-Att, [lief g[al xi ri]oluzzjoni, avvi], prospett jew dokument li jkun me[tie; li ji;i” g[andhom jit[assru.
163. Minflok il-paragrafu (a) tas-subartikolu (1) ta’ l-artikolu 431 ta’ l-Att prin/ipali, g[andu jid[ol dan li ;ej>
“(a) kumpanniji offshore iffurmati u re;istrati ta[t l- Att dwar i/-?entru tas-Servizzi Finanzjarji ta’ Malta g[andhom, bla [sara g[ad-dispo]izzjonijiet ta’ l-imsemmi Att, ikomplu jkunu regolati mill-Ordinanza, u d- dispo]izzjonijiet ta’ dan l-Att m’g[andhomx japplikaw g[alihom, g[al dak i]-]mien jew sa dik id-data li l-Ministru jista’ b’ordni fil-Gazzetta, jistabbilixxi u d-dispo]izzjonijiet ta’ dan l-Att g[andhom jibdew japplikaw g[alihom minn dik id-data>

Emenda ta’ l- artikolu 428 ta’ l- Att prin/ipali.

Emenda ta’ l- artikolu 431 ta’ l- Att prin/ipali.

A 334

Emenda tat-Tieni Skeda li tinsab ma’ l-Att prin/ipali.

Emenda tal-{ames Skeda li tinsab ma’ l-Att prin/ipali.

Emenda tas-Sitt Skeda li tinsab ma’ l-Att prin/ipali.

Emenda tas-Seba’ Skeda li tinsab ma’ l-Att prin/ipali.

Emenda tad-Disa’ Skeda li tinsab ma’ dan l-Att.

I]da l-Ministru jista’, b’regolamenti mag[mula ta[t dan l-Att, je]enta lil dawk il-kumpanniji minn xi wa[da jew i]jed mid-dispo]izzjonijiet ta’ dan l-Att, b’ dawk il-kwalifiki u su;;etti g[al dawk il-varjazzjonijiet u kondizzjonijiet li jistg[u ji;u spe/ifikati fihom<” .
164. Fit-Test Ingli] tas-sub-titlu tat-Tieni Skeda ta’ l-Att prinçipali, minflok il-kliem “Part X of this Act” g[andhom jid[lu l- kliem “Part XI of this Act”.
165. Fil-paragrafu 4 tal-{ames Skeda li tinsab ma’ l-Att prin/ ipali, minflok il-kliem “fil-lista uffi/jali tal-bor]a” kull fejn jinsabu, g[andhom jid[lu f’kull ka] il-kliem “fil-lista ta’ exchange ta’ investiment rikonoxxut”.
166. Il-paragrafu 1 tas-Sitt Skeda li tinsab ma’ l-Att prin/ipali g[andu ji;i emendat kif ;ej>
(a) fis-sub-paragrafu (/) tieg[u, minflok il-kliem “tar- riçerka< u” g[andhom jid[lu l-kliem “tar-ri/erka<”<
(b) fis-sub-paragrafu (d) tieg[u, minflok il-kliem “fir- ri]ervi.” g[andhom jid[lu l-kliem “fir-ri]ervi< u”< u
(/) minnufih wara s-sub-paragrafu (d) tieg[u g[andu jid[ol is-sub-paragrafu (e) ;did li ;ej>
“(e) l-e]istenza ta’ ferg[at tal-kumpannija.”.
167. Minflok is-Seba’ Skeda li tinsab ma’ l-Att prin/ipali g[andha tid[ol is-Seba’ Skeda li tinsab fl-Ewwel Skeda li tinsab ma dan l-Att.
168. Minnufih wara l-paragrafu 13 tad-Disa’ Skeda li tinsab ma’
l-Att prin/ipali g[andu jid[ol il-paragrafu 14 ;did li ;ej>
“14. Il-jeddijiet tal-vot f’impri]a g[andhom jitnaqqsu b’kull jeddijiet marbuta ma’ azzjonijiet -
(a) mi]muma b[ala garanzija, kemm-il darba l- jeddijiet in kwistjoni jkunu e]er/itati skond l- istruzzjonijiet ri/evuti< jew
(b) mi]muma in konnessjoni ma’ l-g[oti ta’ self b[ala parti minn attivitajiet kummer/jali normali, kemm- il darba l-jeddijiet tal-vot ikunu e]er/itati fl-interess tal- persuna li tipprovdi l-garanzija.”.
169. Fit-titlu tal-{dax-il Skeda li tinsab ma’ l-Att prin/ipali, minflok il-kliem “Il-{dax-il Skeda” g[andhom jid[lu l-kliem “It-Tnax- il Skeda”.
170. Fit-titlu ta’ l-G[axar Skeda li tinsab ma’ l-Att prin/ipali, minflok il-kliem “L-G[axar Skeda” g[andhom jid[lu l-kliem “Il-{dax- il Skeda”.
171. Minnufih wara d-Disa’ Skeda li tinsab ma’ l-Att prin/ipali, g[andha tid[ol l-G[axar Skeda li tinsab fit-Tieni Skeda li tinsab ma’ dan l-Att.
172. Il-{dax-il Skeda kif numerata mill-;did li tinsab ma’ l-Att prin/ipali, g[andha ti;i emendata kif ;ej>
(a) minflok il-paragrafi li ;ejjin
A 335

Emenda tal-{dax-il

Skeda li tinsab ma’

l-Att prin/ipali.

Emenda ta’ l- G[axar Skeda li tinsab ma’ l-Att prin/ipali.

}ieda ta’ l-G[axar Skeda ;dida ma’ l- Att prin/ipali.

Emenda tal-{dax-il Skeda kif numerata mill-;did ta’ l-Att prin/ipali.

“66(6)
70(6)
74(2)
Nuqqas ta’ so/ju fdat bl- amministrazzjoni jew rappre]entanza li jikkonsenja lir-Re;istratur kopja ta’ kull dokument li jibdel jew i]id ma’ l-att ta’ so/jetà in akkomandita li l-kapital tag[ha jkun maqsum f’azzjonijiet jew nuqqas li jikkonsenja att emendat tas-so/jetà
Kummer/ jew tmexxija ta’ negozju ta[t /erti ismijiet projbiti
Nuqqas ta’ kumpannija li tippre]enta rapport ta’ proposta g[all-akkwist ta’ attiv ta’ sottoskrivent jew ta’ azzjonista ta’ ma;;oranza lir- Re;istratur.
200 lira 10 liri
200 lira Xejn
500 lira Xejn”
A 336
g[andhom jid[lu dawn li ;ejjin>
“66(6)
70(6)
74(2)
Nuqqas ta’ so/ju fdat bl- amministrazzjoni jew rappre]entanza li jikkonsenja kopja ta’ kull dokument li jibdel jew i]id ma’ l-att ta’ soçjeta’ in akkomandita jew so/jetà limitata li l-kapital tag[ha jkun maqsum f’azzjonijiet lir-Re;istratur jew nuqqas li jikkonsenja att emendat tas-so/jetà
Kummer/ jew tmexxija ta’ negozju ta[t /erti ismijiet projbiti
Nuqqas ta’ kumpannija li tippre]enta rapport lir- Re;istratur ta’ proposta g[al akkwist ta’ attiv mhux ta’ flus ming[and sottoskrivent jew membru
200 lira 10 liri
200 lira 10 liri
500 lira Xejn”<
(b) minnufih wara l-paragrafu>
“133(5)
Uffi/jal ta’ kumpannija li jikser dispo]izzjonijiet o[ra dwar il- vot bil-prokura f’laqg[at tal- kumpannija
200 lira Xejn”
g[andu jid[ol dan li ;ej>
“138(8)
Nuqqas li jin[atar segretarju tal-kumpannija
200 lira 10 liri”<
u
(ç) minnufih wara l-paragrafu>
“397(1)
Persuna responsabbli g[all- [ru;, /irkolazzjoni jew tqassim ta’ prospett, e//., g[al kumpannija barranija bi ksur ta’ l-artikoli minn 391 sa 396
1000 lira Xejn”
g[andhom jid[lu dawn li ;ejjin>
A 337
“399(A)(1)
399(A)(2)
Stral/jarju, uffi/jal jew a;ent ta’ kumpannija barranija li jonqos li jag[ti avvi] lir- Re;istratur ta’ stral/ ta’ kumpannija jew eg[luq ta’ ferg[a jew post tan-negozju
Stral/jarju ta’ kumpannija barranija li jonqos li jav]a lir- Re;istratur bil-[atra
200 lira 10 liri
200 lira 10 liri”.
TAQSIMA VIII
EMENDI TA’ L-ATT DWAR SERVIZZI TA’ INVESTIMENT, KAP. 370
173. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar Servizzi ta’ Investiment, hawnhekk ’il quddiem f’din it-Taqsima msejja[ “l-Att prinçipali”.
(2) Id-disposizzjonijiet ta’ din it-Taqsima g[andhom ji;u fis-se[[ f’dik id-data li l-Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil-Gazzetta.
174. F’paragrafu (b) tas-subartikolu (2) ta’ l-artikolu 6 ta’ l-Att prinçipali, minflok il-kliem “[ti;iet dwar rapporti, u kull [a;a o[ra” g[andhom jid[lu l-kliem “[ti;iet dwar rapporti, ri]orsi finanzjarji, il- [ti;iet ta’ adegwatezza ta’ kapital u [ti;iet relatati, u kull [a;a o[ra”.

Emendi ta’ l-Att dwar Servizzi ta’ Investiment, Kap.

370.

Emenda ta’ l- artikolu 6 ta’ l-Att prinçipali.

;ej>
175. L-artikolu 12 ta’ l-Att prinçipali g[andu ji;i emendat kif

Emenda ta’ l- artikolu 12 ta’ l-Att prinçipali.

(a) fil-paragrafu (b) tas-subartikolu (1) tieg[u, minflok il- kliem “skemi b[al dawk u jag[mel provvedimenti fuq il-[ti;iet ta’ adegwatezza ta’ kapital<” g[andhom jid[lu l-kliem “skemi b[al dawk< u jag[mel provvedimenti fuq il-[ti;iet ta’ adegwatezza ta’ kapital<”<
A 338

Emenda ta’ l- artikolu 26 ta’ l-Att prinçipali.

(b) fil-paragrafu (ç) tas-subartikolu (1) tieg[u, minflok il- kliem “u jipprovdi g[ar-rappre]entanza ;uridika u legali tag[hom<” g[andhom jid[lu l-kliem “u jipprovdi g[ar-rappre]entanza ;uridika u legali tag[hom< u dawn l-iskemi g[andhom ikunu e]enti mill- [las ta’ taxxa fuq l-income mid-data li dawn l-iskemi jid[lu fis- se[[<”.
176. Minflok l-artikolu 26 ta’ l-Att prinçipali g[andu jid[ol dan li ;ej>
“26. (1) Tag[rif miksub minn xi persuna g[all-finijiet, jew b’segwitu ta’, xi wa[da mid-dispo]izzjonijiet ta’ dan l-Att, jew ta’ xi regoli jew regolamenti mag[mula ta[tu, jew fil-qadi ta’ xi funzjonijiet ta[t xi wa[da mill-imsemmija dispo]izzjonijiet, jew minn awtorità regolatorja estera, g[andu jitqies b[ala kunfidenzjali u protett bid-dmir ta’ segretezza professjonali, u m’g[andux ikun mikxuf lil xi persuna o[ra [lief f’dawn il-ka]ijiet>
(a) ka]ijiet li jaqg[u ta[t id-disposizzjonijiet ta’ li;i kriminali ta[t dan l-Att jew ta[t xi Att ie[or, inklu] il-kxif, prevenzjoni u prosekuzzjoni ta’ reati kriminali<
(b) f’sommarju jew f’;abra ta’ tag[rif mag[mul b’mod li ma jkunx jista’ jwassal li tkun aççertata l-identità tal-persuna li g[aliha jirreferi< u
(ç) proçedimenti çivili jew kummerçjali f’ka] ta’ falliment jew xoljiment u stralç mill-Qorti ta’ detentur ta’ liçenza, kemm-il darba tali informazzjoni ma tikkonçernax terzi persuni involuti f’attentati biex detentur ta’ liçenza jirkupra, u lil dawk il-korpi esteri responsabbli g[all-istralç u g[all-falliment ta’ detentur ta’ liçenza jew detenturi ta’ awtorizzazzjoni ekwivalenti minn awtorità regolatorja estera jew g[al xi proçeduri o[ra simili.
(2) Id-dispo]izzjonijiet tas-subartikolu (1) ta’ dan l-artikolu ma jtellfux il-kxif ta’ tag[rif, kemm-il darba jin;ieb il-kunsens tal- persuna minn min ori;inat l-informazzjoni –
(a) sabiex jinbdew, jew xort’o[ra g[all-finijiet ta’ proçedimenti mill-awtorità kompetenti quddiem xi qorti ta[t dan l-Att<
(b) lill-awdituri meta dak il-kxif kellu jg[in lill-awdituri fit- twettiq tal-funzjonijiet tag[hom ta[t l-artikolu 18 ta’ dan l-Att<
(ç) lill-Bank ?entrali ta’ Malta jew lill-Awtorità dwar l- Elenku ta[t l-Att dwar is-Swieq Finanzjarji, meta tali informazzjoni tkun me[tie;a mill-Bank jew mill-Awtorità dwar l-Elenku fit- twettiq tal-funzjonijiet rispettivi tag[hom skond il-li;i<
(d) b’risposta g[al talba minn, jew bil-g[an li ting[ata g[ajnuna lil, awtorità regolatorja estera bis-sa[[a ta’ l-artikolu 17 ta’ dan l-Att< u
(e) lil tali awtorità o[ra regolatorja, ;udizzjarja jew ta’ e]ekuzzjoni, lokali jew estera, meta tali kxif ikun me[tie; jew mitlub abba]i ta’ kwistjonijiet regolatorji serji.”.
TAQSIMA IX
EMENDI TA’ L-ATT DWAR IL-KUMMER? BANKARJU, KAP. 371
177. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar il-Kummerç Bankarju, hawnhekk i]jed ’il quddiem f’din it-Taqsima msejja[ “l-Att prinçipali”.
(2) Id-disposizzjonijiet ta’ din it-Taqsima g[andhom ji;u fis-se[[ f’dik id-data li l-Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil-Gazzetta.”.
178. Minnufih wara l-paragrafu (a) tas-subartikolu (1) ta’ l- artikolu 7 ta’ l-Att prinçipali g[andu jid[ol il-proviso ;did li ;ej>–
I]da, ming[ajr pre;udizzju u bla [sara g[ad-disposizzjonijiet ta’ l-artikolu 16A, l-awtorità kompetenti tista’ permezz ta’ disposizzjoni li tinsab f’direttiva bankarja, i]]id l-ammonti msemmija f’dan il-paragrafu, u dawk l-ammonti jistg[u jkunu denominati f’xi munita o[ra kif jista’ ji;i speçifikat fid-direttiva.”.
179. Artikolu 15 ta’ l-Att prinçipali g[andu ji;i emendat kif ;ej>– (a) fil-paragrafu (b) tas-subartikolu (1) tieg[u, minflok il-
kliem “tag[ti jew tippermetti li jibqg[u pendenti façilitajiet ta’
kreditu jew testendi xi servizzi bankarji ta[t pattijiet u kondizzjonijiet iktar favorevoli minn dawk li l-istituzzjoni ta’ kreditu kienet xort’o[ra tapplika –” g[andhom jid[lu l-kliem “tag[ti jew tippermetti li jibqg[u pendenti façilitajiet ta’ kreditu jew
A 339

Emendi ta’ l-Att dwar il-Kummerç Bankarju, Kap. 371.

Emenda ta’ l- artikolu 7 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 15 ta’ l-Att prinçipali.

A 340

Emenda ta’ l- artikolu 25 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 28A ta’ l- Att prinçipali.

Emenda ta’ l-Att dwar Reati g[al Insider Dealing u Abbu] mis-Suq, Kap. 375.

testendi xi servizzi bankarji, ta[t pattijiet u kondizzjonijiet iktar favorevoli minn dawk li l-istituzzjoni ta’ kreditu kienet xort’o[ra tapplika, –”<
(b) fil-paragrafu (ç) tas-subartikolu (1) tieg[u, minflok il- kliem “ta’ dak l-uffiçjal jew impjegat<” g[andu jid[ol dan li ;ej>–
“ta’ dak l-uffiçjal jew impjegat>
I]da l-awtorità kompetenti tista’ permezz ta’ direttiva bankarja testendi r-restrizzjonijiet elenkati fil-paragrafi (a), (b) u (ç) jew kull wa[da minnhom lil uffiçjali, impjegati jew azzjonisti o[ra ta’ l-istituzzjonijiet ta’ kreditu jew lil xi kategoriji o[ra ta’ persuni b’dak il-mod u sa dak il-limitu kif jista’ ji;i speçifikat.”.
180. Fis-subartikolu (2) ta’ l-artikolu 25 ta’ l-Att prinçipali, minflok il-kliem “tikxef informazzjoni lil awtoritajiet kompetenti o[ra barranin sal-limitu li lilhom tkun mikxufa l-informazzjoni jkunu su;;etti g[all-obbligi ta’ segretezza professjonali li jkunu ekwivalenti g[al dawk applikabbli ta[t il-li;i ta’ Malta.” g[andhom jid[lu l-kliem “tikxef informazzjoni lil awtoritajiet kompetenti o[ra barranin.”.
181. Fl-artikolu 28A ta’ l-Att prinçipali, minflok il-kliem “u biex jipprovdu g[al kull aspett ie[or li g[andu x’jaqsam ma’ skemi ta’ protezzjoni g[ad-depo]itanti inklu]i regoli fuq reklami.” g[andhom jid[lu l-kliem “u biex jipprovdu g[al kull aspett ie[or li g[andu x’jaqsam ma’ skemi ta’ protezzjoni g[ad-depo]itanti inklu]i regoli fuq reklami< u dawn l-iskemi g[andhom ikunu e]enti mill-[las ta’ taxxa fuq l-income mid-data li dawn l-iskemi jid[lu fis-se[[<”.
TAQSIMA X
EMENDI TA’ L-ATT DWAR REATI G{AL INSIDER DEALING U ABBU} MIS-SUQ, KAP. 375
182. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar Reati g[al Insider Dealing u Abbu] mis- Suq, hawnhekk ’il quddiem f’din it-Taqsima msejja[ “l-Att prinçipali”.
(2) Id-disposizzjonijiet ta’ din it-Taqsima g[andhom ji;u fis-se[[ f’dik id-data li l-Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil-Gazzetta.
183. Fis-subartikolu (2) ta’ l-artikolu 7 ta’ l-Att prinçipali, minflok il-kliem “kif hemm imsemmi fl-artikolu 5(1)(a), (b) u (ç).” g[andhom jid[lu l-kliem “kif hemm imsemmi fl-artikolu 5.”.
184. Fis-subartikolu (1) ta’ l-artikolu 9 ta’ l-Att prinçipali, minflok il-kliem “mid-disposizzjonijiet ta’ l-artikolu 5(1)(a)” g[andhom jid[lu l-kliem “mid-disposizzjonijiet ta’ l-artikolu 5”.
TAQSIMA XI
EMENDI TA’ L-ATT DWAR ISTITUZZJONIJIET FINANZJARJI, KAP. 376
185. (1) Din it-Taqsima temenda u g[andha tinqara u tiftiehem [a;a wa[da ma’ l-Att dwar Istituzzjonijiet Finanzjarji, hawnhekk ’il quddiem f’din it-Taqsima msejja[ “l-Att prinçipali”.
(2) Id-disposizzjonijiet ta’ din it-Taqsima g[andhom ji;u fis-se[[ f’dik id-data li l-Ministru responsabbli g[all-finanzi jista’ jistabbilixxi b’avvi] fil-Gazzetta.
186. Fis-subartikolu (2) ta’ l-artikolu 20 ta’ l-Att prinçipali, minflok il-kliem “tikxef informazzjoni lil awtoritajiet kompetenti o[ra barranin sal-limitu li l-awtoritajiet li lilhom tkun mikxufa l-informazzjoni jkunu so;;etti g[all-obbligi ta’ segretezza professjonali li jkunu ekwivalenti g[al dawk applikabbli ta[t il-li;i ta’ Malta.” g[andhom jid[lu l-kliem “tikxef informazzjoni lil awtoritajiet kompetenti o[ra barranin.”.
TAQSIMA XII DISPOSIZZJONIJIET MIXXELLANJI
187. (1) Bla [sara g[al kull li;i o[ra f’xi stampar mill-;did ta’ dan l-Att it-Taqsima II sa VII, ma hemmx g[alfejn ikunu riprodotti u jkun bi]]ejjed li ti;i riprodotta t-Taqsima I ta’ dan l-Att>
I]da ebda [a;a f’dan is-subartikolu ma g[andha tiftiehem li tnaqqas il-validita’ ta’ xi [a;a li tinsab fit-Taqsimiet hekk mhux prodotti.
(2) Mal-bidu fis-se[[ tat-Taqsimiet II sa VII ta’ dan l- Att, it-titlu fit-tul ta’ dan l-Att ikun “Att biex jipprovdi li jkunu nfurzati disposizzjonijiet ta’ tpa/ija u netting f’ka] ta’ falliment jew insolvenza.”.
A 341

Emenda ta’ l- artikolu 7 ta’ l-Att prinçipali.

Emenda ta’ l- artikolu 9 ta’ l-Att prinçipali.

Emendi ta’ l-Att dwar Istituzzjonijiet Finanzjarji, Kap.

376.

Emenda ta’ l- artikolu 20 ta’ l-Att prinçipali.

Dispo]izzjonijiet mixxellanji.

A 342
L-EWWEL SKEDA
(Artikolu 167)
IS-SEBA’ SKEDA (Artikolu 184)
Numru tal-Kumpannija ………………………………..
KONTENUT U FORMOLA TA’ PROSPETT ANNWALI
Prospett annwuali ta’ ………………………………………………………………
……………………………………………………………………………………
…………………………………………..….. (isem tal-Kumpannija)
Sa liema data dan il-prospett hu mag[mul<
……………………………………………...

(li tkun l-anniversarju tad-data tar-re;istrazzjoni tal-kumpannija)

Indirizz

(Indirizz ta’ l-uffi//ju re;istrat tal-kumpannija)

Din il-formula g[andha timtela f’FORMA STAMPATA BOLD

2. Sommarju tal-Kapital Azzjonarju

A 343
<.. image removed ..>

3. Lista ta’ Membri Passati u Pre\enti

Lista ta’ persuni li jkollhom azzjonijiet jew stock fil-kumpannija sad-data li fiha jsir dan il-prospett, u ta’ persuni li kellhom azzjonijiet jew stock fiha f’kull \mien mid-data ta’ l-a]]ar prospett, jew fil-ka\ ta’ l-ewwel prospett, mir-re[istrazzjoni tal-kumpannija.

<.. image removed ..>

3. Lista ta’ Membri Passati u Pre\enti (Pa[na ta’ kontinwazzjoni)

<.. image removed ..>

4. Partikolaritajiet tad-Diretturi

Partikolaritajiet tal-persuni li jkunu diretturi tal-kumpannija fid-data ta’ dan il-prospett

<.. image removed ..>

5. Partikolaritajiet tas-Segretarju tal-Kumpannija

Partikolaritajiet tal-persuna li tkun segretarju tal-kumpannija fid-data ta’ dan il-prospett

<.. image removed ..>

Iffirmat .........................................................

Direttur / Segretarja tal-Kumpannija”

A 348
IT-TIENI SKEDA
(Artikolu 171)
“L-G{AXAR SKEDA
(Artikolu 66A)
So/jetajiet in akkomanditi jew So/jetajiet Limitati
TAQSIMA I – REGOLAMENTI G{AL SO?JETAJIET IN AKKOMANDITI JEW SO?JETAJIET LIMITATI
Tifsir
1. (a) F’ din l-Iskeda, kemm-il darba r-rabta tal-kliem ma te[tie;x xort’ o[ra - “detentur ta’ li/enzja” tfisser persuna li jkollha li/enzja g[al servizzi ta’
investiment skond l-artikolu 6 ta’ l-Att dwar Servizzi ta’ Investiment.
(b) Id-disposizzjonijiet ta’ din l-Iskeda g[andhom japplikaw biss g[al soçjetajiet in akkomanditi jew soçjetajiet limitati skond l-artikolu 66A ta’ l-Att.
Formazzjoni ta’ So/jetajiet in akkomanditi jew So/jetajiet Limitati
2. (1) So/jetà in akkomandita jew so/jetà limitata tista’ tkun furmata minn
]ew; so/ji jew i]jed, topera ta[t l-isem ta’ so/jetà u jkollha l-obbligi tag[ha garantiti mir-responsabbiltà in solidum b’mod mhux limitat ta’ so/ju jew so/ji, imsej[in so/ji
;enerali, u mir-responsabbilta’, limitata g[all-ammont, jekk ikun hemm, mhux im[allas
mill-kontribuzzjoni ta’ so/ju wie[ed jew i]jed, imsej[a so/ji limitati.
(2) So/jetà in akkomandita jew so/jetà limitata, ikollha personalità ;uridika separata u distinta minn dik tas-so/ji tag[ha, u skond hekk tkun so;;etta g[all-jeddijiet u obbligi, tista’ tkun sid ta’ proprjetà u ]]ommha ta[t kull titolu legali u li t[arrek u tkun im[arrka, f'isimha, u dik il-personalita’ ;uridika g[andha tkompli sa dak i]-]mien li l-isem tas-so/jetà ikun im[assar mir-re;istru, f'liema ka] is-so/jetà ma tkomplix te]isti.
Kostituzzjoni ta’ So/jetà in akkomandita jew so/jetà limitata
3. (1) So/jetà in akkomandita jew so/jetà limitata tkun tikkonsisti minn>
(a) wie[ed jew iktar so/ji ;enerali li jkunu responsabbli in solidum g[ad- djun kollha tas-So/jetà in akkomandita jew so/jetà limitata ming[ajr limitazzjoni u li g[all-inqas wie[ed minnhom ikun detentur ta’ liçenza li jkun li/enzjat b[ala
A 349

manager ta’ skema ta’ investiment kollettiv skond kif imfisser fl-Att dwar is- Servizzi ta’ Investiment< u

(b) wie[ed jew iktar so/ji limitati li jid[lu fis-so/jetà b[ala so/ji limitati skond l-Att tas-so/jetà, li malli jid[lu fis-so/jetà, jikkontribwixxu, jew jiftiehmu li jikkontribwixxu g[all-kapital tag[ha somma spe/ifikata< u [lief g[al xi parti mhux im[allsa tal-kontribuzzjoni tag[hom tas-so/jetà ma jkunux responsabbli g[al xi dejn tas-so/jetà.
limitata.
(2) Kull persuna tista’ tkun so/ju f'so/jetà in akkomandita jew so/jetà
(3) Il-kontribuzzjoni ta’ so/ji limitati tista’ tkun sodisfatta bil-provdiment ta’ flus jew proprjetà o[ra li tkun tista’ ti;i valutata ekonomikament i]da ma tistax tkun tikkonsisti minn servizzi futuri jew obbligi biex isir xi xog[ol jew ji;u provduti servizzi< u meta tkun provduta proprjetà li ma tkunx flus, il-valur tal-proprjetà g[andu jitqies li jkun il-valur tas-suq xieraq fi]-]mien tat-trasferiment tag[ha lis-so/jetà.
(4) Id-disposizzjonijet tal-proviso ta’ l-artikolu 51 ta’ dan l-Att ma g[andhomx japplikaw g[al soçjetà in akkomandita jew soçjetà limitata.
Isem tas-So/jetà
4. (1) So/jetà in akkomandita jew so/jetà limitata tista’ tissejja[ b'kull isem, i]da dak l-isem g[andu jintemm bil-kliem “So/jetà Limitata” jew l-abbrevazzjoni “LP”.
(2) Ebda persuna li tkun qed tmexxi xi negozju f’Malta, barra minn soçjetà in akkomandita jew so/jetà limitata jew so/ji fiha, ma tista’ b’xi mod jew ie[or tiddeskrivi lilha nnifisha jew i]]omm lilha nnifisha jew b’mod ra;onevoli tkun mifhuma li tindika, jew tu]a xi isem li jindika jew jista’ b’mod ra;onevoli jiftiehem li, jew li qed tmexxi negozju b[ala, so/jetà in akkomandita jew so/jeta limitata jew, skond il-ka], jew so/ju tag[ha.
(3) L-isem ta’ so/ju limitat jew parti distintiva minnu ma jistg[ux ikunu parti mill-isem tas-so/jetà.
(4) So/ju limitat li xjentiment i[alli ismu jew parti distintiva minnu jintu]a b[ala l-isem tas-so/jetà jew parti minn dak l-isem tas-so/jetà jkun responsabbli b[ala so/ju ;enerali lejn kull persuna li tag[ti kreditu lis-so/jetà li ma tkunx taf li s-so/ju limitat ma jkunx so/ju ;enerali.
(5) Persuna li tikser id-dispo]izzjonijiet tas-sub-paragrafu (2) ta’ dan il- paragrafu tista’ te[el penali, u g[al kull jum li matulu jkompli n-nuqqas, penali o[ra.
A 350
Kontenut ta’ l-att tas-so/jetà
5. (1) So/jetà in akkomandita jew so/jetà limitata ma tkunx validament kostitwita kemm-il darba ma jkunx sar u iffirmat att tas-so/jetà u dwarha jin[are; çertifikat ta’ re;istrazzjoni ta[t din l-Iskeda.
(2) L-att tas-so/jetà jkun bil-miktub u g[andu jistabbilixxi l-ftehim tas- so/ji dwar l-affarijiet tas-so/jetà u t-tmexxija tan-negozju tag[ha.
(3) L-att tas-so/jetà jkun jorbot lis-so/ji u l-assenjati tag[hom u so/ji sussegwenti bl-istess mod daqslikieku dawk il-persuni kienu esegwenti huma nfushom.
(4) L-att tas-so/jetà g[andu jag[ti–
(a) l-isem u r-residenza ta’ kull wie[ed mill-ewwel so/ji fejn jispe/ifika l- ewwel so/ji ;enerali u l-ewwel so/ji limitati<
(b) l-isem tas-so/jetà<
(/) l-uffi//ju re;istrat f’Malta tas-so/jetà<
(d) bla [sara g[ad-dispo]izzjonijiet tas-subartikolu (1) ta’ l-artikolu 66A ta’
dan l-Att, l-g[anijiet tas-so/jetà<
(e) il-kontribuzzjoni ta’ kull wie[ed mill-ewwel so/ji tas-so/jetà fejn ikun speçifikat il-valur tal-kontribuzzjoni relattiva u l-ammont im[allas dwar kull wa[da minn dawk il-kontribuzzjonijiet<
(f) i]-]mien, jekk ikun hemm, stabbilit g[all-[ajja tas-so/jetà .
(5) L-att tas-so/jetà g[andu jkun konsenjat g[ar-re;istrazzjoni lir- Re;istratur li, meta jkun sodisfatt li jkun i[ares il-[ti;ijiet ta’ din l-Iskeda, g[andu jirre;istraha.
(6) Meta l-att tas-so/jetà jkun att pubbliku jew skrittura privata iskritta fl-atti ta’ nutar pubbliku, kopja awtentika tieg[u g[andha tkun konsenjata minflok l-ori;inal.
(7) L-imsemmija konsenja g[andha ssir minn wie[ed mis-so/ji jew mill- a;ent awtorizzat tieg[u.
Dmir tar-Re;istratur u effetti tar-re;istrazzjoni
6. (1) Mar-re;istrazzjoni ta’ l-att tas-so/jetà u mal-[las tad-drittijiet preskritti ta[t il-paragrafu (e) tas-subartikolu (4) ta’ l-artikolu 66A ta’ dan l-Att, ir-Re;istratur g[andu ji//ertifika minn idejh li s-so/jetà hi re;istrata u s-so/jetà tibda te]isti u tkun awtorizzata li tibda tinnegozzja ta[t l-isem tas-so/jetà mid-data ta/-/ertifikat>
A 351
I]da, jekk tinkiseb re;istrazzjoni qabel id-data stabbilita fl-att tas-so/jetà g[all-bidu fis-se[[ tas-so/jetà, i/-/ertifikat g[andu juri dik id-data, u s-so/jetà g[andha tibda te]isti u tkun awtorizzata li tibda n-negozju minn dik l-a[[ar data.
(2) /ertifikat ta’ re;istrazzjoni mog[ti dwar so/jetà jkun prova konklu]iva li l-[ti;ijiet ta’ din l-Iskeda dwar re;istrazzjoni u [wejje; pre/edenti u in/identali g[aliha jkunu t[arsu u li s-so/jetà tkun re;istrata kif imiss ta[t dan l-Att.
Meta ma jin[ari;x /ertifikat ta’ re;istrazzjoni
7. Kemm-il darba u sakemm /ertifikat ta’ re;istrazzjoni jin[are; ta[t din l-Iskeda dwar so/jetà jew sad-data murija f’/ertifikat ta’ re;istrazzjoni b[ala li fiha s-so/jetà g[andha tibda te]isti -
(a) kull ]ew; persuni jew iktar li jmexxu negozju ta[t isem li b’mod qarrieqi jindika l-e]istenza ta’ so/jetà jkollhom, kontra xulxin u limitatament g[all-proprjetà akkwistata minn dak in-negozju, dawk il-jeddijiet biss li bil-li;i huma mog[tija lil komproprjetarji<
(b) kull obbligazzjoni li tkun saret favur terzi f’bona fide ta[t isem li b’mod qarrieqi jindika l-e]istenza ta’ so/jetà tkun torbot in solidum lil dawk il-persuni, li, kieku [are; /ertifikat ta’ re;istrazzjoni, kienu jkunu so/ji li qed imexxu negozju ta[t dak l-isem.
Bdil fl-att tas-so/jetà
8. (1) Kemm-il darba ma jkunx provdut xort’o[ra bl-att tas-so/jetà, kull tibdil jew ]ieda g[alih jistg[u jsiru biss bil-kunsens unanimu tas-so/ji.
(2) Ikun id-dmir tas-so/ju ;enerali vestit bl-amministrazzjoni jew rappre]entanza ta’ so/jetà in akkomandita jew so/jetà limitata li jikkonsenja lir-Re;istratur g[ar-re;istrazzjoni kull strument jew kopja tieg[u li jibdel jew i]id ma’ l-att tas-so/jetà fi
]mien erbatax-il jum mid-data ta’ l-imsemmi tibdil jew ]ieda, flimkien ma’ kopja stampata ta’ l-att tas-so/jetà, kif emendat< u kull test qabel emendat ta’ l-att tas-soçjetà jista’ jitwarrab mir-Re;istratur meta test emendat sussegwenti jkun konsenjat lilu g[ar-re;istrazzjoni>
I]da fil-ka] ta’ nuqqas ta’ qbil bejn it-test ta’ xi att ta’ so/jetà emendat u t-test ori;inali ta’ l-att ta’ so/jetà re;istrata, it-test ta’ l-a[[ar flimkien ma’ kull strumenti re;istrati skond id-dispo]izzjonijiet tas-sub-paragrafu (3) ta’ dan il-paragrafu, g[andhom jipprevalu.
(3) Kull tibdil jew ]ieda fl-att tas-so/jetà ta’ so/jetà in akkomandita jew so/jetà limitata ikunu bla effett, kemm-il darba u sakemm ma jkunux re;istrati kif provdut fis-sub-paragrafu (2) ta’ dan il-paragrafu.
A 352
(4) Jekk ikun hemm nuqqas mit-t[aris tad-dispo]izzjonijiet tas-sub-
paragrafu (2) ta’ dan il-paragrafu, kull so/ju ;enerali li jkun naqas jista’ je[el penali, u, g[all kull jum li matulu jkompli n-nuqqas, penali o[ra.
(5) Meta so/jetà in akkomandita jew so/jetà limitata tibdel isimha, is-soçju
;enerali g[andu fi ]mien erbatax-il jum jav]a lir-Re;istratur b’dak il-bdil u r-Re;istratur g[andu jda[[al l-isem il-;did fir-re;istru u jo[ro; /ertifikat ta’ re;istrazzjoni mibdul skond i/-/irkostanzi tal-ka].
(6) Jekk ikun hemm nuqqas mit-t[aris tad-dispo]izzjonijiet tas-sub- paragrafu (5) ta’ dan il-paragrafu, kull so/ju ;enerali li jkun naqas jista’ je[el penali, u g[al kull jum li matulu jkompli n-nuqqas, penali o[ra.
So/ji ;enerali
9. L-amministrazzjoni u r-rappre]entanza tas-so/jetà jkunu vestiti fis-so/ji
;enerali, u kemm-il darba l-att tas-so/jetà ma jipprovdix xort’o[ra, dik l- amministrazzjoni u r-rappre]entanza jkunu vestiti f’kull wie[ed mis-so/ji ;enerali individwalment.
So/ji Limitati
10. (1) So/ju limitat ma g[andux jie[u sehem fit-tmexxija jew fl- amministrazzjoni ta’ xi negozju tas-so/jetà u ma g[andux jag[mel transazzjonijiet tan- negozju, jew, jiffirma, jew jesegwixxi dokumenti f’isem is-so/jetà.
(2) So/ju limitat li ja;ixxi jew ikun jidher li qed ja;ixxi bi ksir tad- dispo]izzjonijiet tas-sub-paragrafu (1) ta’ dan il-paragrafu, ikun responsabbli daqslikieku kien so/ju ;enerali dwar id-djun kollha li jkunu saru waqt li kien hekk qed ja;ixxi jew kien jidher li qed ja;ixxi.
(3) So/ju limitat ma jitqiesx li jkun [a sehem fit-tmexxija jew fl- amministrazzjoni tas-so/jetà kif imfisser f’dan il-paragrafu min[abba biss xi wa[da jew i]jed mi/-/irkostanzi li ;ejjin>
(a) ikun impjegat, a;ent jew kuntrattur tas-so/jetà jew ta’ so/ju ;enerali<
(b) ja;ixxi b[ala so/ju ;enerali, uffi/jal, impjegat jew azzjonist ta’ so/ju
;enerali korporat<
(/) jikkonsulta ma’ u jag[ti parir lil so/ju ;enerali dwar in-negozju tas- soçjetà in akkomandita jew so/jetà limitata<
(d) jinvestiga, jirrevedi, japprova jew jing[ata parir fuq il-kontijiet jew affarijiet tas-so/jetà in akkomandita jew so/jetà limitata<
(e) je]er/ita xi jedd jew setg[a li b’din l-Iskeda hi mog[tija lil so/ji limitati<
(f) japprova jew ma japprovax emenda g[all-ftehim tas-so/jetà<
A 353
(g) jie[u sehem fi, jew jitlob, il-[atra jew tne[[ija ta’ uditur tal-kumpannija< (h) jivvota b[ala so/ju limitat f’xi laqg[a tas-so/ji<
(i) ja;ixxi b[ala garanti jew jipprovdi garanzjia g[all-obbligazzjonijiet li tid[ol g[alihom is-so/jetà in akkomandita jew so/jetà limitata<
(j) jislef flus lil, jissellef flus ming[and jew jag[mel xi transazzjoni mas- so/jetà in akkomandita jew so/jetà limitata.
(4) Id-dispo]izzjonijiet tas-sub-paragrafu minnufih qabel dan ma g[andhomx jiftiehmu li jfissru li, jekk so/ju limitat je]er/ita xi jedd, setg[a jew funzjoni, ikun neçessarjament, min[abba biss dak il-fatt, [a sehem fit-tmexxija tan-negozju tas- so/jetà in akkomandita jew so/jetà limitata skond kif imfisser f’dan il-paragrafu.
Meta so/ju limitat ma jibqax so/ju
11. (1) Persuna ma tibqax so/ju limitat>
(a) ma’ l-assenjazzjoni valida u assoluta ta’ l-interess tag[ha kollu fis- soçjetà<
(b) mar-restituzzjoni tal-kontribuzzjoni tag[ha kollha (mag[dud jekk xieraq, it-twettiq ta’ l-obbligazzjonijiet tag[ha kollha biex tag[mel kontribuzzjoni)< jew
(/) f’dak i]-]mien jew ma’ dik il-;rajja li tista’ tkun hekk spe/ifikata fl-att tas-so/jetà>
i]da, f’ kull ka] b[al dan isimha jitne[[a mir-re;istru tas-so/ji.
(2) Il-fatt li persuna ma tkunx baqg[et so/ju limitat ma je[lisix minn xi responsabbilta’ li to[ro; mis-sub-paragrafu (4) tal-paragrafu 4 u s-sub-paragrafu (2) tal-paragrafu (10) ta’ din l-Iskeda.
(3) Il-fatt biss li persuna tieqaf milli tkun so/ju limitat ma jikkostitwix tibdil jew emenda ta’ l-att tas-so/jetà.
Meta so/ju ;enerali ma jibqax so/ju
12. (1) Persuna ma tibqax so/ju ;enerali ma’ wa[da mill-;rajjiet li ;ejjin>
(a) ir-ri]enja, l-irtir jew tne[[ija skond il-[ti;ijiet, jekk ikun hemm, ta’ l-att tas-so/jetà<
A 354
(b) fil-ka] ta’ persuna naturali, il-falliment, il-mewt jew l-inkapa/ita’ legali
tag[ha<
(/) fil-ka] ta’ so/ju ;enerali korporat, ix-xoljiment tag[ha.
(2) So/ju ;enerali g[andu fi ]mien erbatax-il jum minn meta ma jibqax so/ju ;enerali, jikkonsenja lir-Re;istratur g[ar-re;istrazzjoni avvi] bil-miktub ta’ dak il-fatt u r-Re;istratur g[andu jie[u [sieb li dak l-avvi] ikun re;istrat. So/ju ;enerali ma jkunx me[lus minn xi obbligu ta[t din l-Iskeda sa dak i]-]mien li jikkonsenja lir- Re;istratur g[ar-re;istrazzjoni avvi] bil-miktub ta’ dak il-fatt.
Records
13. (1) So/jetà in akkomandita jew so/jetà limitata g[andha ]]omm dawn li
;ejjin jew kopja tag[hom fl-uffi//ju re;istrat>
(a) l-att tas-so/jetà u kull emenda g[alih<
(b) re;istru tas-so/ji li juri l-ismijiet s[a[ u l-indirizzi tag[hom flimkien ma’ indikazzjoni ta’ min hu so/ju ;enerali u min hu limitat<
(/) il-kont kapitali ta’ kull so/ju limitat li juri dak li japplika g[al kull so/
ju limitat minn dawn li ;ejjin -
(i) l-ammonti u d-dati tal-kontribuzzjonijiet teig[u<
(ii) l-ammonti miftiehma li jkunu kontribwiti u ]-]minijiet meta jew il-;rajjiet li mag[hom il-kontribuzzjonijiet g[andhom isiru<
(iii) l-ammonti u d-dati ta’ kull [lasijiet li jirrappre]entaw dak li jda[[al fuq il-kontribuzzjonijiet tieg[u jew xi parti minnhom<
(iv) meta ftehim biex issir kontribuzzjoni jkun me[lus g[al kollox jew f’parti, l-ammont u d-data ta’ dak il-[elsien<
(d) ir-records tal-kontijiet<
(e) il-minuti tal-laqg[aet kollha tas-so/ji ;enerali<
(f) id-dokumenti kollha li minn ]mien g[al ]mien ikunu konsenjati lir- Re;sitratur.
(2) Id-dokumenti kollha jew kopji tad-dokumenti li bis-sub-paragrafu (1) ta’ dan il-paragrafu g[andhom jin]ammu fl-uffi//ju re;istrat g[andhom, bla [sara g[ad- dispo]izzjonijiet ta’ l-att tas-so/jetà, ikunu disponibbli g[all-ispezzjoni minn kull so/ju waqt il-[inijiet normali tax-xog[ol.
A 355
(3) Id-dokumenti msemmija fil-partiti (b) u (/) tas-sub-paragrafu (1) ta’
dan il-paragrafu jikkostitwixxu prova prima facie tal-[wejje; spe/ifikati fihom.
(4) Minkejja d-dispo]izzjonijiet ta’ qabel ta’ dan il-paragrafu, id-dokumenti deskritti fis-sub-paragrafu (1) ta’ dan il-paragrafu jistg[u, sakemm ikun permess bl-att tas-so/jetà, minflok li jin]ammu fl-uffi//ju re;istrat, jin]ammu f’dak il-post l-ie[or li s- so/ji ;enerali jidhrilhom xieraq, bla [sara g[all-jedd tas-so/ji kollha biex jispezzjonaw dawk id-dokumenti.
(5) Fil-ka] li dak il-post l-ie[or kif imsemmi fis-sub-paragrafu (4) ta’ dan il- paragrafu jkun barra minn Malta, kopji tal-kontijiet, prospetti dwar in-negozju u kopji tal-minuti ta’ laqg[at ta’ so/ji ;enerali g[andhom jintbag[tu u jin]ammu f’post f’Malta, fejn dawn ikunu, bla [sara g[ad-dispo]izzjonijiet tal-ftehim tas-so/jetà, g[all-ispezzjon minn kull so/ju waqt il-[inijiet normali tax-xog[ol.
(6) Il-kopji tal-kontijiet u prospetti msemmija fis-sub-paragrafu (5) ta’ dan il-paragrafu li g[andhom jintbag[tu u jin]ammu f’Malta g[andhom ikunu b’mod li juru bi pre/i]joni xierqa l-qag[da finanzjarja tan-negozju tas-so/jetà f’ intervalli ta’ mhux i]jed minn sitt xhur.
(7) Kull records tal-kontijiet li so/jetà in akkomandita jew so/jetà limitata hi me[tie;a li ]]omm b’ dan il-paragrafu g[andhom ikunu konservati minnha g[al perijodu ta’ g[axar snin mid-data li fihom ikunu saru u, fin-nuqqas ta’ t[aris ma’ dan is-sub-paragrafu, is-so/jetà u kull so/ju ;enerali jistg[u je[lu penali.
(8) Kull kont, record jew dokument ie[or li b’din l-Iskeda hu me[tie; li jin]amm minn so/jetà g[andu jin]amm jew d[ul f’kotba jew b’kull mod ie[or, ming[ajr [sara g[all-;eneralita’ ta’ qabel, fuq il-kompjuter jew f’forma elettronika o[ra.
(9) Jekk xi kont, record jew dokument ie[or b[al dak jin]amm b’mod li jsir d[ul barra minn f’kotba -
(a) g[andu jitqies g[all-finijiet ta’ din l-Iskeda li qed jin]amm f’post fejn jista’ jkun hemm a//ess g[alih u li jistg[u jinkisbu kopji miktubin tieg[u< u
(b) jekk il-[wejje; in kwistjoni jkunu re;istrati f’forma mhux le;ibbli, ir- re;istrazzjoni tag[hom trid tkun li tista’ ti;i riprodotta f’forma le;ibbli.
(10) Jekk dwar xi so/jetà in akkomandita jew so/jetà limitata jkun hemm kontravvenzjoni ta’ xi dispo]izzjonijiet tas-sub-paragrafi (1), (2), (5) jew (6) ta’ dan il- paragrafu, is-so/jetà u kull so/ju ;enerali jista’ je[el penali u g[al kull jum li matulu jkompli n-nuqqas, penali o[ra.
(11) Kull dmir impost b’din l-Iskeda biex issir spezzjoni ta’ dokumenti li jin]ammu mis-so/jetà g[andu, irrispettivament mill-mezz kif jin]ammu dawk id- dokumenti, jitqies b[ala dmir biex issir spezzjoni ta’ dawk id-dokumenti f’forma le;;ibbli.
A 356
Kontijiet ta’ so/jetà in akkomandita jew soçjetà limitata
14. (1) Kull so/jetà in akkomandita jew so/jetà limitata g[andha ]]omm

records tal-kontijiet xierqa li g[andhom ikunu–

(a) bi]]ejjed biex juru u jispjegaw it-transazzjonijiet tas-so/jetà <
(b) juru bi pre/i]joni xierqa, f’ kull ]mien, il-qag[da finanzjarja tas-so/
jetà f’ dak i]-]mien<
(/) hekk li s-so/ji ;enerali jkunu jistg[u ji]guraw li l-karta tal-bilan/ u l- kont ta’ qlieg[ u telf jit[ejjew sewwa u skond il-prin/ipji ta’ kontijiet ;eneralment aççettati u skond kull le;islazzjoni rilevanti li fi]-]mien tkun isse[[ f’Malta<
(d) hekk li jkun fihom ir-re;istrazzjoni ta’ kuljum tas-somom ta’ flus kollha ri/evuti u minfuqa mis-so/jetà u l-[wejje; li dwarhom dawk l-ir/evuti u l-infieq ikunu saru< u
(e) record ta’ l-attiv u tal-passiv tas-so/jetà.
(2) Is-so/ji ;enerali ta’ kull so/jetà in akkomandita jew so/jetà limitata g[andhom i[ejju g[al kull ]mien ta’ kontijiet, kontijiet individwali li jkun fihom karta tal-bilan/ kif tkun fl-a[[ar jum ta]-]mien tal-kontijiet li g[alih tirreferi, il-kont ta’ qlieg[ u telf g[al dak i]-]mien, in-noti tal-kontijiet u kull dikjarazzjonijiet finanzjarji o[ra li jistg[u jkunu me[tie;a bil-prin/ipji u l-prattika ta’ kontijiet ;eneralment a//ettati. Dawn id-dokumenti flimkien g[andhom jiffurmaw dokument s[i[.
(3) Il-kontijiet individwali g[andhom isiru b’mod /ar u skond id- dispo]izzjonijiet ta’ dan l-Att u skond il-[ti;ijiet tal-prin/ipji u l-prattika ta’ kontijiet
;eneralment a//ettati.
(4) Kontijiet individwali g[andhom juru sewwa u xieraq l-attiv, il-passiv, il-qag[da finanzjarja u qlieg[ jew telf tal-kumpannija.
(5) Il-kontijiet individwali g[andhom i[arsu l-[ti;ijiet ta’ dan l-Att u tal- prin/ipji u l-prattika ta’ kontijiet ;eneralment a//ettati dwar il-forma u l-kontenut tal- karta tal-bilan/ u l-kont ta’ qlieg[ u telf u dwar tag[rif addizzjonali li g[andu ji;i provdut b[ala noti mal-kontijiet.
(6) Meta l-applikazzjoni tad-dispozizzjonijiet ta’ dan l-Att ma tkunx bi]]ejjed biex jintwera sewwa u xieraq kif imfisser fis-sub-paragrafu (4) ta’ dan il- paragrafu, g[andu jing[ata tag[rif addizzjonali.
(7) Meta f’ka]ijiet e//ezzjonali l-applikazzjoni ta’ dispo]izzjoni ta’ dan l- Att ma tkunx taqbel ma’ l-obbligu li kontijiet individwali juru sewwa u xieraq, dik id- dispo]izzjoni g[andu jkun hemm deroga minnha sabiex ikun muri sewwa u xieraq. Kull
A 357
deroga b[al dik g[andha tintwera fin-noti tal-kontijiet flimkien ma’ spjegazzjoni g[ar- ra;unijiet li wasslu g[aliha u dikjarazzjoni ta’ l-effett tag[ha fuq l-attiv, il-passiv, il- qag[da finanzjarja u qlieg[ jew telf.
Applikazzjoni tal-Kapitoli IX u X tat-Taqsima V ta’ dan l-Att
15. {lief kif provdut f’din l-Iskeda, id-dispo]izzjonijiet tal-Kapitolu IX u tal- Kapitolu X tat-Taqsima V ta’ dan l-Att g[andhom, safejn ikunu applikabbli u safejn ma jkunux inkonsistenti mad-dispo]izzjonijiet ta’ din l-Iskeda, japplikaw g[al so/jetà in akkomandita jew so/jetà limitata, fejn riferenza fihom g[al “kumpannija” g[andha tiftiehem b[ala riferenza g[al so/jetà in akkomandita jew so/jetà limitata u riferenza g[al “diretturi” g[andha tiftiehem b[ala riferenza g[al so/ji ;enerali.
Kontijiet jintbg[atu lil so/ji limitati
16. Fl-eg[luq ta]-]mien tal-kontijiet, il-karta tal-bilan/ u l-kont ta’ qlieg[ u telf tas-so/jetà flimkien mar-rapport tas-so/ji ;enerali u r-rapport ta’ l-awdituri g[andu jkun komunikat lis-so/ji limitati.
G[oti lura ta’ kontribuzzjoni ta’ so/ji limitati
17. (1) So/ju limitat ma g[andux, max-xoljiment jew xort’o[ra, jir/ievi mill- kapital tas-so/jetà xi [las b[ala g[oti lura ta’ xi parti mill-kontribuzzjoni tas-so/jetà kemm-il darba, fi]-]mien jew minnufih wara li jsir xi [las, is-so/jetà in akkomandita jew so/jetà limitata ma tkunx solventi.
(2) Meta s-so/jetà ma tkunx solventii fi]-]mien jew minnufih wara li jsir dak il-[las, jew f’ka] ta’ insolvenza tas-so/jetà fi ]mien sitt xhur minnufih wara ]-
]mien li jsir dak il-[las, il-[las g[andu, g[al ]mien sena mid-data li fiha tkun ri/evuta
mis-soçju limitat, tit[allas lura minnu sal-limitu me[tie; biex jit[allas kull dejn tas- soçjetà li jkun sar matul i]-]mien meta l-kontribuzzjoni tieg[u kienet tag[mel parti mill-attiv tas-so/jetà.
(3) Bla [sara g[ad-dispo]izzjonijiet tas-sub-paragrafi (1) u (2) ta’ dan il- paragrafu, so/ju limitat jista’ jitlob lura l-kontribuzzjoni tieg[u -
(a) max-xoljiment tas-so/jetà< jew
(b) f’dak i]-]mien jew mal-;rajja ta’ xi [a;a jew iktar kif jista’ jkun spe/
ifikat fl-att tas-so/jetà.
(4) So/ju limitat jista’, minkejja n-natura tal-kontribuzzjoni tieg[u, u bla [sara g[ad-dispo]izzjonijiet ta’ l-att tas-so/jetà, jitlob u jir/ievi jew flus jew, meta l- attiv tas-so/jetà jkun jista’ jinqasam, dik il-parti maqsuma ta’ l-attiv tas-so/jetà li tkun daqs il-valur tal-kontribuzzjoni tieg[u.
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(5) Kull riferenza f’dan il-paragrafu, tkun kif tkun espressa, li so/ju jir/
ievi [las g[andha tinkludi riferenza g[all-[elsien ta’ kull dejn dovut minnu u li jkun jag[mel parti mill-attiv tas-so/jetà (mag[duda kull obbligazzjoni min-na[a tieg[u li jag[mel kontribuzzjoni g[all-kapital tas-so/jetà)< u skond hekk kull riferenza fis-sub- paragrafu (2) g[al-[las lura minn so/ju g[andha titqies li tinkludi riferenza li jkun g[amel jew issodisfa b’mod xieraq id-dejn jew l-obbligazzjoni.
(6) G[all-finijiet ta’ din l-Iskeda l-epressjoni “solventi” tfisser li so/jetà in akkomandita jew so/jetà limitata tkun tista’ t[allas id-djun tag[ha kollha, barra mill-[las tal-kontribuzzjonijiet lis-so/ji, mat-tqassim ta’ l-attiv max-xoljiment tas-so/jetà ming[ajr ma tmiss l-attiv separat tas-so/ji ;enerali li ma jkunux kontribwiti lis-so/ jetà< u l-espressjoni “mhux solventi” g[andha tiftiehem f’dan is-sens.
(7) Tqassim ta’ kull attiv ta’ so/jetà in akkomandita jew so/jetà limitata lil so/ju limitat g[andhu titqies b[ala g[oti lura ta’ kontribuzzjoni g[all-finijiet tad- dispo]izzjonijiet tas-sub-paragrafu (1) ta’ dan il-paragrafu, sal-limitu li t-tqassim inaqqas il-valur tas-sehem u l-interess tieg[u fl-attiv tas-so/jetà, kalkolat fuq il-ba]i ta’ l-attiv nett tas-so/jetà, ikun inqas mill-valur ta’ l-ammont kontribwit jew miftiehem li jkun kontribwit minnu.
D[ul ta’ so/ji limitati o[ra
18. Bla [sara g[ad-dispo]izzjonijiet ta’ l-att tas-so/jetà , so/jetà in akkomandita jew so/jetà limitata g[andha t[alli kull numru limitat ta’ so/ji limitati biex isiru so/ji limitati fis-so/jetà, kemm-il darba dak id-d[ul ikun mag[mul skond ftehim bil-miktub u jkun ippruvat billi jitni]]lu l-partikolaritajiet tas-so/ji limitati ;odda fir-re;istru tas- so/ji.
Assenjazzjoni ta’ nteress ta’ so/ju limitat
19. (1) Bla [sara g[ad-dispo]izzjonijiet ta’ l-att tas-so/jetà l-interess ta’ soçju limitat ikun assenjabbli jew g[al kollox jew f’parti.
(2) Kull assenjazzjoni minn so/ju limitat ta’ l-interess tieg[u fis-so/jetà jew f’xi parti minna>
(a) ma g[andhiex ixxolji s-so/jetà<
(b) ma tkunx valida kemm-il darba ma ssirx bil-miktub u skond [ti;ijiet o[ra, jekk ikun hemm, ta’ l-att tas-so/jetà<
(/) ma g[andhix, kemm-il darba u sakemm min jir/ievi l-assenjazzjoni ma jid[olx fis-so/jetà skond id-dispo]izzjonijiet tal-paragrafu 18 ta’ din l-Iskeda, tag[ti l-jedd lil min jir/ievi l-assenjazzjoni biex isir jew biex je]er/ita xi jedd jew setg[a ta’ so/ju limitat<
A 359
(d) malli min jir/ievi l-assenjazzjoni jid[ol fis-so/jetà b[ala so/ju limitat skond id-dispo]izzjonijiet tal-paragrafu 15 ta’ din l-Iskeda, tag[ti lil min jir/ievi l-assenjazzjoni l-jeddijiet u s-setg[at u, bla [sara tal-partita (e) ta’ hawn ta[t, tqeg[da su;;ett g[ar-restrizzjonijiet u obbligazzjonijiet (mag[duda kull obbligazzjoni g[all-eg[mil ta’ kontribuzzjonijiet tal-kapital tas-so/jetà) li l- assenjatur kien intitolat jew su;;ett g[alihom relattivament g[all-interess assenjat minnufih qabel l-assenjazzjoni<
(e) ma te[lisx lill-assenjatur minn xi responsabbilta’ li to[ro; mis-sub- paragrafu (5) tal-paragrafu 4 u mis-sub-paragrafu (2) tal-paragrafu 10 ta’ din l- Iskeda.
(3) So/ju limitat, ma’ l-assenjazzjoni valida u assoluta ta’ l-interess tieg[u kollu fis-so/jetà u mat-tne[[ija tieg[u mir-re;istru tas-so/ji, jieqaf milli jkun so/ju limitat u mid-dritt li je]er/ita xi jedd jew setg[a ta’ so/ju limitat.
Kaw]i ta’ xoljiment ta’ so/jetajiet in akkomanditi jew so/jetajiet limitati
20. (1) So/jetà in akkomandita jew so/jetà limitata tkun xolta meta ti;ri xi wa[da mill-;rajjiet li ;ejjin>
(a) meta ti;ri xi wa[da mill-;rajjiet spe/ifikati fl-att tas-so/jetà<
(b) mad-data stabbilita g[at-terminu tag[ha skond l-att tas-so/jetà, jekk ikun hemm<
(/) mal-ftehim bil-miktub tas-so/ji kollha li s-so/jetà g[andha tkun xolta u avvi] ta’ dak il-fatt jing[ata lir-Re;istratur skond is-sub-paragrafu (8) ta’ paragrafu 22 ta’ din l-Iskeda<
(d) jekk ma jkunx hemm so/ju ;enerali g[al ]mien ta’ sitt xhur< (e) jekk ma jkunx hemm so/ju limitat g[al ]mien ta’ sitt xhur.
(2) Meta ma jibqa’ ebda so/ju ;enerali, is-so/ji limitati jistg[u, matul l- imsemmija sitt xhur, ja[tru wie[ed minn fosthom jew xi persuna o[ra biex twettaq l-atti ta’ amministrazzjoni ordinarja u kull so/ju limitat jew persuna o[ra ma[tura skond id- dispo]izzjonijiet ta’ dan is-sub-paragrafu ma g[andhiex tinkorri xi responsabbilita’ li xort’o[ra kienet tinkorri ta[t din l-Iskeda g[at-twettiq ta’ atti ordinarji ta’ amministrazzjoni matul l-imsemmija ]mien ta’ sitt xhur.
(3) Bla [sara g[ad-dispo]izzjonijiet ta’ l-att tas-so/jetà, so/jetà in akkomandita jew so/jetà limitata ma g[andhiex tkun xolta b’xi tibdil fis-so/ji limitati, jew bil-falliment, insolvenza, mewt, irtirar, tne[[ija, ri]enja, inkapa/ità jew xoljiment ta’ xi so/ju limitat sew jekk individwu, so/jetà, kumpannija jew korp ;uridiku ie[or.
A 360
Xoljiment mill-Qorti
21. (1) Il-Qorti tista’ tordna x-xoljiment ta’ so/jetà in akkomandita jew so/ jetà limitata fuq ir-rikors ta’ xi so/ju jew kreditur jew fuq ir-rikors tar-Re;istratur jekk fil-fehma tag[ha>
(a) is-so/jetà ma tkunx solventi<
(b) in-negozju tas-so/jetà ikun sospi] g[al ]mien kontinwu ta’ tnax-il xahar< (/) l-affarijiet tas-so/jetà jkunu qed jitmexxew b’mod li jkunu oppressiv
g[al xi wie[ed mis-so/ji limitati jew bi pre;udizzju g[all-interessi tag[hom b[ala soçji limitati jew ikunu kalkolati li jolqtu [a]in it-tmexxija tan-negozju tas-so/jetà<
(d) is-so/ji limitati ma tkunx qed ting[atalhom l-informazzjoni dwar l- affarjiiet tal-kumpannija li b’mod ra;onevoli jistg[u jistennew<
(e) l-affarijiet tas-so/jetà jkunu qed jitmexxew b’dak il-mod li jo[loq frodi tal-kredituri jew b’xi mod li jkun ille;ittimu<
(f) ikun hemm nuqqas persistenti mis-so/jetà jew minn xi so/ju ;enerali tag[ha mat-t[aris ta’ din l-Iskeda jew ta’ xi regolament mag[mul bis-sa[[a ta’ dan dan l-Att<
(;) ikun hemm ra;unijiet ta’ gravita’ bi]]ejjed biex ji;;ustifikaw ix- xoljiment.
(2) Ma’ l-eg[mil ta’ ordni ta[t is-sub-paragrafu (1) ta’ dan il-paragrafu g[ax-xoljiment ta’ so/jetà jew f’xi ]mien wara, il-Qorti tista’ tag[ti dawk l-ordnijiet l- o[ra dwar ix-xoljiment li jidhrilha xierqa fi/-/irkostanzi, mag[dud kull ordni g[all- [atra ta’stralçjarju wie[ed jew iktar biex jistral/ja l-affarijiet tas-so/jetà u jqassam l- assi tag[ha.
Dispo]izzjonijiet ;enerali applikabbli g[al xoljiment
22. (1) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata l-affarijiet tag[ha g[andhom, kemm-il darba ma jin[atarx stral/jarju mill-Qorti ta[t is-sub-paragrafu (2) tal-paragrafu 21 ta’ din l-Iskeda jew ta[t is-sub-paragrafu (3) ta’ dan il-paragrafu, tkun xolta mis-so/ji ;enerali.
(2) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata ebda so/ju limitat ma jista’, [lief skond id-dispo]izzjonijiet tal-paragrafi 17 u 24 ta’ din l-Iskeda, jirtira xi parti mill-kontribuzzjoni tieg[u jew xort’o[ra jag[mel talba b[ala kreditur tas- so/jetà.
A 361
(3) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata jew f’xi
]mien wara, il-Qorti tista’ fuq rikors ta’ xi so/ju (mag[dud min jir/ievi assenjazzjoni tieg[u) jew xi kreditur, tag[ti dawk l-ordnijiet dwar ix-xoljiment li jidhrilha xierqa, mag[dud ordni g[all-[atra ta’ stral/jarju wie[ed jew i]jed biex jistral/ja l-affarijiet tas-so/jetà u jqassam l-attiv tag[ha.
(4) Mal-[atra ta’ stral/jarju, sew jekk ta[t dan il-paragrafu jew ta[t il- paragrafu 21, is-setg[at kollha tas-so/ji ;enerali g[andhom jieqfu< u kull persuna li tkun tidher li qed te]er/ita xi setg[a ta’ so/ju ;enerali f’xi ]mien meta, skond dan is- sub-paragrafu dawk is-setg[at kienu waqfu, tista’ te[el penali.
(5) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata s-soçjetà g[andha tieqaf milli tmexxi n-negozju [lief sal-limitu li jkun me[tie; g[all-istralç benefi/jali tag[ha< u meta dwar so/jetà jkun hemm kontravvenzjoni tad-dispo]izzjonijiet ta’ dan is-sub-paragrafu, is-so/jetà u kull so/ju ;enerali jistg[u je[lu penali.
(6) L-ispejje] kollha li b’mod xieraq ikunu saru g[ax-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata, mag[duda r-rimunerazzjoni ta’ l-istral/jarju, g[andhom jit[allsu mill-attiv tas-so/jetà qabel ma jit[allsu djun o[ra.
(7) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata, minkejja d-dispo]izzjonijiet tas-sub-paragrafu (8) ta’ hawn ta[t li bis-sa[[a tag[hom i/-/ertifikat ta’ re;istrazzjoni ma jibqax validu, il-persuni li jkunu qed jistral/jaw l-affarijiet tas- soçjetà, f’isem u g[an-nom tas-so/jetà>
(a) jistg[u, sal-limitu li jkun me[tie; g[all-istral/ benefi/jali tas-so/jetà, jag[mlu prosekuzzjoni, difi]a jew jirri]olvu kull azzjoni /ivili jew kriminali<
(b) jistg[u jiddisponu mill-proprjetà tas-so/jetà u jirrealizzaw l-attiv tag[ha<
u
(/) g[andhom, skond id-dispo]izzjonijiet tal-paragrafu 24 ta’ din l-Iskeda
jissodisfaw id-djun tas-so/jetà u jqassmu lis-so/ji kull attiv li jibqa’ tas-so/jetà<
kollox bla [sara g[ar-responsabbilta’ personali tas-so/ji.
(8) Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata, avvi] tal-fatt g[andu, fi ]mien erbatax-il jum mid-data tax-xoljiment, ikun ippre]entat mis- so/ji ;enerali lir-Re;istratur li g[andu jie[u [sieb li avvi] ta’ dak il-fatt g[andu jkun pubblikat fil-Gazzetta.
(9) Meta s-so/ji ;enerali jonqsu li jag[tu avvi] kif me[tie; bid- dispo]izzjonijiet tas-sub-paragrafu (8) ta’ dan il-paragrafu, is-so/ji ;enerali jistg[u je[lu penali u jkomplu bir-responsabbiltà tag[hom daqslikieku kienu so/ji ;enerali ta’ so/jetà in akkomandita jew so/jetà limitata li ma tkunx ;iet xolta.
A 362
(10) Ix-xoljiment ta’ so/jetà g[andu jitqies li jkun ;ara ma’ l-ewwel minn
dan li ;ej>
(a) mid-data tal-;rajja li minnha, ta[t id-dispo]izzjonijiet ta’ din l-Iskeda, is-so/jetà tkun xolta< jew
(b) id-data ta’ l-ordni mill-Qorti ta[t din l-Iskeda g[ax-xoljiment tag[ha. (11) Malli l-affarijiet tas-so/jetà in akkomandita jew so/jetà limitata jkunu
stral/jati g[al kollox, il-persuni li jkunu mexxew l-istral/ g[andhom>
(a) i[ejju rendikont ta’ l-istral/ li jag[ti dettalji tat-tmexxija tag[ha u tad- disponiment tal-proprjetà tas-so/jetà, u li jiddikjara jekk xi wa[da mill-affarijiet imsemmija fil-paragrafu 23 ta’ din l-Iskeda tkunx ;iet g[all-attenzjoni tag[hom jew le<
(b) jag[tu lis-so/ji kollha kopja ta’ l-imsemmi rendikont< u
(/) jikkonsenjaw lir-Re;istratur kopja ta’ l-imsemmi rendikont g[ar- re;istrazzjoni.
(12) Il-persuni li jmexxu l-istral/ ta’ so/jetà in akkomandita jew so/jetà limitata jistg[u, b’rikors, jitolbu d-direzzjonijiet tal-Qorti dwar kull [a;a li g[andha x’taqsam ma’ l-istral/< u ma dak ir-rikors il-Qorti tista’ tag[ti dik l-ordni li jidhrilha xierqa.
(13) Mal-konsenja lir-Re;istratur tar-rendikont tal-kont ta’ l-istral/, ir- Re;istratur g[andu ma’ dan jirre;istrah u j[assar l-isem tas-so/jetà minn fuq ir-Re;istru, u malli jag[mel hekk i/-/ertifikat ta’ re;istrazzjoni tas-so/jetà ma jibqax validu. Ir- Re;istratur g[andu minnufih jippubblika avvi] tat-tmiem ta’ l-istral/ u ta’ dak it-t[assir.
Responsabbiltà personali g[al /erti nuqqasijiet
23. (1) F’kull ka] fejn –
(a) so/jetà in akkomandita jew so/jetà limitata tkun ;iet xolta u ma tkunx tista’ t[allas id-djun tag[ha< u
li –
(b) dwar is-so/jetà tkun saret kontravvenzjoni ta’ xi dispo]izzjoni rilevanti,
(i) tkun ikkontribwit g[all-fatt li s-so/jetà ma tkunx tista’ t[allas id- djun tag[ha<
A 363
(ii) tkun b’mod materjali ]gwidat jew qarrqet b’xi so/ju jew kreditur, jew tkun irri]ultat f’in/ertezza sostanzjali dwar l-attiv, il-passiv, flus tal- klijenti jew strumenti ta’ investiment tas-so/jetà< jew
(iii) tkun sostanzjalment impediet l-istral/ xieraq ta’ l-affarijiet tas- soçjetà<
il-Qorti tista’, fuq rikors ta’ xi kreditur jew so/ju jew xi persuna o[ra li tkun qed tmexxi l-istral/ tas-so/jetà, tiddikjara li xi uffi/jal jew uffi/jal passat ta’ xi so/ju
;enerali fis-so/jetà< li jkun responsabbli g[all-kontravvenzjoni jkun personalment
responsabbli, ming[ajr limitazzjoni ta’ responsabbilta’, g[ad-djun tas-so/jetà jew dik il-parti minnhom kif jista’ ji;i spe/ifikat mill-Qorti.
(2) Meta l-Qorti tag[mel dikjarazzjoni ta[t is-sub-paragrafu (1) ta’ dan il- paragrafu dwar xi persuna, din tista’ -
(a) tag[ti dawk id-direzzjonijiet li jidhrilha xierqa sabiex tag[ti effett lid- dikjarazzjoni< u
(b) tordna li r-responsabbiltà ta’ dik il-persuna ta[t id-dikjarazzjoni tkun pi] fuq -
(i) xi dejn dovut mis-so/jetà lilha, lil xi persuna f’isimha, lil xi persuna li tg[id li tkun ir/evit assenjazzjoni ming[andha jew permezz tag[ha jew lil xi persuna li ta;ixxi f’isem dik il-persuna li tir/ievi assenjazzjoni< jew
(ii) kull pi] fuq xi attiv tas-so/jetà jew xi interess f’xi pi] b[al dak mi]mum jew vestit f’dik il-persuna jew f’xi persuna o[ra kif imsemmija<
u l-Qorti tista’ wkoll minn ]mien g[al ]mien tag[mel dawk l-ordnijiet l-o[ra li jidhrilha xierqa sabiex tag[ti effett lil xi pi] impost ta[t dan is-sub-paragrafu.
(3) Fis-sub-paragrafu (2) ta’ dan il-paragrafu, l-espressjoni “persuna li tirçievi assenjazzjoni” tinkludi kull persuna li lilha jew favur tag[ha, bid-direzzjoni tal-persuna responsabbli, id-dejn, il-pi] jew l-interess ikun in[oloq, in[are; jew ;ie trasferit, i]da ma tinkludix persuna li tir/ievi assenjazzjoni g[al konsiderazzjoni prezzju]a (barra minn konsiderazzjoni ma]-]wie;) mog[tija in bona fide u bla avvi] ta’ xi ra;unijiet li fuqhom setg[at saret id-dikjarazzjoni.
(4) Il-Qorti ma g[andhiex tag[mel dikjarazzjoni ta[t is-sub-paragrafu (1)
ta’ dan il-paragrafu dwar persuna, jekk tikkunsidra li -
(a) tkun [adet il-passi kollha ra;onevoli biex ti]gura t[aris mis-so/jetà in akkomandita jew so/jetà limitata tad-dispo]izzjonijiet rilevanti< jew
A 364
(b) kellha ra;unijiet xierqa biex temmen u fil-fatt kienet temmen li persuna
kompetenti u ta’ min jorbot fuqha, li kienet qed ta;ixxi ta[t is-sorveljanza jew kontroll ta’ jew ma[tura mis-so/ji ;enerali -
(i) kienet inkarigata bid-dmir li ti]gura li dawk id-dispo]izzjonijiet ikunu m[arsa< u
(ii) kienet f’po]izzjoni li taqdi dak id-dmir.
(5) Id-dispo]izzjonijiet ta’ qabel ta’ dan il-paragrafu jkunu bla [sara g[al xi penali, rimedju jew pro/edura o[ra, /ivili jew kriminali, dwar il-kontravvenzjoni.
(6) F’xi ka] fejn -
(a) so/jetà in akkomandita jew so/jetà limitata tkun ;iet xolta u ma tkunx tista’ t[allas id-djun tag[ha< u
li -
(b) dwar is-so/jetà tkun saret kontravvenzjoni ta’ xi dispo]izzjoni rilevanti
(i) tkun ikkontribwit g[all-fatt li s-so/jetà ma tkunx tista’ t[allas id- djun tag[ha<
(ii) tkun b’mod materjali ]gwidat jew qarrqet b’xi so/ju jew kreditur, jew tkun irri]ultat f’in/ertezza sostanzjali dwar l-attiv, il-passiv, flus tal- klijenti jew strumenti ta’ investiment tas-so/jetà< jew
(iii) tkun sostanzjalment impediet l-istral/ xieraq ta’ l-affarijiet tas- soçjetà<
kull uffi/jal jew uffi/jal passat ta’ xi so/ju ;enerali tas-so/jetà li jkun responsabbli g[all-kontravvenzjoni (bla [sara g[al kull responsabbiltà /ivili) ikun [ati ta’ reat.
(7) Fil-prosekuzzjoni g[al reat ta[t dan il-paragrafu, tkun difi]a g[all- persuna akku]ata li turi li -
(a) tkun [adet il-passi kollha ra;onevoli biex ti]gura t[aris mis-so/jetà in akkomandita jew so/jetà limitata tad-dispo]izzjonijiet rilevanti< jew
(b) kellha ra;unijiet xierqa biex temmen u fil-fatt kienet temmen li persuna kompetenti u ta’ min jorbot fuqha, li kienet qed ta;ixxi ta[t is-sorveljanza jew kontroll ta’ jew ma[tura mis-so/ji ;enerali -
A 365
(i) kienet inkarigata bid-dmir li ti]gura li dawk id-dispo]izzjonijiet ikunu m[arsa< u
(ii) kienet f’po]izzjoni li taqdi dak id-dmir. (8) G[all-finijiet ta’ dan il- paragrafu -
(a) l-espressjoni “uffi/jal”, dwar so/ju ;enerali, tfisser kull direttur, manager, membru ta’ xi kumitat ta’ l-amministrazzjoni jew awtorita’ o[ra li tikkontrolla, segretarju jew uffi/jal ie[or simili tas-so/ju ;enerali, u kull persuna li skond id-direzzjonijiet jew l-istruzzjonijiet tag[ha xi w[ud mill-persuni msemmija jkunu mdorrija ja;ixxu<
(b) l-espressjoni “dispo]izzjoni rilevanti” tfisser kull dispo]izzjoni rilevanti ta’ din l-Iskeda u kull dispo]izzjoni o[ra li fi]-]mien tkun preskritta b’regolamenti ta[t dan l-Att< u
(/) persuna titqies li tkun responsabbli g[al kontravvenzjoni ta’
dispo]izzjoni rilevanti jekk il-kontravvenzjoni -
(i) l-eg[mil tag[ha jkun bil-kunsens jew konnivenza tag[ha< jew
(ii) kienet attribwibbli jew fa/ilitata b’xi negli;enza minn na[a tag[ha.
Tqassim ta’ attiv max-xoljiment
24. Max-xoljiment ta’ so/jetà in akkomandita jew so/jetà limitata, l-attiv g[andu jitqassam fl-ordni li ;ejja -
(a) l-ewwel, lill-kredituri li ma jkunux so/ji, sal-limitu xort’o[ra permess bil-li;i, b’sodisfazzjon tad-djun tas-so/jetà<
(b) it-tieni, lil so/ji limitati li huma kredituri u li ma jkunux ukoll so/ji
;enerali, sal-limitu xort’o[ra permess bil-li;i, b’sodisfazzjon tad-djun tas-so/jetà barra minn djun deskritti bis-sub-paragrafu (/) ta’ dan il-paragrafu<
(/) finalment, su;;ett g[ad-dispo]izzjonijiet ta’ l-att tas-so/jetà, lil so/ji kif ;ej -
A 366
(i) l-ewwel, lil so/ji limitati bi [las lura tal-kontribuzzjonijiet tag[hom jew, fejn applikabbli, g[all-[elsien mill-obbligi tag[hom li jag[mlu kontribuzzjonijiet<
(ii) it-tieni, lil so/ji limitati barra milli g[al kapital u profitti< (iii) it-tielet, lil so/ji ;enerali dwar kapital<
(iv) finalment, lil so/ji ;enerali dwar profitti.
Tqassim ta’ kapital f’azzjonijiet
25. (1) Bla [sara g[ad-dispo]izzjonijet ta’ qabel ta’ din l-Iskeda, il-kapital ta’ so/jetà in akkomandita jew so/jetà limitata jista’ jitqassam f’azzjonijiet.
(2) Id-dispo]izzjonijiet ta’ dan l-Att dwar azzjonijiet f’kumpannija barra mid-dispo]izzjonijiet ta’ l-artikolu 72 tieg[u g[andhom japplikaw g[all-azzjonijiet f’soçjetà in akkomandita jew so/jetà limitata safejn dawn ma jkunux inkonsistenti mad-dispo]izzjonijiet ta’ qabel ta’ din l-Iskeda.
(3) Id-dispo]izzjonijiet ta’ l-artikolu 78, tas-subartikolu (4), (5) u (6) ta’ l- artikolu 137 u tas-subartikolu (2) ta’ l-artikolu 142 ta’ dan l-Att g[andhom japplikaw g[al so/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha jkun maqsum f’azzjonijiet, bis-sostituzzjoni ta’ riferenzi g[al so/ji ;enerali vestiti bl-amministrazzjoni jew b’rappre]entanza minflok riferenzi g[al diretturi, uffi/jali jew bord tad-diretturi< bis-sostituzzjoni ta’ riferenzi g[al so/jetà in akkomandita jew so/jetà limitata, li l- kapital tag[ha jkun maqsum f’azzjonijiet, minflok riferenzi g[al kumpannija< bis- sostituzzjoni ta’ riferenzi g[al att tas-so/jetà minflok riferenzi g[al memorandum jew memorandum u statut< bis-sostituzzjoni ta’ riferenzi g[al so/ji minflok riferenzi g[al azzjonisti< u, dwar is-subartikolu (5) ta’ l-artikolu 137 ta’ dan l-Att, bis-sostituzzjoni tal-fra]i “deçi]joni tas-so/ji” minflok il-fra]i “xi ri]oluzzjoni tal-laqg[a ;enerali jew minn deçi]joni tal-bord tad-diretturi”.
(4) So/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, tista’ tibdel l-istat tag[ha g[al so/jetà in akkomandita jew so/ jetà limitata li l-kapital tag[ha jkun maqsum f’azzjonijiet, b’de/i]joni me[uda skond id-dispo]izzjonijiet ta’ l-att tas-so/jetà, jew, fin-nuqqas ta’ xi dispo]izzjoni b[al dik, bil-kunsens tas-so/ji kollha, kemm ;enerali u limitati>
I]da meta wie[ed jew iktar mis-so/ji limitati, li flimkien ikollhom mhux iktar minn kwart tal-kontribuzzjoni totali tas-so/ji limitati, ma jag[tux il-kunsens tag[hom, is-so/jetà in akkomandita jew so/jetà limitata tista’ b’danakollu tg[addi biex
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tibdel l-istat tag[ha, i]da tkun me[tie;a, g[all-fini ta’ dak it-tibdil, li tillikwida u t[allas lura lil kull so/ju li ma jkunx ta’ l-kunsens tieg[u fis-so/jetà in akkomandita jew soçjeta limitata b’ dawk il-kondizzjonijiet li jistg[u ji;u miftiehma, jew kif il-Qorti, fuq talba jew tas-soçjetà jew tas-so/ju limitat, jidhrilha xieraq li tordna.
(5) So/jetà in akkomandita jew so/jetà limitata, li l-kapital tag[ha jkun maqsum f’azzjonijiet, tista’ tibdel l-istat tag[ha g[al so/jetà in akkomandita jew so/ jetà limitata `li l-kapital tag[ha ma jkunx maqsum f’azzjonijiet, b’de/i]joni me[uda skond id-dispo]izzjonijet ta’ l-att tas-so/jetà jew, fin-nuqqas ta’ xi dispo]izzjoni b[al dik, bil-kunsens tas-so/ji kollha kemm ;enerali u limitati>
I]da meta wie[ed jew iktar mis-so/ji limitati, li flimkien ikollhom mhux iktar minn g[axra wie[ed tal-kapital azzjonarju tal-kumpannija, ma jag[tux il-kunsens tag[hom, is-so/jetà in akkomandita jew so/jetà limitata tista’ b’danakollu tg[addi biex tibdel l-istat tag[ha, i]da tkun me[tie;a, g[all-fini ta’ dak it-tibdil, li tifdi l-azzjonijiet mi]muma minn kull so/ju tas-so/jetà in akkomandita jew so/jetà limitata li ma jkunx ta’ l-kunsens tieg[u, jekk hu hekk jitlob, b’dawk il-kondizzjonijiet li jistg[u ji;u miftiehma jew kif il-Qorti, fuq talba tas-so/jetà jew tas-so/ju limitat, jidhrilha xierqa li tordna.
(6) Ikun id-dmir tas-so/ju ;enerali vestit bl-amministrazzjoni jew bir- rappre]entanza ta’ so/jetà in akkomandita jew so/jetà limitata, li tkun idde/idiet li tibdel l-istat tag[ha skond is-sub-paragrafu (4) jew is-sub-paragrafu (5) ta’ dan il- paragrafu, li tikkonsenja lir-Re;istratur g[ar-re;istrazzjoni l-istrument jew kopja tieg[u li jibdel jew i]id ma’ l-att tas-so/jetà kif emendat skond id-dispo]izzjonijiet tas-sub- paragrafu (2) tal-paragrafu 8 ta’ din l-Iskeda.
(7) It-tibdil fl-istat imsemmi fis-sub-paragrafu (4) jew fis-sub-paragrafu (5) ta’ dan il-paragrafu ma g[andux jibda jse[[ kemm-il darba u sakemm ma ji;ix re;istrat kif me[tie; bis-sub-paragrafu (6) ta’ dan il-paragrafu.
(8) (a) Id-dispo]izzjonijiet ta’ dan il-paragrafu g[andhom japplikaw biss g[al so/jetà in akkomandita jew so/jetà limitata li tikkwalifika g[al skema ta’ investiment kollettiv li/enzjata skond l-Att dwar Servizzi ta’ Investiment.
(b) G[all-finiijet ta’ dan il-paragrafu, kemm-il darba r-rabta tal-kliem ma te[tie;x xort’o[ra -
“munita ba]i” tfisser il-munita li fiha tkun denominata sotto-klassi< “awtorità kompetenti” tfisser l-awtorità kompetenti ta[t l-Att dwar is-
Servizzi ta’ Investiment<
“munita” tfisser, barra mil-lira Maltija, kull munita konvertibbli skond l-artikolu 186 ta’ dan l-Att<
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“frazzjoni finanzjarja” tfisser frazzjoni ta’ azzjoni s[i[a f’kull klassi ta’ azzjonijiet ma[ru;a minn so/jetà in akkomandita jew so/jetà limitata b’kapital azzjonarju varjabbli<
“sotto-klassi” tfisser klassi distinta ta’ azzjonijiet f’so/jetà in akkomandita jew f’so/jetà limitata li lilha jkunu allokati attiv u passiv distinti minn attiv u passiv o[ra allokati lil klassijiet o[ra ta’ azzjonijiet fl-istess so/ jetà u li jistg[u jsegwu o;;ettivi ta’ investiment u jintrabtu ma’ policies ta’ investiment differenti minn dawk ta’ klassijiet o[ra ta’ azzjonijiet fl-istess so/jetà.
(/) Att ta’ so/jetà in akkomandita jew so/jetà limitata li l-kapital tag[ha jkun maqsum f’azzjonijiet jista’ jipprovdi g[all-kostituzzjoni tas-so/jetà b[ala so/jetà in akkomandita jew so/jetà limitata b’kapital azzjonarju varjabbli u d- dispo]izzjonijiet tas-subartikoli (2) sa (7) u tas-subartikolu (9) ta’ l-artikolu 84 ta’ dan l-Att g[andhom, safejn applikabbli, japplikaw mutatis mutandis u riferenza g[all-fra]i “memorandum jew statut” g[andha titqies b[ala riferenza g[al “att ta’ so/jetà” u riferenza g[all-fra]ijiet “kumpannija” u “kumpannija ta’ investiment” g[andha titqies b[ala riferenza g[al “so/jetà in akkomandita jew so/jetà limitata u riferenza fil-paragrafu (f) ta’ l-artikolu 69 ta’ dan l-Att g[andha titqies b[ala riferenza g[all-paragrafu (e) tas-subartikolu (1) ta’ l-artikolu 14 ta’ dan l-Att.
(d) Att ta’ so/jetà in akkomandita jew so/jetà limitata li l-kapital tag[ha jkun maqsum f’azzjonijiet jista’ jipprovdi g[all-kostituzzjoni tas-so/jetà b[ala so/jetà in akkomandita jew so/jetà limitata fil-forma ta’ so/jetà umbrella jew multi-class, u jipprovdi g[all-kostituzzjoni ta’ sotto-klassijiet, u l-klassijiet differenti ta’ azzjonijiet li jistg[u jin[ar;u minn dik is-so/jetà, meta kull klassi ta’ azzjonijiet tirrappre]enta sotto-klassi distinta tas-so/jetà u denominata f’dik il- munita jew f’dawk il-muniti kif jista’ ji;i provdut fl-att.
(e) So/jetà in akkomandita jew so/jetà limitata tista’ tkun biss validament kostitwita b[ala so/jetà umbrella jew multi-class jekk tkun hekk li/enzjata mill- awtorità kompetenti.
(f) So/jetà in akkomandita jew so/jetà limitata li/enzjata kif imiss b[ala soçjetà umbrella jew multi-class tista’, bl-approvazzjoni ta’ l-awtorità kompetenti, tistabbilixxi sotto-klassijiet ;odda bil-[olqien u [ru; ta’ klassijiet ;odda ta’ azzjonijiet.
(g) Kull klassi ta’ azzjonijiet li tirrappre]enta sotto-klassi f’so/jetà umbrella jew multi-class tista’ ti;i msej[a b’munita differenti, i]da klassi ta’ azzjonijiet tista’ tissejja[ b’munita wa[da biss.
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(h) So/jetà umbrella jew multi-class li jkollha l-kapital azzjonarju tag[ha denominat f’muniti differenti g[andha tag[mel il-kontijiet annwali tag[ha f’wa[da minn dawk il-muniti, kif jista’ ji;i approvat mill-awtorità kompetenti.
(i) Is-so/ju ;enerali ta’ so/jetà umbrella jew multi-class g[andu j]omm records tal-kontijiet xierqa ta’ l-attiv u l-passiv ta’ kull sotto-klassi fil-munita ba]i ta’ dik is-sotto-klassi.
(j) Id-dispo]izzjonijet tas-sub-paragrafu ([) g[andhom mutatis mutandis japplikaw g[all-eg[mil ta’ kull rapporti jew dikjarazzjonijiet finanzjarji o[ra li jistg[u jkunu me[tie;a ta[t dan l-Att jew mill-awtorita’ kompetenti.
(k) G[all-finijiet tas-sub-paragrafi (h) u (j) ta’ dan il-paragrafu, il- konver]joni minn munita ba]i ta’ sotto-klassi f’munita li fiha jsiru l-kontijiet annwali tas-so/jetà umbrella jew multi-class g[andha ssir bl-u]u tar-rata tal-kambju bejn l-ewwel u t-tieni munita fid-data tal-karta tal-bilan/, u dik ir-rata tkun ir-rata medja ta’ l-eg[luq ma[ru;a mill-Bank ?entrali ta’ Malta. Din in-nota g[andha tintwera fin-noti tal-kontijiet.
(l) So/jetà in akkomandita jew so/jetà limitata kostitwita b[ala so/jetà umbrella jew multi-class tista’ fl-att ta’ so/jetà tag[ha tag[]el li l-attiv u l-passiv ta’ kull sotto-klassi kompri]a f’dik is-so/jetà ji;u trattati, g[all-finijiet u effetti kollha tal-li;i, b[ala patrimonju separat mill-attiv u l-passiv ta’ kull sotto-klassi o[ra ta’ dik is-so/jetà. Meta so/jetà in akkomandita jew so/jetà limitata kostitwita b[ala so/jetà umbrella jew multi-class tag[mel l-g[a]la kif intqal qabel, l-attiv u l-passiv ta’ kull sotto-klassi ta’ dik is-so/jetà g[andhom, g[all-finijiet u effetti kollha tal-li;i jitqiesu li jikkostitwixxu patrimonju separat mill-attiv u l-passiv ta’ kull sotto-klassi o[ra ta’ dik is-so/jetà.
(m) {lief g[al dak il-proporzjon tal-passiv ta’ so/jetà in akkomandita jew so/jetà limitata kostitwita b[ala so/jetà umbrella jew multi-class li bis-sa[[a ta’ l-att tas-so/jetà jew bis-sa[[a tal-kondizzjonijiet tal-[ru; ta’ l-azzjonijiet li jikkostitwixxu sotto-klassi jkun, jew g[andu jkun attribwit lil, sotto-klassi wa[da jew aktar fil-proporzjon stabbilit fih, il-passiv mag[mul dwar kull sotto-klassi g[andu jit[allas mill-attiv li jifforma l-patrimonju tag[ha u fil-ka] li dak l-attiv ma jkunx bi]]ejjed biex jit[allas il-passiv hekk mag[mul, il-kredituri dwaru ma jkollhom ebda dritt jew rimedju kontra l-attiv l-ie[or tas-so/jetà, u d- dispo]izzjonijiet ta’ kull li;i jew regolament fis-se[[ li jirregola l-insolvenza ta’ so/jetajiet ma g[andhux japplika.
(n) Is-so/ju ;enerali ta’ so/jetà in akkomandita jew so/jetà limitata kostitwita b[ala so/jetà umbrella jew multi-class g[andu j]omm jew jara li jin]ammu dawk ir-records, kontijiet, dikjarazzjonijiet u dokumenti o[ra separati kif ikun me[tie; sabiex ikun jidher li l-attiv u l-passiv ta’ kull sotto-klassi jkun distint u separat mill-attiv u l-passiv tas-sotto-klassijiet l-o[ra fl-istess so/jetà.
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(o) Id-dispo]izzjonijiet tal-[ames Skeda li tinsab ma’ dan l-Att g[andhom
japplikaw mutatis mutandis g[al so/jetà in akkomandita jew so/jetà limitata b’kapital azzjonarju varjabbli.
(p) (i) So/jetà in akkomandita jew so/jetà limitata tista’, jekk hekk awtorizzata bl-att tas-so/jetà tag[ha, to[ro; azzjonijiet frazzjonali sa dak in- numru ta’ postijiet deçimali, li ma jkunux inqas minn tlieta, kif ikun spe/ ifikat fl-att ta’ so/jetà, u ta[t dawk il-pattijiet u l-kondizzjonijiet li jkunu stipulati fih.
(ii) Azzjonijiet frazzjonali g[andhom ikunu awtomatikament konsolidati f’azzjoni s[i[a ta’ l-istess klassi meta l-azzjonijiet frazzjonali mi]muma minn azzjonist wie[ed isiru ekwivalenti g[al azzjoni s[i[a.
Penalitajiet amministrattivi dwar so/jetajiet in akkomanditi jew so/jetajiet limitati
26. (1) Meta xi dispo]izzjoni ta’ din l-Iskeda tipprovdi g[all-impo]izzjoni ta’ penali, l-ammont ta’ dik il-penali g[andu ji;i stabbilit b’riferenza g[at-Taqsima II ta’ din l-Iskeda, li tispe/ifika l-og[la penali li tista’ ti;i mposta mir-Re;istratur ta[t xi wa[da mid-dispo]izzjonijiet ta’ din l-Iskeda.
(2) Fit-Taqsima II ta’ din l-Iskeda, l-ewwel kolonna turi l-paragrafu jew is-sub-paragrafu ta’ din l-Iskeda li jippreskrivi li penali g[andha ti;i mposta, it-tieni kolonna tag[ti deskrizzjoni ;enerali ta’ l-informazzjoni, liema deskrizzjoni ma g[andhix tkun il-ba]i bex ti;i nterpretata xi dispo]izzjoni ta’ din l-Iskeda, it-tielet kolonna tippreskrivi l-og[la penali u r-raba’ kolonna tippreskrivi l-og[la penali g[al nuqqas ta’ kull jum, jekk il-ka]. Il-penali ssir dovuta fil-jum li fih ji;ri n-nuqqas u l-penali g[al nuqqas ta’ kull jum tkun dovuta g[al kull jum li matulu jkompli n-nuqqas u tibda g[addejja mill-jum li ji;i minnufih wara l-jum li fih isir in-nuqqas.
(3) Azzjoni mir-Re;istratur g[all-;bir ta’ penali ta[t din l-Iskeda tkun preskritta malli jg[addu [ames snin mill-jieum li fih isir in-nuqqas.
(4) Dwar penalitajiet stabbiliti ta[t din l-Iskeda, id-dispozizzjonijiet ta’ l- artikolu 401 ta’ dan l-Att g[andhom japplikaw mutatis mutandis.
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TAQSIMA II - PENALITAJIET

<.. image removed ..>
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Mg[oddi mill-Kamra tad-Deputati fis-Seduta Nru. 874 ta’ l-24 ta’ Frar, 2003.
ANTON TABONE

Speaker

RICHARD J. CAUCHI

Skrivan tal-Kamra tad-Deputati

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I assent.
(L.S.) GUIDO DE MARCO
President
5 th March, 2003

ACT NO. IV of 2003

AN ACT to make provision for the enforceability of set-off and netting on bankruptcy or insolvency and to amend various other financial and commercial laws.

BE IT ENACTED by the President, by and with the advice of the House of Representatives, in this present Parliament assembled and by the Authority of the same, as follows:
PART I

1. (1) The title of this Act is the Set-off and Netting on

Insolvency Act, 2003.
(2) This Part shall come into force on such date as the
Minister responsible for finance may by notice in the Gazette establish.

2. In this Act, unless the context otherwise requires -

“close-out netting provision” means a provision of a contract under which on the occurrence of a specified event, whether through the operation of netting or set-off or otherwise -
(a) the benefit of time for the performance of relevant obligations by the debtor may no longer be claimed and, or the relevant obligations become immediately due and expressed as an obligation to pay an amount representing their estimated current value, or are terminated and replaced by an obligation to pay such an amount, and, or ,

Short title and commencement.

Interpretation.

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Set-off and netting.

(b) any obligation of a party to deliver property to the other is immediately performable notwithstanding any benefit of time granted to the debtor and expressed as an obligation to pay an amount representing its estimated current value or replacement value or is terminated and replaced by an obligation to pay such an amount, and
(c) an account is taken of what is due from each party to the other in respect of such obligations and those obligations fall to be discharged by the payment of an aggregate net sum equal to the balance of account by the party from whom the larger amount is due;
“netting” means the conversion into one net claim or one net obligation of claims and obligations arising under any contract with the result that only a net claim can be demanded or a net obligation be owed.

3. (1) Notwithstanding the provisions of any other law, any close-out netting provision or any other provision in any contract providing for or relating to the set-off or netting of sums due from each party to the other in respect of mutual credits, mutual debts or other mutual dealings shall be enforceable in accordance with its terms, whether before or after bankruptcy or insolvency, in respect of mutual debts, mutual credits or mutual dealings which have arisen or occurred before the bankruptcy or insolvency of one of the parties, against :

(a) the parties to the contract,
(b) any guarantor or any person providing security for any party to the contract,
(c) the liquidator, receiver, curator, controller, special controller or other similar officer of either party to the contract, and
(d) the creditors of the parties to the contract.
(2) When a close-out netting provision is enforced, obligations expressed in different currencies are converted into a single currency and such obligations shall be discharged by the payment of an aggregate net sum equal to the balance of account by the party from whom the larger amount is due.
(3) Any authority or mandate in a contract to implement any close-out netting provision shall not be revoked by the declaration of bankruptcy or the insolvency of any other party to the contract.
(4) Subarticle (1) of this article shall not apply in respect of any close-out netting agreement entered into at a time at which the other party knew or ought to have known that an application for the dissolution and winding up of the company by reason of insolvency was pending, or that the company has taken formal steps under any applicable law to bring about its dissolution and winding up by reason of insolvency.
(5) Subarticle (1) of this article shall also not apply where the insolvent party is an individual or a commercial partnership other than a company and the other party knew or ought to have known of events of the same nature as stated in the preceding sub-article in relation to the insolvent party.
(6) Notwithstanding the provisions of any other law, nothing shall limit or delay the application of any provision of any contract providing for or relating to set-off or netting which would otherwise be enforceable and no order of any court nor any warrant or injunction or similar order issued by a court or otherwise and no proceedings of whatever nature shall have any effect in relation thereto.
(7) Nothing in subarticle (6) of this article shall -
(a) prevent the application of any law which would render netting or set-off unenforceable in any particular case on the grounds of fraud or on any similar ground, or
(b) permit the enforceability of netting or set-off under this article if any provision of a contract between the parties concerned would make netting or set-off void because of fraud or any similar ground.
(8) Articles 303, 304 and 315 of the Companies Act and article
485 of the Commercial Code shall only be applicable in relation to a close-out netting provision where there is fraud on the part of the party to the agreement not being the insolvent party.

4. It shall be lawful for the parties to a contract, when entering into the contract -

(a) to agree on any system or mechanism which will enable the parties to convert a non-financial obligation into a monetary obligation of equivalent value and to value such obligation for the purposes of any set-off or netting;
(b) to agree on the rate of exchange or the method to be used to establish the rate of exchange to be applied in effecting any set-off or netting when the sums to be set off or netted are in different currencies, and to establish the currency in which payment of the net sum is to be effected;
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Cap. 386

Cap. 13

Agreements in relation to obligations and transactions.

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Applicability to branches in Malta.

Inapplicability of article 2013 of the Civil Code.

Amendment to the Business Promotion Act, Cap. 325.

Amendment of article 3 of the principal Act.

Amendment to Malta Financial Services Authority Act, Cap. 330

(c) to agree that any transactions or other dealings carried out pursuant to any contract, whether identified specifically or by reference to a type or class of transactions or dealings, shall be treated as a single transaction or dealing for the purpose of the set- off or netting provisions in the contract and that all such transactions or dealings shall be treated as a single transaction or dealing by the parties or any liquidator, receiver, curator, controller or special controller or other officer acting for the parties and any court.

5. A close-out netting provision entered into by a party which is a branch in Malta of an oversea company shall be valid and enforceable in accordance with the provisions of this Act notwithstanding the provisions of any other law which may be applicable to such party, including the law under which such company is constituted.

6. An assignment of a debt or an action forming a part of an agreement containing a close-out netting provision shall not be subject to the provisions of subarticle (3) of article 2013 of the Civil Code.

PART II
AMENDMENT TO THE BUSINESS PROMOTION ACT, CAP. 325

7. This Part amends and shall be read and construed as one with the Business Promotion Act, hereinafter in this Part referred to as “the principal Act”.

8. Immediately after subarticle (9) of article 3 of the principal

Act, there shall be added the following new subarticle (10):
“(10) Notwhithstanding the provisions of subarticles 4(6) ,
5(7), 5A(6) and 15 of this Act, with effect from the year of assessment 2004 no company shall be entitled to the incentives provided by articles 4, 5 and 5A of this Act:
Provided that a company may qualify for such benefits and incentives as may be prescribed by the Minister.”.
PART III
AMENDMENT TO THE MALTA FINANCIAL SERVICES AUTHORITY ACT, CAP. 330

9. (1) This Part amends and shall be read and construed as one with the Malta Financial Services Authority Act, hereinafter in this Part referred to as “the principal Act”.

(2) This Part shall come into force on such date as the Minister responsible for finance may by Order in the Gazette establish and different dates may be so established for different provisions and different purposes thereof.

10. Article 6 of the principal Act shall be amended as follows:–

(a) in subarticle (1) thereof, for the words “The Board of Governors shall also be responsible for advising the Government as provided in article 4 and for advising the Minister under article
31.” there shall be substituted the words “The Board of Governors shall also be responsible for advising the Government as provided in article 4.”; and
(b) in paragraph (d) of subarticle (6) thereof, for the words “or of body, or to any other cause, or of misbehaviour;”, there shall be substituted the words “or of body, or of misbehaviour;”.

11. Article 16 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “right to request

reasonable access”, there shall be substituted the words “right to
reasonable access and entry”;
(b) in paragraph (b) of subarticle (2) thereof, for the words “to the Authority.” there shall be substituted the words “to the Authority; and”;
(c) immediately after paragraph (b) of subarticle (2) thereof, there shall be inserted the following new paragraph (c):
“(c) require a holder of a licence or other authorisation, and, or any official thereof, to do or to refrain from doing any act, including such prohibitions, restrictions and conditions as may be specified in the notice; and any such directive may be issued in respect of specific cases or classes of cases; any holder of the licence or other authorisation and, or the official to whom the notice is addressed shall obey, comply with and give effect to any such directive within the time and manner stated in the directive.”; and
(d) immediately after subarticle (2) thereof, there shall be inserted the following new subarticle (3):
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Amendment of article 6 of the principal Act.

Amendment of article 16 of the principal Act.

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Amendment of article 21 of the principal Act.

Amendment of article 17 of the principal Act.

Insertion of new article 20A to the principal Act.

“(3) Where a licence holder or the manager, secretary, director or the person responsible for a licence holder contravenes or fails to comply with any of the conditions imposed in a licence issued by the Authority in terms of article
4 of this Act or any directives or Guidelines issued in terms
of this article, the Authority may by notice in writing impose on persons licensed or authorised by it, or falling under its regulatory or supervisory functions including managers, secretaries, directors and, or other persons, as the case may be, an administrative penalty and the provisions of subarticles (9) and (11) of article 6 of the Investment Services Act shall apply mutatis mutandis.”.

12. In subarticle (2) of article 17 of the principal Act, for the word “Notwithstanding” there shall be substituted the words “Without prejudice to”.

13. Immediately after article 20 of the principal Act, there shall be inserted the following new article 20A:

“Distance selling

20A. The Minister may, acting on the advice of the

arrangements. Authority, make regulations to regulate distance selling

arrangements in relation to financial services and the conclusion of agreements where the consumer and other purchasers and the provider of the service are at a distance from each other, and for this purpose to set out the form and procedure for concluding such distance selling agreements, to provide for the inclusion or exclusion of particular terms and conditions, to establish a cooling-off period for consumers, to lay down thresholds and exemptions, and to establish minimum consumer rights, and to introduce measures to make offers for such agreements more transparent and informative, and to regulate any other aspect of distance selling.”.

Amendment of article 21 of the principal Act.

14. Article 21 of the principal Act shall be amended as follows:

(a) subarticle (16) thereof shall be re-numbered subarticle
(17); and
(b) immediately after subarticle (15) thereof, there shall be inserted the following new subarticle (16):
“(16) An appeal made under this article shall not suspend the operation of any decision or directive from which the appeal is made:
Provided that a decision to cancel a licence shall not become operative until the expiration of the period within which an appeal lies under this article and, if an appeal is made within such period, the decision shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.”.

15. In subarticle (1) of article 26 of the principal Act, for the words “The Centre may establish a Reserve Fund to which may be appropriated surplus funds arising from its Income and Expenditure Account provided the said fund does not exceed at any time the initial capital of the Centre paid to it under article 13.” there shall be substituted the words “The Authority may establish a Reserve Fund to which may be appropriated surplus funds arising from its Income and Expenditure Account provided the said fund does not exceed at any time the initial capital of the Authority.”.

16. (1) For the words “Executive Co-Ordination Committee” wherever they occur in the various articles of the principal Act, there shall be substituted in each case the words “Co-Ordination Committee”.

(2) For the word “Centre” wherever it occurs in articles 25 and 26 of the principal Act, there shall in each case be substituted the word “Authority”.
PART IV
AMENDMENT TO THE MALTA FREEPORTS ACT, CAP. 334

17. This Part amends and shall be read and construed as one with the Malta Freeports Act, hereinafter in this Part referred to as “the principal Act”.

18. Article 20A of the principal Act shall be amended as follows: (a) the present provision shall be re-numbered as subarticle

(1) thereof; and
(b) immediately after subarticle (1) thereof as re-numbered, there shall be added the following new subarticle (2):
“(2) Notwithstanding the provisions of subarticle (1) of this article, with effect from the year of assessment 2004, no person shall be entitled to the benefits provided by articles
18 and 19 of this Act and with effect from first day of January
2003 no person shall be entitled to the benefits provided by article 20 of this Act:
A 379

Cap. 325

Amendment of article 26 of the principal Act.

Amendment of various articles of the principal Act.

Amendment to the Malta Freeports Act, Cap. 334.

Amendment of article 20A of the principal Act.

A 380

Amendments to the Financial Markets Act, Cap. 345.

Amendment of article 37 of the principal Act.

Amendment of article 38 of the principal Act.

Provided that a person may qualify for such benefits as may be applicable to him under the Business Promotion Act.”.
PART V
AMENDMENTS TO THE FINANCIAL MARKETS ACT, CAP. 345

19. (1) This Part amends and shall be read and construed as one with the Financial Markets Act, hereinafter in this Part referred to as “the principal Act”.

(2) This Part shall come into force on such date as the Minister responsible for finance may by Order in the Gazette establish and different dates may be so established for different provisions and different purposes thereof.

20. Article 37 of the principal Act shall be amended as follows: (a) for subarticle (2) thereof, there shall be substituted the

following:
“(2) In the exercise of the powers assigned to the Competent Authority by virtue of this article, the provisions of subarticle (2) of article 17 of the Investment Services Act shall apply mutatis mutandis.”; and
(b) subarticle (3) thereof shall be deleted.

21. Article 38 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “not being a person

who may lawfully obtain that information for the purposes of, or pursuant to, the provisions of this Act, except with the consent of the person from whom the information was obtained and provided the information relates solely to that person.” there shall be substituted the words “and the provisions of section 26 of the Investment Services Act shal apply mutatis mutandis.”;
(b) subarticle (2) thereof shall be deleted;
(c) subarticles (3), (4), (5) and (6) thereof shall be renumbered as subarticles (2), (3), (4) and (5) respectively;
(d) in subarticle (3) as renumbered, for the words “of subarticle
(3)” there shall be substituted the words “of subarticle (2)”;
(e) in subarticle (4) as renumbered, for the words “of subarticle (3) or (4)” there shall be substituted the words “of subarticle (2) or (3)”; and
(f) in subarticle (5) as renumbered, for the words “in subarticles (1) and (3)” there shall be substituted the words “in subarticles (1) and (2)”, and for the words “of subarticles (3) and (4)” there shall be substituted the words “of subarticles (2) and (3)”.

22. For article 49 of the principal Act there shall be substituted the following:

“49. The Minister, acting on the advice of the Competent
Authority, may make regulations:
(a) to give effect to the provisions of this Act, including regulations for the better regulation of recognised investment exchanges and, or the admissibility to listing of securities thereon and to provide for the direct or indirect membership of, or access to, recognised investment exchanges within the terms of and in line with Malta’s international commitments;
(b) to govern the transfer of ownership and, or delivery of securities quoted on a recognised investment exchange, clearing and settlement of transactions effected on a recognised investment exchange, payment in respect of the transfer of securities quoted on a recognised investment exchange, pledging of securities quoted on a recognised investment exchange;
(c) to regulate the application of article 50 to recognised investment exchanges, other than the Exchange, and to commercial partnerships other than companies;
(d) to regulate the transposition, implementation and giving effect to the provisions, requirements, obligations and commitments relating to regulation of recognised investment exchanges and, or the admissibility to listing of securities thereon arising out of membership of, affiliation to or relationship with international or regional organisations or groupings of countries or out of any treaty, convention or other international agreement whether bilateral, regional or multilateral, to which Malta is a party.”.
A 381

Substitution of article 49 of the principal Act.

A 382

Amendment to the Competition Act, Cap. 379.

Amendment of article 30 of the principal Act.

Amendments to the Companies Act, Cap. 386.

Amendment of article 2 of the principal Act.

PART VI
AMENDMENT TO THE COMPETITION ACT, CAP. 379

23. (1) This Part amends and shall be read and construed as one with the Competition Act, hereinafter in this Part referred to as “the principal Act”.

(2) This Part shall come into force on such date as the Minister responsible for commerce may by notice in the Gazette establish.

24. For subarticle (2) of article 30 of the principal Act there shall be substituted the following:

“(2) Undertakings entrusted with the operation of services of a general economic interest or having the character of a revenue producing monopoly shall be subject to the provisions of this Act insofar as the application of such rules does not obstruct the performance, in law or in fact, of the particular tasks assigned to them.
(3) The Minister may by order in the Gazette declare a specific service entrusted to a particular undertaking to be a service in the general economic interest.”
PART VII
AMENDMENTS TO THE COMPANIES ACT, CAP. 386

25. (1) This Part amends and shall be read and construed as one with the Companies Act, hereinafter in this Part referred to as “the principal Act”.

(2) This provisions of this Part shall come into force on such date as the Minister responsible for the registration of commercial partnerships may, by notice in the Gazette, establish, and different dates may be so established for different provisions and different purposes thereof.

26. Article 2 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof -

(i) for the definition of “ECU” there shall be substituted the following:
“ “euro” refers to the currency unit of the participating states in the European Monetary Union;”;
(ii) in the definition of “group company”, for the word “holding” wherever it occurs there shall be substituted in each case the word “parent”;
(iii) in the definition of “member”, for the words ““member” means a shareholder of a company” there shall be substituted the words “ “member”, except where otherwise specifically defined, means a shareholder of a company”;
(iv) in the definition of “prospectus” for the words “debentures of a company;” there shall be substituted the words “debentures of a company or other commercial partnership;”;
(v) immediately after the definition of “public company” there shall be inserted the following new definition:
“ “Recognised Investment Exchange” means a recognised investment exchange within the provisions of the Financial Markets Act”; and
(vi) in the definition of “security” for the words “instrument issued by a company;” there shall be substituted the words “instrument issued by a company or other commercial partnership;”;
(b) the present subarticles (3),(4) and (5) thereof shall be renumbered subarticles (4), (5) and (7) respectively;
(c) immediately after subarticle (2) thereof, there shall be inserted the following new subarticle (3):
“(3) (a) For the purposes of this Act, the following shall constitute offers made to the public:
(i) an offer made to the public generally;
(ii) an offer made to offerees exceeding fifty in number, subject to the provisions of paragraph (b) hereunder.
(b) The following shall not constitute offers made to the public notwithstanding that the number of offerees may exceed fifty in number:
A 383

Cap. 345

A 384

Cap. 281

(i) an offer where the shares are offered as fully paid up shares for no consideration; or
(ii) an offer where the total consideration payable for the shares being offered does not exceed LM 10,000 and the maximum consideration payable by an individual offeree does not exceed LM 100; or
(iii) an offer where the minimum consideration which may be paid by any person for shares acquired pursuant to the offer is at least LM 50,000; or
(iv) an offer made exclusively to existing members or debenture holders of the company; or
(v) an offer made to an underwriter; or
(vi) an offer made in connection with or pursuant to a proposed merger of the offering company with another company; or
(vii) an offer made in connection with a take-over bid; or
(viii) an offer made exclusively to a restricted circle of persons, the number of which is below two hundred and fifty, acting for their own account in the context of their trade or profession; or
(ix) an offer made exclusively to a select and clearly identifiable section of the community or group of persons known to the offeror and acting for their own account, not exceeding in aggregate two hundred and fifty in number, sharing with the offeror some clear common interest, goal or objective, including members of the same family and membership of a club or association:
Provided that in respect of offers made by virtue of sub- paragraphs (ii), (viii) and (ix) of this paragraph and where the number of offerees exceeds fifty, the prior approval in writing of the Registrar shall be required for such offers not to constitute an offer to the public;
(c) In the event of any reasonable doubt arising as to whether or not a particular offer of shares amounts to an offer made to the public, the matter shall be determined by the Registrar whose decision shall be final.
(d) In this article, the term “shares” includes other securities that may be issued by a company.
(e) Where the offer is made by a commercial partnership, not being a company and whether formed or registered under this Act or any other Act, the provisions of this article shall apply to such offer mutatis mutandis.
(f) The Minister may by Order published in the Gazette revise or amend any of the figures or amounts referred to in this article.”;
(d) for subarticle (4) thereof as renumbered, there shall be substituted the following:
“ (4) For the purposes of this Act, compliance with “generally accepted accounting principles and practice” shall require adherence to International Accounting Standards as may be issued from time to time by the International Accounting Standards Board, or any other body succeeding it by whatever name it may be known, and to any accounting standards as may be made applicable from time to time in terms of the Accountancy Profession Act.
In this subarticle, the International Accounting Standards Board refers to the Board, established by deed of constitution on the 28th June, 1973 which comprises the professional accountancy bodies which are members of the International Federation of Accountants, established at the International Congress of Accountants in Munich in 1977.”; and
(e) immediately after subarticle (5) thereof as renumbered, there shall be inserted the following new subarticle (6):
“(6) For the purposes of this Act, where any document, which is required to be delivered or given to or served on the Registrar, is to be signed by an expert and such expert is a company, partnership or other body corporate, such document shall carry the signature of an individual who is a director, partner or equivalent officer, as the case may be, duly authorised to sign on its behalf.”.

27. In subarticle (2) of article 3 of the principal Act, for the words “the Eleventh Schedule” there shall be substituted the words “the Twelfth Schedule”.

A 385

Amendment of article 3 of the principal Act.

A 386

Amendment of article 4 of the principal Act.

Amendment of article 6 of the principal Act.

Amendment of article 7 of the principal Act.

Amendment of article 21 of the principal Act.

Amendment of article 35 of the principal Act.

28. In paragraph (b) of subarticle (1) of article 4 of the principal Act, for the words “partnership en commandite” there shall be substituted the words “partnership en commandite or limited partnership”.

29. Article 6 of the principal Act shall be amended as follows: (a) for subarticle (2) thereof, there shall be substituted the

following:
“(2) In all its business letters and order forms a body corporate registered under Part XI of this Act shall mention in legible characters its name, the country of its constitution or incorporation, its registration number and registered office in its country of constitution or incorporation, kind of commercial partnership, the address of the branch or place of business in Malta, its registration number under Part XI of this Act and, where applicable, the fact that the oversea company is being wound up.” ;
(b) in subarticle (4) thereof, for the words “partnership en commandite” there shall be substituted the words “partnership en commandite or limited partnership”; and
(c) in subarticle (9) thereof, for the words “every liquidator who is in default” there shall be substituted the words “every liquidator or partner, as the case may be, who is in default”.

30. For the second proviso to article 7 of the principal Act, there shall be substituted the following :

“Provided furthermore that at least one of the partners shall be either an individual or a body corporate which has its obligations guaranteed by the unlimited and joint and several liability of one or more of its members.”

31. In subarticle (1) of article 21 of the principal Act, for the words “any dissolution of the partnership other than upon expiry of the period, if any, fixed for its duration” there shall be substituted the words “any dissolution of the partnership on the grounds mentioned in paragraphs (b) or (f) of article 35 of this Act”.

32. Article 35 of the principal Act, shall be amended as follows: (a) for paragraph (d) thereof, there shall be substituted the

following:
“(d) if in the opinion of the Court there exist grounds of sufficient gravity to warrant dissolution;”; and
(b) in paragraph (f) thereof, for the words “in such other cases”, there shall be substituted the words “ subject to the provisions of article 21 of this Act, in such other cases”.

33. Article 38 of the principal Act shall be amended as follows: (a) the present provision shall be renumbered as subarticle

(1); and
(b) immediately after subarticle (1) as re-numbered, there shall be inserted the following new subarticle (2):
“(2) Where the office of a liquidator becomes vacant, the provisions of subarticle (2) of article 37 of this Act shall apply.”.

34. Article 49 of the principal Act shall be amended as follows: (a) the present provision shall be renumbered as subarticle

(1); and
(b) immediately after subarticle (1) as re-numbered, there shall be inserted the following new subarticle (2):
“(2) Where the manner in which the partnership is to be wound up is provided for in the deed of partnership or is determined by agreement between the partners, it shall be the duty of the partners to deliver to the Registrar for registration a notice, signed by all of them, that the winding up has been completed and the Registrar shall thereupon register it and strike the name of the partnership off the register. The Registrar shall forthwith publish a notice of the completion of the winding up and of such striking off.”.
35. In Part IV of the principal Act, including the heading thereof, for the words “partnership en commandite “ wherever they occur, there shall be substituted the words “partnership en commandite or limited partnership”.

36. Article 51 of the principal Act shall be amended as follows: (a) for the words “called limited partners.” there shall be

substituted the words “called limited partners:”; and
A 387

Amendment of article 38 of the principal Act.

Amendment of article 49 of the principal Act.

Amendment of Part IV of the principal Act.

Amendment of article 51 of the principal Act.

A 388

Amendment of article 53 of the principal Act.

Amendment of article 58 of the principal Act.

Amendment of article 66 of the principal Act.

(b) immediately at the end thereof there shall be inserted the following new proviso:
“Provided that at least one of the general partners shall be either an individual or a body corporate which has its obligations guaranteed by the unlimited and joint and several liability of one or more of its members.”.

37. Article 53 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “A person who

holds himself out” there shall be substituted the words “A person,
including a limited partner, who holds himself out”; and
(b) in subarticle (2) thereof, for the word “partner” wherever it occurs there shall be substituted in each case the words “general partner”.

38. Article 58 of the principal Act shall be amended as follows: (a) for the words “appoint the partners who are” there shall

be substituted the words “appoint the partners from amongst
themselves who are”; and
(b) in the proviso thereof, for the words “the appointment or dismissal of partners” there shall be substituted the words “the appointment of general partners to, or the dismissal of general partners” .

39. Immediately after subarticle (11) of article 66 of the principal

Act there shall be inserted a new subarticle (12) as follows:
“ (12) (a) Where a partnership en commandite or limited partnership, the capital of which is divided into shares, is dissolved and a liquidator has been appointed, as soon as the affairs of the partnership are fully wound up, the liquidator shall make an account of the winding up, showing how the winding up has been conducted and how the property of the partnership en commandite or limited partnership has been disposed of, and shall draw up a scheme of distribution and he shall cause the account to be audited by one or more auditors appointed by a decision of the partners. The liquidator shall by judicial act serve on each of the partners a copy of the accounts and of the scheme of distribution, if any, together with the auditors’ report and giving any explanation thereof.
(b) The accounts and the scheme of distribution shall be deemed to have been approved by all the partners if no objection thereto is lodged by writ of summons by any of the partners within three months of the service of the judicial act referred to in paragraph (a) of this subarticle.
(c) The provisions of article 153 of this Act shall apply to an auditor appointed in terms of paragraph (a) of this subarticle, and the words “the previous three years” in the said article 153 shall be construed as referring to the last three years immediately preceding the date of dissolution. Such auditor shall not be a person who has held the office of auditor of the partnership en commandite or limited partnership at any time during the last three years immediately preceding the date of dissolution.”

40. Immediately after article 66 of the principal Act there shall be added the following new article 66A:

A 389

Addition of new article 66A to the principal Act.

“ Partnership en commandite or limited partnership

66A(1) This article shall apply to a partnership en commandite or limited partnership which in the deed of partnership expressly limits its objects to the collective investment of its funds in securities and in other movable and immovable property, or in any of them, with the aim of spreading investment risk and giving the partners the benefit of the results of the management of its funds, and to matters ancillary or incidental thereto, and which qualifies as a collective investment scheme and is duly licensed in terms of the Investment Services Act, or for any other purpose as the Minister may from time to time prescribe by regulations.
(2) A partnership en commandite or limited partnership within the meaning of subarticle (1) of this article shall be regulated by the provisions contained in the Tenth Schedule to this Act and, unless otherwise provided in the said Schedule, by the provisions of Part IV of this Act but only in so far as such provisions are not inconsistent with the said Schedule:
Provided that where any particular matter arises in relation to a partnership en commandite or limited partnership within the meaning of subarticle (1) of this article which is not specifically regulated by any provision of the Tenth Schedule or Part IV of this Act, reference shall be made, where applicable and to the extent possible, to any relevant provision of this Act, including any regulations made thereunder.
A 390

Amendment of article 69 of the principal Act.

(3) The Minister may make regulations for the better carrying out of any of the provisions of the Tenth Schedule to this Act and of Part IV of this Act as applicable to partnerships en commandite or limited partnerships within the meaning of subarticle (1) of this article, and may, without prejudice to the generality of the foregoing, by such regulations make provisions as to any of the following matters-
(a) the forms to be used for the purposes of this Act in respect of such partnerships en commandite or limited partnerships;
(b) the registration of such partnerships en commandite or limited partnerships under this Act and any matters incidental thereto;
(c) any matter to be prescribed under this Act in respect of partnerships en commandite or limited partnerships within the meaning of subarticle (1) of this article;
(d) the amendment of any provision -
(i) relating to matters to be filed with the Registrar in connection with registration of such partnerships en commandite or limited partnerships;
(ii) relating to the records to be kept by such partnerships en commandite or limited partnerships;
(e) to prescribe fees payable under this Act in respect of such partnerships en commandite or limited partnerships;
(f) the exemption of partnerships en commandite or limited partnerships within the meaning of subarticle (1) of this article or any category thereof from any of the provisions of the Tenth Schedule or of this Act, as the case may be, subject to such modifications, variations and conditions as may be specified.
(5) Regulations made under this article may make different provisions for different cases or classes of cases.

41. Article 69 of the principal Act shall be amended as follows:

(a) in paragraph (f) of subarticle (1) thereof, for the words “in respect of each share;” there shall be substituted the words “in respect of each share and, where the share capital is divided into different classes of shares, the rights attaching to the shares of each class;”; and
(b) immediately after subarticle (2) thereof, there shall be inserted the following new subarticle (3):
“(3) Companies formed and registered before the coming into force of this subarticle shall comply with the provisions of paragraph (f) of subarticle (1) of this article on the disclosure, in the memorandum of association of the company, of the rights attaching to the shares of each different class, within twelve months from the coming into force of this subarticle:
Provided that companies formed and registered before the coming into force of this subarticle shall be deemed to satisfy the requirements of paragraph (f) of subarticle (1) of this article on the disclosure, in the memorandum of association, of the rights attaching to the shares of each different class, if such provision or equivalent thereof is already incorporated in the articles of association of the company.”.

42. Article 70 of the principal Act shall be amended as follows: (a) for subarticle (5) thereof, there shall be substituted the

following:
“(5) A company shall not be registered by a name which includes the word ‘nominee’ unless it is a company qualified to be registered as a nominee company under the Malta Financial Services Authority Act or the Trusts Act.”;
(b) in paragraph (a) of subarticle (6) thereof, for the words “or ltd.”, there shall be substituted the words “ or “limited” or “ltd.”,”; and
(c) in paragraph (b) of subarticle (6) thereof, the words “or the Investment Services Act,” shall be deleted, and the marginal note “Cap. 370” in relation thereto shall be deleted.

43. In the English text, for paragraph (b) of subarticle (3) of article

74 of the principal Act, there shall be substituted the following:
A 391

Amendment of article 70 of the principal Act.

Amendment of the English text of article 74 of the principal Act.

A 392

Amendment of article 76 of the principal Act.

Amendment of article 79 of the principal Act.

“(b) there has been some other contravention of this article which that person knew or ought to have known amounted to a contravention;
the company shall be entitled to recover from that person any consideration given by it under the agreement, or an amount equal to the value of the consideration at the time of the agreement, and the agreement, so far as not carried out, shall be void.”.

44. Article 76 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “68 to 75 and of

article 139” there shall be substituted the following words “68 to
73 and of articles 75 and 139”; and
(b) immediately after subarticle (3) thereof, there shall be inserted the following new subarticle (4):
“(4) Notwithstanding the provisions of subarticle (1) of this article, and without prejudice to the provisions of subarticle (2) of article 77 of this Act, the responsibility for ensuring that the articles of association, if any, of a company, are correct, complete and in full compliance with this Act and any other applicable law shall lie with the persons who have entered into and subscribed to the memorandum of association.”.

45. Article 79 of the principal Act shall be amended as follows: (a) for subarticle (2) thereof, there shall be substituted the

following:
“(2) It shall be the duty of the directors and of the company secretary to deliver to the Registrar for registration a printed copy of any resolution as aforesaid within fourteen days after the date of the resolution, together with a revised and updated copy of the memorandum, and of the articles, if any, as amended by the said resolution and incorporating all the changes effected to date relating to the directors, company secretary, the representation of the company, change in registered office of the company, or any transfer or transmission of shares or any allotment of shares. Any previous amended text of the memorandum and articles, if any, may be discarded by the Registrar when a subsequent amended text is delivered to him for registration:
Provided that in the event of a discrepancy between the text of any amended memorandum and articles, if any, and the text of the original memorandum and articles, if any, registered in accordance with the provisions of article 76 of this Act, the latter text together with resolutions registered in accordance with the provisions of subarticle (2) of this article shall prevail.
Notwithstanding the provisions of subarticle (2) of this article, where the alteration consists in a change in the registered office in Malta of the company, the directors or company secretary shall send to the Registrar for registration a return of any change in the registered office, specifying the date of the change, together with the new registered office, within fourteen days from the happening thereof.”;
(b) subarticle (4) thereof, shall be renumbered subarticle
(5); and
(c) immediately after subarticle (3) thereof, there shall be inserted the following new subarticle (4):
“(4) The responsibility for ensuring that any proposed amendments to the articles of association, if any, of a company, are correct, complete and in full compliance with this Act and any other applicable law shall lie with the directors of the said company.”.

46. Article 83 of the principal Act shall be amended as follows : (a) for the second proviso to subarticle (5) thereof, there

shall be substituted the following:
“Provided further that any such reserve shall be used only for offsetting losses incurred or for increasing the issued share capital by the capitalisation of such reserve.”;
(b) in subarticle (6) thereof for the words “calls on their shares.” there shall be substituted the words “calls on their shares:”; and
(c) immediately after subarticle (6) thereof, there shall be inserted the following new proviso:
“Provided that if the provisions of subarticles (1) and
(2) of this article relating to the rights granted to the creditors
A 393

Amendment of article 83 of the principal Act.

A 394

Amendment of article 84 of the principal Act.

Amendment of article 84A of the principal Act.

Insertion of new article 84B to the principal Act.

of the company are followed for the purpose of reducing any sum of money contained in any such reserve, as is referred to in subarticle (5) of this article, the amounts deriving therefrom may be used for making payments or distributions to shareholders.”.

47. Article 84 of the principal Act shall be amended as follows: (a) for sub-paragraph (ii) of paragraph (c) of subarticle (2)

thereof, there shall be substituted the following:
“that the shares of the company shall be purchased by the company directly or indirectly out of the assets of the company, at the request of any of the holders thereof or as otherwise provided by the memorandum or articles of the company.”; and
(b) in subarticle (7) thereof, for the words “105 to 112” there shall be substituted the words “105 to 113”.

48. Article 84A of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “to carry on

business of affiliated insurance,” there shall be substituted the words
“to carry on the business of insurance,”;
(b) for paragraph (a) of subarticle (2) thereof, there shall be substituted the following:
“ “business of insurance” shall include the business of
insurance manager, as well as the business of insurance broking under the Insurance Brokers and other Intermediaries Act; and reference to “company” shall include reference to a partnership en commandite or similar or equivalent body corporate the capital of which is divided into shares;”; and
(c) in paragraph (b) of subarticle (2) thereof, for the words “in such manner as may be prescribed;” there shall be substituted the words “ in such manner as may be prescribed and includes a reference to segregated accounts, compartments or units within a company having multiple accounts, compartments or units, by whatever name designated, and the word “cellular” shall be interpreted and applied accordingly;”.

49. Immediately after article 84A of the principal Act, there shall be inserted the following new article 84B:

“Application of article 84 (10) (c) to collective investments schemes

84B. Nothing in article 84 of this Act shall be deemed to prohibit a company, which is not a company with variable share capital but which qualifies as a collective investment scheme and is duly licensed under the Investment Services Act, from being constituted as an umbrella or multi-class company and the provisions of paragraph (c) of subarticle (10) of article 84 of this Act shall apply mutatis mutandis to such company.”.
A 395

50. In subarticle (4) of article 85 of the principal Act, for the words “Registrar for registration,” there shall be substituted the words “Registrar for registration, within fourteen days after the date of the relative resolution,”.

51. Immediately after subarticle (1) of article 88 of the principal

Act, there shall be inserted the following new proviso:
“Provided that shares in a company, whether public or private, shall not be offered on a pre-emptive basis to the company itself, notwithstanding any other provision of this Act empowering the company to hold its own shares.”

52. For paragraph (c) of subarticle (1) of article 89 of the principal

Act, there shall be substituted the following:
“(c) by a holder of a collective investment scheme licence within the meaning of the Investment Services Act provided such issue is made in accordance with rules or regulations made under that Act.”.

53. In the English text of paragraph (a) of subarticle (2) of article

95 of the principal Act, for the words “the allotment; or agreement”
there shall be substituted the words “the allotment or agreement”.

54. In subarticle (1) of article 101 of the principal Act, for the words “on any stock exchange” there shall be substituted the words “on a recognised investment exchange”.

55. In subarticle (1) of article 107 of the principal Act, for the words “any of its own fully paid up shares otherwise than” there shall be substituted the words “any of its own shares otherwise than”.

56. In paragraph (b) of article 109 of the principal Act, for the word “liabilities” there shall be substituted the word “reserves”.

57. Article 110 of the principal Act shall be amended as follows:

Amendment of article 85 of the principal Act.

Amendment of article 88 of the principal Act.

Amendment of article 89 of the principal Act.

Amendment of the English text of article 95 of the principal Act.

Amendment of article 101 of the principal Act.

Amendment of article 107 of the principal Act.

Amendment of article 109 of the principal Act.

Amendment of article 110 of the principal Act.

A 396

Amendment of article 113 of the principal Act.

Amendment of article 115 of the principal Act.

(a) in the marginal note thereto, for the word “holding” there shall be substituted the word “parent”;
(b) in paragraph (a) of subarticle (1) thereof, for the word
“holding” there shall be substituted the word “parent”; and
(c) in paragraph (b) of subarticle (1) thereof, for the words “for the purpose of or in connection with” there shall be substituted the words “for the purpose of”.

58. Subarticle (1) of article 113 of the principal Act shall be amended as follows:

(a) for the words from “It shall not be lawful” to the words “in the company, unless -”, there shall be substituted the words “ It shall be lawful for a company to pay a commission or make a discount or allowance to any person in consideration for his subscribing or agreeing to subscribe, whether absolutely or conditionally for any shares in the company, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company, provided that -”; and
(b) for paragraph (d) thereof, there shall be substituted the following:
“(d) in no event may the value of such shares be reduced to below their nominal value as a result of the payment of such commission, discount or allowance.”.

59. Article 115 of the principal Act shall be amended as follows: (a) for paragraph (b) of subarticle (1) thereof, there shall be

substituted the following:
“(b) no such shares shall be issued after 1st June 2003 unless the following conditions are satisfied as regards the terms and manner of redemption-
(i) the date on or by which, or dates between which, the shares are to be or may be redeemed must be specified in the company’s memorandum or articles or, if the memorandum or articles so provide, fixed by the directors, and in the latter case the date or dates must be fixed before the shares are issued;
(ii) any other circumstances in which the shares are to be or may be redeemed must be specified in the company’s memorandum or articles;
(iii) the amount payable on redemption must be specified in, or determined in accordance with, the company’s memorandum or articles, and in the latter case the memorandum or articles must not provide for the amount to be determined by reference to any person’s discretion or opinion; and
(iv) any other terms and conditions of redemption shall be specified in the company’s memorandum or articles;” and
(b) in subarticle (5) thereof, for the words “Registrar for registration.”, there shall be substituted the words “Registrar for registration, within fourteen days after the date of redemption.”.

60. Article 122 of the principal Act shall be amended as follows: (a) in paragraph (a) of subarticle (12) thereof, for the words

“Malta Stock Exchange” wherever they occur, there shall be
substituted in each case the words “recognised investment exchange”; and
(b) in subarticle (15) thereof, for the words “Registrar within fourteen days” there shall be substituted the words “Registrar for registration within fourteen days”.

61. For subarticle (2) of article 135 of the principal Act, there shall be substituted the following:

“(2) An ordinary resolution shall be passed by a member or members having the right to attend and vote holding in the aggregate shares entitling the holder or holders thereof to more than fifty per cent of the voting rights attached to shares represented and entitled to vote at the meeting, or such other higher percentage as the memorandum or articles may prescribe.”.

62. In article 136 of the principal Act, for the words “to borrow money and to hypothecate or charge its undertakings, property and uncalled capital or any part thereof including as security for its obligations” there shall be substituted the words “to borrow money and to guarantee the obligations of any third party and, for such purpose, to hypothecate or charge its undertakings, property and uncalled capital or any part thereof including as security for its obligations or for those of any third party”.

A 397

Amendment of article 122 of the principal Act.

Amendment of article 135 of the principal Act.

Amendment of article 136 of the principal Act.

A 398

Addition of new article 136A to the principal Act.

63. Immediately after article 136 of the principal Act there shall be added the following new article 136A:

“ General duties of directors.

136A(1) A director of a company shall be bound to act honestly and in good faith in the best interests of the company.
(2) The directors of a company shall promote the well-being of the company and shall be responsible for :
(a) the general governance of the company and its proper administration and management; and
(b) the general supervision of its affairs.
(3) In particular, but without prejudice to any other duty assigned to the directors of a company, or to any one of them, by the memorandum or articles of association or by this Act or any other law, the directors of a company shall:
(a) be obliged to exercise the degree of care, diligence and skill which would be exercised by a reasonably diligent person having both -
(i) the knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by or entrusted to that director in relation to the company; and
(ii) the knowledge, skill and experience that the director has;
(b) not make secret or personal profits from their position without the consent of the company, nor make personal gain from confidential company information;
(c) ensure that their personal interests do not conflict with the interests of the company;
(d) not use any property, information or opportunity of the company for their own or anyone else’s benefit, nor obtain benefit in any other way in connection with the exercise of their powers, except with the consent of the company in general meeting or except as permitted by the company’s memorandum or articles of association;
(e) exercise the powers they have for the purposes for which the powers were conferred and shall not misuse such powers.”.

64. For subarticle (4) of article 137 of the principal Act, there shall be substituted the following:

“(4) Notwithstanding anything contained in the memorandum and articles of association relating to the manner in which the representation of the company is to be exercised, anything done by the board of directors of a company which exceeds the limits of their authority or by any director which is beyond his powers, shall be binding on the company unless that act exceeds the powers granted to the board of directors or to a director, as the case may be, by virtue of this Act.”.

65. Immediately after subarticle (7) of article 138 of the principal

Act, there shall be inserted the following new subarticle (8):
“ (8) If default is made in complying with the provisions of subarticle (4) of this article every director of the company who is in default shall be liable to a penalty, and for every day during which the default continues, to a further penalty.”.

66. For subarticle (1) of article 140 of the principal Act, there shall be substituted the following:

“(1) A company may remove a director before the expiration of his period of office by a resolution taken at a general meeting of the company and passed by a member or members having the right to attend and vote, holding in the aggregate shares entitling the holder or holders thereof to more than fifty per cent of the voting rights attached to shares represented and entitled to vote at the meeting.”

67. In paragraph (c) of subarticle (1) of article 142 of the principal Act, for the words “he is a minor; or” there shall be substituted the words “he is a minor who has not been emancipated to trade; or”.

68. In subarticle (1) of article 143 of the principal Act, for the words “on account of others; nor” there shall be substituted the words “on account of others, nor”.

69. In article 150 of the principal Act, for the words “shall be deemed to be required to be done” there shall be substituted the words “shall be deemed also to be required to be done”.

A 399

Amendment of article 137 of the principal Act.

Amendment of article 138 of the principal Act.

Amendment of article 140 of the principal Act.

Amendment of article 142 of the principal Act.

Amendment of article 143 of the principal Act.

Amendment of article 150 of the principal Act.

A 400

Amendment of article 165 of the principal Act.

Amendment of article 167 of the principal Act.

70. In paragraph (b) of subarticle (3) of article 165 of the principal Act, for the words “under article 180 of this Act” there shall be substituted the words “under article182 of this Act”.

71. Article 167 of the principal Act shall be amended as follows: (a) in subarticle (2) thereof for the words “principles and

practice.” there shall be substituted the words “principles and
practice:”;
(b) immediately after subarticle (2) thereof there shall be inserted the following new proviso:
“Provided that in the event that a provision of this Act is in conflict or is not compatible with generally accepted accounting principles and practice, the accounts shall be drawn up so as to give a true and fair view in terms of the requirements established under subarticle (3) of this article.”;
(c) for subarticle (3) thereof, there shall be substituted the following:
“ (3) The individual accounts shall give a true and fair view of the company’s assets, liabilities, financial position and profit or loss.”;
(d) subarticles (4) and (5) thereof shall be respectively renumbered subarticles (5) and (6);
(e) immediately after subarticle (3) thereof, there shall be inserted a new subarticle (4) as follows:
“ (4) The individual accounts shall comply with the requirements of the Third Schedule to this Act as to the form and content of the balance sheet and profit and loss account and as to additional information to be provided by way of notes to the accounts.”; and
(f) in subarticle (6) thereof as renumbered, for the words “with the obligation laid down in subarticle (3) of this article that provision shall be departed from in order to give a true and fair view within the meaning of the said subarticle (3). Any such departure” there shall be substituted the words “ with the obligation for the individual accounts to give a true and fair view, that provision shall be departed from in order to give a true and fair view. Any such departure”.

72. In subarticle (1) of article 168 of the principal Act, for the words “subarticle (3) of article 167 and of subarticle (6) of article 171 of this Act”, there shall be substituted the words “subarticle (4) of article

167 and of subarticle (4) of article 171 of this Act”.

73. In subarticle (1) of article 169 of the principal Act, for the words “Notwithstanding the provisions of subarticle (3) of article 167” there shall be substituted the words “Notwithstanding the provisions of subarticle (4) of article 167”.

74. Article 171 of the principal Act shall be amended as follows: (a) in subarticle (2) thereof, for the words “principles and

practice.” there shall be substituted the words “principles and
practice:”;
(b) immediately after subarticle (2) thereof, there shall be inserted the following new proviso:
“Provided that in the event that a provision of this Act is in conflict or is not compatible with generally accepted accounting principles and practice, the accounts shall be drawn up so as to give a true and fair view in terms of the requirements established under subarticle (3) of this article.”;
(c) the present subarticles (4), (5) and (6) thereof shall be respectively renumbered (5), (6) and (4); and
(d) in subarticle (6) thereof as renumbered, for the words “with the obligation laid down in subarticle (3) of this article that provision shall be departed from in order to give a true and fair view within the meaning of the said subarticle (3). Any such departure” there shall be substituted the words “ with the obligation for the consolidated accounts to give a true and fair view, that provision shall be departed from in order to give a true and fair view. Any such departure”.

75. In the proviso to subarticle (1) of article 173 of the principal Act, for the words “Malta Stock Exchnage” there shall be substituted the words “recognised investment exchange”.

76. Article 174 of the principal Act, shall be amended as follows: (a) for paragraph (b) of subarticle (1) thereof, there shall be

substituted the following:
A 401

Amendment of article 168 of the principal Act.

Amendment of article 169 of the principal Act.

Amendment of article 171 of the principal Act.

Amendment of article 173 of the principal Act.

Amendment of article 174 of the principal Act.

A 402

Amendment of article 179 of the principal Act.

Amendment of article 180 of the principal Act.

Amendment of article 183 of the principal Act.

“(b) where ninety per cent or more in nominal value of the shares in the said parent company are held by a parent company and notice requesting the preparation of consolidated accounts has not been served on the first mentioned company by shareholders holding in the aggregate the remaining percentage in nominal value of all the shares thereof. Such notice shall not be valid unless it is served not later than six months after the commencement of the accounting period to which it relates.”; and
(b) in subarticle (3) therof, for the words “ the Malta Stock Exchange” there shall be substituted the words “a recognised investment exchange”.

77. In subarticle (13) of article 179 of the principal Act, for the words “Council of the International Federation of Accounts” there shall be substituted the words “Council of the International Federation of Accountants”.

78. Immediately after subarticle (6) of article 180 of the principal

Act, there shall be inserted the following new subarticle :
“(7) For the purposes of this article, reference to the term “annual accounts” shall include the directors’ report as specified in article 177 of this Act and the auditors’ report as specified in article 179 of this Act.”.

79. Article 183 of the principal Act shall be amended as follows: (a) in the proviso to subarticle (2) thereof, for the words

“the directors’ report.” there shall be substituted the words “the
directors’ report:”;
(b) immediately after the proviso to subarticle (2) thereof, there shall be inserted the following new proviso:
“Provided further that where the exempt company which qualifies to draw up abridged accounts is a company referred to in paragraph (b) of subarticle (1) of article 185 of this Act, it may deliver to the Registrar only its abridged balance sheet, all the notes to the accounts relevant for the purposes of that balance sheet, but without the profit and loss account, the directors’ report and the auditors’ report.”;
(c) in the proviso to subarticle (4) thereof for the words “as drawn up.” there shall be substituted the words “as drawn up:”; and
(d) immediately after the proviso to subarticle (4) thereof, there shall be inserted the following new proviso:
“Provided further that the provisions of this subarticle shall not apply to companies referred to in paragraph (b) of subarticle (1) of article 185 of this Act.”.

80. For article 184 of the principal Act, there shall be substituted the following:

“184(1) Every company shall, after 1st January 2004, upon each anniversary of its registration, make a return in the form set out in the Seventh Schedule to this Act showing the matters therein specified and made up to the date of such anniversary:
Provided that -
(a) where a company was, immediately before the
1st January 2004, in default with respect to the delivery of one or more annual returns, this article shall not affect the obligation of the company to make such a return or returns or the payment of any penalty arising from such a default;
(b) where a company has converted any of its shares into stock and registered the conversion as provided in article 79 of this Act, the list of past and present members shown in Part 3 of the Seventh Schedule to this Act shall state the amount of stock held by each of the existing members instead of the amount of shares and the particulars relating to shares required by that part.
(2) The annual return, duly completed, shall be signed by at least one director of the company or the company secretary and forwarded to the Registrar for registration within forty-two days after the date to which it is made up.
(3) If default is made in complying with the provisions of this article, every officer of the company who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.”

81. Article 185 of the principal Act shall be amended as follows: (a) subarticle (1) thereof shall be renumbered as paragraph

(a) of subarticle (1);
A 403

Amendment of article 184 of the principal Act.

Amendment of article 185 of the principal Act.

A 404

Amendment of article 186 of the principal Act.

Amendment of article 187 of the principal Act.

(b) in paragraph (a) of subarticle (1) as re-numbered, for the words “as specified in subarticle (3) of this article.” there shall be substituted the words “as specified in subarticle (3) of this article;”;
(c) immediately after paragraph (a) of subarticle (1) of article
185 there shall be inserted the following new paragraph (b):
“(b) Private companies which on their balance sheet dates do not exceed the limits of two of the three following criteria:
- balance sheet total: twenty thousand liri;
- turnover: forty thousand liri;
- average number of employees during the accounting period: two;
shall be exempted from the provisions of Chapter IX of Part
V of this Act and from the requirement imposed by article
179 of this Act and such companies may, for all purposes of this Act, draw up abridged balance sheets and abridged layouts of profit and loss account as specified in subarticle (2) of this article and abridged notes to the accounts as specified in subarticle (3) of this article.”;
(d) in subarticle (3) thereof, for the words “indents (d) and (j) to (o)” there shall be substituted the words “indents (d) and (g) to (o)”; and
(e) immediately after subarticle (6) thereof, there shall be inserted the following new proviso:
“ Provided that the provisions of subarticle (6) of this article shall not apply to a parent company which is exempted from the requirement to prepare consolidated accounts in accordance with article 174 of this Act.”

82. In subarticle (1) of article 186 of the principal Act, for the words “ECU shall be a convertible currency.” there shall be substituted the words “the euro shall be a convertible currency.”.

83. For subarticle (4) of article 187 of the principal Act, there shall be substituted the following:

“(4) Annual accounts shall be published in the currency in which they are drawn up. They may also be published in both the currency in which they are drawn up and in euro. The conversion into euro shall be made by using the exchange rate between the currency used and the euro on the balance sheet date, and such rate shall be the official closing middle rate issued by the Central Bank of Malta. This rate shall be disclosed in the notes to the accounts.”

84. Article 188 of the principal Act shall be amended as follows: (a) in paragraph (e) thereof, for the words “a company; or”

there shall be substituted the words “a company;”;
(b) in paragraph (f) thereof, for the words “share capital is expressed.” there shall be substituted the words “share capital is expressed; or”; and
(c) immediately after paragraph (f) thereof, there shall be inserted the following new paragraph (g) as follows:
“(g) amend or vary any of the provisions of this Chapter for the purpose of bringing them in line with the requirements of International Accounting Standards or International Standards on Auditing.”.

85. Article 191 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “partnership en

commandite the capital of which is not divided into shares are

themselves partnerships en commandite the capital of which is divided into shares” there shall be substituted the words “partnership en commandite or limited partnership, the capital of which is not divided into shares, are themselves partnerships en commandite or limited partnerships, the capital of which is divided into shares”;
(b) in subarticle (2) thereof, for the words “partnership en commandite” wherever they occur there shall be substituted in each case the words “partnership en commandite or limited partnership”; and
(c) in subarticle (3) thereof, for the words “of a partnership en commandite the capital of which is not divided into shares are themselves companies or are partnerships en commandite” there shall be substituted the words “of a partnership en commandite or limited partnership the capital of which is not divided into shares are themselves companies or are partnerships en commandite or limited partnerships”.
A 405

Amendment of article 188 of the principal Act.

Amendment of article 191 of the principal Act.

A 406

Amendment of article 194 of the principal Act.

Amendment of article 199 of the principal Act.

Amendment of article 209 of the principal Act.

Amendment of article 210 of the principal Act.

Amendment of article 212 of the principal Act.

Amendment of article 214 of the principal Act.

86. In paragraph (a) of subarticle (4) of article 194 of the principal Act, for the words “the Malta Stock Exchange” there shall be substituted the words “a recognised investment exchange”.

87. In subarticle (5) of article 199 of the principal Act, for the words “the Registrar.” there shall be substituted the words “the Registrar for registration.”.

88. In paragraph (b) of subarticle (2) of article 209 of the principal Act, for the words “offered for sale to the public, within the meaning given to that expression by article 89 of this Act.”, there shall be substituted the words “offered to the public, within the meaning given to the expression “offers made to the public” in subarticle (3) of article

2 of this Act.”.

89. In article 210 of the principal Act, for the words “duly convened and held” there shall be substituted the words “duly convened and held and the provisions of article 155 shall not apply”.

90. In subarticle (1) of article 212 of the principal Act, for the words “the provisions of subarticle (1) of article 72 of this Act” there shall be substituted the words “the provisions of article 68 and of subarticle (1) of article 72 of this Act”.

91. Article 214 of the principal Act shall be amended as follows: (a) in subparagraph (i) of paragraph (a) of subarticle (2)

thereof, for the words “twelve months;” there shall be substituted
the words “twenty four months;”; and
(b) for subarticle (4) thereof, there shall be substituted the following :
“(4) Where a company continues carrying on business without having at least two members beyond the period of six months referred to in subparagraph (i) of paragraph (b) of subarticle (2) of this article, a person who, for the whole or any part of the period that the company carries on business after the said six months, is a member of the company and knows that it is carrying on business with only one member, shall be held unlimitedly and jointly and severally liable with the company for all the obligations contracted by the company for the whole period or as the case may be, that part of it, from the lapse of the six months until the dissolution of the company or until such time as the default is remedied by the company in accordance with the proviso to subarticle (3) of this article.”.

92. Article 217 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof for the words “The provisions

of this article shall apply where, following its dissolution, a company -” there shall be substituted the following:
“The provisions of subarticles (2) and (3) of this article shall only apply following the dissolution of a company where a company before its dissolution -”; and
(b) in paragraph (b) of subarticle (1) thereof, for the words “paid by way of contribution to its assets,” there shall be substituted the words “paid by way of contribution to its assets in terms of article 216 of this Act,”.

93. Article 218 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof for the words “contributory or

contributories.” there shall be substituted the words “contributory
or contributories:”;
(b) immediately after subarticle (1) there shall be inserted the following new proviso:
“Provided that an application in terms of paragraph (a) of this subarticle may also be made by any shareholder or director of the company.”;
(c) in subarticle (4) thereof, for the words “subarticle (2) of article 214 of this Act.”, there shall be substituted the words “subparagraphs (ii) and (iii) of paragraph (b) of subarticle (2) of article 214 of this Act.”; and
(d) for subarticle (5) thereof, there shall be substituted the following:
“(5) By virtue of article 294 of this Act, a winding up application for a winding up by the Court may be filed notwithstanding that a company is being wound up voluntarily. Such an application may also be made by the Official Receiver appointed in accordance with the provisions of article 225 of this Act.”.
A 407

Amendment of article 217 of the principal Act.

Amendment of article 218 of the principal Act.

94. Article 219 of the principal Act shall be amended as follows: Amendment of article 219 of the principal Act.

A 408

Amendment of article 222 of the principal Act.

Amendment of article 223 of the principal Act.

Amendment of article 224 of the principal Act.

Amendment of article 230 of the principal Act.

Amendment of article 238 of the principal Act.

(a) the present provision shall be renumbered as subarticle
(1); and
(b) immediately after subarticle (1) thereof as renumbered, there shall be inserted the following new subarticle (2):
“(2) Notwithstanding the provisions of subarticle (1) of this article, where the Court is satisfied that the requirements of paragraph (a) of subarticle (1) of article 218 of this Act have been complied with, the Court shall accede to the application.”.

95. In article 222 of the principal Act, for the words “whether precautionary or executive, issued or carried” there shall be substituted the words “ whether precautionary or executive, other than a warrant of prohibitory injunction, issued or carried”.

96. Immediately after the proviso to subarticle (1) of article 223 of the principal Act, there shall be inserted the following new proviso:

“Provided further that where a winding up order has been made by virtue of paragraph (a) of subarticle (1) of article 218 of this Act, the date of dissolution shall be the date of passing of the resolution for dissolution and consequential winding up by the Court or such later date as may be specified in the said resolution.”.

97. Article 224 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “On the making

of a winding up order, a copy thereof” there shall be substituted
the words “On the making of a winding up order, or on the dismissal of a winding up application, a copy thereof”; and
(b) subarticle (3) thereof shall be deleted.

98. In subarticle (2) of article 230 of the principal Act, for the words “company shall be made by extraordinary resolution of the company” there shall be substituted the words “contributories shall be made by a resolution of the contributories”.

99. Article 238 of the principal Act shall be amended as follows: (a) in paragraph (f) of subarticle (1) thereof, for the words

“distributing its assets.”, there shall be substituted the words
“distributing its assets:”;
(b) immediately after paragraph (f) of subarticle (1) thereof, there shall be inserted the following new proviso:
“Provided that the Court may provide by an order that the liquidator may, where there is no liquidation committee, exercise any of the powers mentioned in paragraphs (a) or (b) of this subarticle without the sanction of the Court.”;
(c) in subarticle (3) thereof, for the words “any of those powers:”, there shall be substituted the words “any of those powers.”; and
(d) the proviso to subarticle (3) thereof shall be deleted.

100. In the English text of the proviso to subarticle (10) of article

246 of the principal Act, for the words “the state of in the winding up,”
there shall be substituted the words “the state of the winding up,”.

101. In the English text of article 255 of the principal Act, for the words “claims or to be excluded” there shall be substituted the words “claims or are to be excluded”.

102. In the English text of subarticle (1) of article 257 of the principal Act, for the words “inspection of accounts, according records” there shall be substituted the words “inspection of accounts, accounting records”.

103. In subarticle (1) of article 265 of the principal Act, for the words “after the passing of the resolution,” there shall be substituted the words “after the date of dissolution of the company,”.

104. For the proviso to article 266 of the principal Act, there shall be substituted the following:

“ Provided that where the Court has ordered that the company be wound up voluntarily by virtue of the provisions of subarticle (3) of article 214 of this Act, the company shall be deemed to have been dissolved at the time of the filing of the winding up application.”.

105. Article 268 of the principal Act shall be amended as follows: (a) in subarticle (2) thereof, for the words “A declaration

made as in accordance with” there shall be substituted the words
“A declaration made in accordance with”; and
A 409

Amendment of the English text of article 246 of the principal Act.

Amendment of the English text of article 255 of the principal Act.

Amendment of the English text of article 257 of the principal Act.

Amendment of article 265 of the principal Act.

Amendment of article 266

of the principal Act.

Amendment of article 268 of the principal Act.

A 410

Amendment of article 270 of the principal Act.

Amendment of article 271 of the principal Act.

Amendment of article 274 of the principal Act.

Amendment of article 279 of the principal Act.

Amendment of article 280 of the principal Act.

(b) in subarticle (3) thereof:
(i) for the words “wound up voluntarily by nature of the provisions”, there shall be substituted the words “wound up voluntarily by virtue of the provisions”; and
(ii) for the words “to make the declarations referred to” there shall be substituted the words “to make the declaration referred to”.

106. Subarticle (3) of article 270 of the principal Act shall be amended as follows:

(a) for the words “the directors shall apply to the Court” there shall be substituted the words “any director shall apply to the Court”; and
(b) for the words “shall be made by the directors of the company within fourteen days” there shall be substituted the words “shall be made within fourteen days”.

107. Article 271 of the principal Act shall be amended as follows: (a) in subarticle (2) thereof, for the word “thereof” there

shall be substituted the words “of the meeting”; and
(b) in subarticle (4) thereof, for the words “subarticle (1) of this article,” there shall be substituted the words “subarticle (1) of this article, or if a vacancy occurs in the office of a liquidator appointed by the Court,”.

108. Article 274 of the principal Act shall be amended as follows: (a) in the English text of subarticle (1) thereof, for the words

“shall therefore call”, there shall be substituted the words “shall
thereupon call”;
(b) in subarticle (4) thereof for the words “last three years” wherever they appear there shall be substituted the words “previous three years”.

109. In subarticle (2) of article 279 of the principal Act, for the words “the directors of the company” there shall be substituted the words “any director of the company”.

110. For subarticle (1) of article 280 of the principal Act there shall be substituted the following:

“(1) The creditors at the meeting to be held in pursuance of article 278 of this Act, or at any subsequent meeting may, if they think fit, by resolution appoint not more than five representatives of the creditors to a liquidation committee, and if such committee is appointed, the contributories may by resolution appoint up to five persons to act as their representatives on the committee:”.

111. In article 282 of the principal Act, for the words “resignation or otherwise, in the office of a liquidator,” there shall be substituted the words “resignation or removal in the office of a liquidator who was not appointed by the Court,”.

112. For subarticle (3) of article 283 of the principal Act there shall be substituted the following:

“(3) A member or members holding not less than one tenth of the paid up share capital having the right to vote at general meetings of the company or a creditor or creditors representing not less than one tenth in value of the company creditors may, at any time, by request in writing require the liquidator to convene a general meeting of the company, or a creditors’ meeting, as the case may be. Such request shall be signed by such member or members, or such creditor or creditors, as the case may be, and shall state the objects of the meeting.”.

113. Article 289 of the principal Act shall be amended as follows: (a) the present provision shall be renumbered as subarticle

(1); and
(b) immediately after subarticle (1) as renumbered there shall be inserted the following new subarticles (2) and (3):
“(2) A vacancy resulting from the death or resignation of a liquidator appointed by the Court may, on the application of any member, creditor or contributory, be filled by the Court.
(3) The person who applied to the Court in terms of subarticle (2) of this article shall, in the case of a vacancy resulting from the death of a liquidator, inform the Registrar of the demise of the liquidator.”.

114. In subarticle (1) of article 290 of the principal Act for the words “within fourteen days from his acceptance of his appointment” there shall be substituted the words “within fourteen days after his appointment”.

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Amendment of article 282 of the principal Act.

Amendment of article 283 of the principal Act.

Amendment of article 289 of the principal Act.

Amendment of article 290 of the principal Act.

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Amendment of article 292 of the principal Act.

Amendment of article 298 of the principal Act.

Addition of new articles 300A and

300B to the principal Act.

115. Article 292 of the principal Act shall be amended as follows: (a) subarticles (2) and (3) thereof shall be renumbered as

(4) and (5) respectively;
(b) immediately after subarticle (1) therof, there shall be inserted the following new subarticle (2):
“ (2) The liquidator may apply to the Court to fix a time or times within which creditors are to prove their debts or claims or to be excluded from the benefit of any distribution made before those debts are proved.”; and
(c) in subarticle (3) thereof as renumbered for the words “subarticle (1) of this article” there shall be substituted the words “subarticles (1) and (2) of this article.”.

116. For paragraph (b) subarticle (1) of article 298 of the principal

Act, there shall be substituted the following:
“(b) At a meeting of contributories a resolution shall be deemed to be passed when three-fourths in value of the contributories present in person or by proxy and voting on the resolution, or a majority in value of all the contributories, have voted in favour of the resolution. The value of the contributories shall be determined according to the number of votes conferred on each contributory by the memorandum or articles of the company or, if the memorandum and articles are silent, according to the value of their respective liabilities to contribute.”

117. Immediately after article 300 of the principal Act there shall be added the following two new articles to be numbered as article 300A and 300B:

“Rectification of Scheme of Distribution

300A (1) Where in the course of the winding up of a company the liquidator has not taken into account any asset of the company, and the name of the company has been struck off the register, any interested person may, by an application, request the Court to order the rectification of the scheme of distribution, and the Court may, where it considers it appropriate, order such rectification under those terms and conditions it may deem fit.
(2) Where a company has made a distribution to its shareholders pursuant to a scheme of distribution and the name of such company has been struck off the register, any

Restoration of company name on register

creditor whose claim against the company has not been satisfied may, by an application, claim what is due to him from the shareholders of the company pro rata to the amount received by the shareholders upon the distribution, and the Court may, where it considers it appropriate, order that payments be made by the shareholders to such creditor under those terms and conditions it may deem fit:
Provided that in no case shall a shareholder be required to contribute an amount exceeding that received by him upon distribution.
(3) No application may be made under this article after the expiration of five years from the date on which the name of the company has been struck off the register.
300B (1) Where a company has been struck off the register, any interested person may, by an application, request the Court to order that the name of the company be restored to the register and the winding up be reopened.
(2) Where, on an application made in terms of subarticle (1) of this article, the Court is satisfied that the winding up and striking off of the company has been vitiated by fraud or illegality of a material nature, the Court may order that the name of the company be restored to the register and the winding up be reopened for such purposes and such period as the Court shall specify in its decision, and the Court shall give such directives and impose such conditions as it may consider appropriate.
(3) The Court shall only accede to the application where it is satisfied that this is the only remedy available.
(4) In its decision the Court shall also determine whether its orders and directives shall be effective in favour of all persons or shall apply limitedly to specified persons indicated in the decision.
(5) No application may be made under this article after the expiration of five years from the date on which the name of the company has been struck off the register.”.
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118. For article 303 of the principal Act there shall be substituted the following:

Amendment of article 303 of the principal Act.

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Amendment of article 305 of the principal Act.

“303(1) Every privilege, hypothec or other charge, or transfer or other disposal of property or rights, and any payment, execution or other act relating to property or rights made or done by or against a company, and any obligation incurred by the company within six months before the dissolution of the company shall be deemed to be a fraudulent preference against its creditors whether it is of a gratuitous nature or an onerous nature if it constitutes a transaction at an undervalue or if a preference is given, unless the person in whose favour it is made, done or incurred, proves that he did not know and did not have reason to believe that the company was likely to be dissolved by reason of insolvency, and in the event of the company being so dissolved every such fraudulent preference shall be void.
(2) For the purposes of this article,
(a) a company enters into a transaction at an undervalue if:
(i) the company makes a gift or otherwise enters into a transaction on terms that provide for the company to receive no consideration, or
(ii) the company enters into a transaction for a consideration the value of which, in money or money’s worth, is significantly less than the value in money or money’s worth of the consideration provided by the company;
(b) a company gives a preference to a person if:
(i) that person is one of the company’s creditors or a surety or guarantor for any of the company’s debts or other liabilities; and
(ii) the company does anything or suffers anything to be done which, in either case, has the effect of putting that person into a position which, in the event of the company going into insolvent winding up, will be better than the position he would have been had that act or omission not occurred.”

119. In subarticle (2) of article 305 of the principal Act, for the words “on which the company goes into liquidation” there shall be substituted the words “of dissolution of the company as determined in accordance with the provisions of this Act.”.

120. In subarticle (1) of article 322 of the principal Act for the words “send to the Registrar a statement”, there shall be substituted the words “send to the Registrar for registration a statement”.

121. For article 325 of the principal Act there shall be substituted the following:

“325 (1) Where the Registrar has reasonable cause to believe that a company is not carrying on business or is not in operation, he may send to the company by post a letter inquiring whether the company is carrying on business or is in operation.
(2) If the Registrar receives an answer to the effect that the company is not carrying on business or is not in operation, or does not within one month of sending the letter receive an answer thereto, he may send to the company by post and publish a notice in the Gazette and in a daily newspaper circulating wholly or mainly in Malta that, at the expiration of three months from the date of the last publication of the said notice, the company’s name shall, unless cause is previously shown to the contrary or the Registrar is satisfied that there are sufficient grounds not to proceed with the striking off, be struck off the register; and the assets of the company shall devolve upon the Government of Malta.
(3) If, in any case where a company is being wound up voluntarily, the Registrar has reasonable cause to believe either that no liquidator is acting or that the affairs of the company are fully wound up, and the returns required to be made by the liquidator in terms of article 322 of this Act are overdue by six months or more, the Registrar may publish in the Gazette and in a daily newspaper circulating wholly or mainly in Malta, a notice that at the expiration of three months from the date of the last publication of the said notice, the winding up of the company shall, unless cause is previously shown to the contrary, be deemed to be concluded and consequently that the company’s name be struck off the register. The Registrar shall also cause a copy of the said notice to be sent by post to the company and to the liquidator, if any. At the expiration of the aforesaid period of three months the winding up of the company shall, unless cause is previously shown to the contrary, be deemed to be concluded and the Registrar shall strike the name of the company off the register and the company’s assets shall devolve upon the Government of Malta.
(4) If any member or creditor of the company, or any other person who appears to the Court to have an interest feels aggrieved by the fact that the name of the company has been struck off the
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Amendment of article 322 of the principal Act.

Amendment of article 325 of the principal Act.

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Amendment of article 327 of the principal Act.

Addition of new articles 329A and

329B to the principal Act.

register by virtue of this article, the Court on an application made by the member or creditor or such other person before the expiration of five years from the publication of the notice of the striking off provided for in subarticles (2) and (3) of this article may, if satisfied that it is proper that the name of the company be restored to the register, order that such name be restored to the register, and upon an official copy of the order being delivered by the Registrar of the Superior Courts to the Registrar for registration, the company shall be deemed to have continued in existence as if its name had not been struck off; and the Court may by its order give such directions and make such provisions as seem fit for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off. The Registrar shall forthwith proceed to publish a notice in the Gazette and in a daily newspaper circulating wholly or mainly in Malta that the name of the company has been restored to the register.
(5) A notice to be sent under this article to a liquidator may be addressed to the liquidator at his last known place of business or address, and a letter or notice to be sent under this article to a company may be addressed to the company at its registered office.
(6) Notwithstanding that the name of the company has been struck off the register in terms of the preceding provisions of this article, the liability, if any, of every director or other officer of the company and of every member of the company shall continue and may be enforced as if the name of the company had not been struck off the register.
(7) Notwithstanding the provisions of subarticle (1) of article
429 of this Act, the provisions of this article shall apply to companies whose dissolution and consequential winding up is regulated by the Ordinance.”

122. Paragraph (a) of subarticle (5) of article 327 of the principal

Act shall be amended as follows:
(a) for the words “subarticle (4)” there shall be substituted the words “subarticle (5)”; and
(b) for the words “sub-paragraph (iv)” there shall be substituted the words “sub-paragraph (iii)”.

123. Immediately after article 329 of the principal Act there shall be added the following two new articles 329A and 329B:

“ Duties of directors where company unable to pay debts.

Company Recovery Procedure.

329A. Where the directors of a company become aware that the company is unable to pay its debts or is imminently likely to become unable to pay its debts, they shall forthwith, not later than thirty days from when the fact became known to them, duly convene a general meeting of the company by means of a notice to that effect for a date not later than forty days from the date of the notice for the purpose of reviewing the company’s position and of determining what steps should be taken to deal with the situation, including consideration as to whether the company should be dissolved or, where applicable, whether the company should make a Company Recovery Application in terms of article 329B of this Act.
329B (1) (a) Where a company is unable to pay its debts or is imminently likely to become unable to pay its debts, a Company Recovery Application may be made to the Court requesting the Court to place the company under the Company Recovery Procedure and to appoint a Special Controller to take over, manage and administer the business of the company for a period to be specified by the Court subject to the limitation imposed by paragraph (c) of this subarticle.
(b) A Company Recovery Application, hereinafter in this article also referred to as the “application”, shall be made by means of an application which may be made:
(i) by the company following an extraordinary resolution;
(ii) by the directors following a decision of the board of directors; or
(iii) by creditors of the company representing more than half in value of the company’s creditors.
(c) The appointment of a Special Controller shall be made for a period not exceeding twelve months; provided that, at any time during which the Company Recovery Procedure is in force, the Court may, upon good cause being shown, extend the period by such additional period or periods which in aggregate do not exceed a further twelve months.
(d) The provisions of this article shall apply to:
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Power of the

Court.

(i) all companies other than companies which qualify as “small companies” in terms of article 185 of this Act; and
(ii) to “small companies” having more than
Lm200,000 in value owed to creditors.
(e) The Minister may, by regulations, amend or substitute the criteria set out in paragraph (d) of subarticle (1) of this article for the purpose of establishing the applicability of the provisions of this article.
(f) No application may be submitted by a company after it has been dissolved voluntarily or if, in respect of the same company, a winding-up order has already been made.
(2) (a) The application shall, as far as possible, give the full facts, circumstances and reasons which led to the company’s inability or likely imminent inability to pay its debts, together with a statement by the applicants as to how the financial and economic situation of the company can be improved in the interests of its creditors, employees and of the company itself as a viable going concern.
(b) Where an application is made by the company, the following documents shall be annexed to it :
(i) a statement of the company’s assets and liabilities made up to a date not earlier than the date of the application by more than two months; and
(ii) a list containing the names and addresses of the creditors together with an indication of the amount due to each such creditor and the security, if any, of the respective creditors.
(c) Where the application is made by the creditors, it shall be accompanied by appropriate supporting documentation and statements.
(3) (a) On the hearing of an application, the Court may, after examining all the circumstances and the options that are available, either dismiss the application or issue a Company Recovery Order,
hereinafter also referred to in this article as an “Order”, acceding thereto and placing the company under the Company Recovery Procedure.
(b) The Court shall accede to the application, and accordingly place the company under the Company Recovery Procedure and issue an Order, only if-
(i) it is satisfied that the company is, or is imminently likely to become, unable to pay its debts within the meaning of subarticle (5) of article 214 of this Act; and
(ii) if it considers that the making of the Order would be likely to achieve one of the following purposes:
- the survival of the company as a viable going concern in part or in whole; or
- the sanctioning under article 327 of this Act of a compromise or arrangement between the company and any of its creditors or members.
(c) In making an Order, the Court shall take into account:
(i) the best interests of the creditors, shareholders and of the company itself, and the possibility of safeguarding employment as appears to be reasonably and financially possible in the circumstances; and
(ii) the cost that would have to be incurred by adopting the Company Recovery Procedure, particularly the fees and charges that would have to be incurred.
(d) Where the company is in possession of a licence or other authorisation under the laws regulating banking, insurance, investment services, financial institutions or listing of securities on a recognised investment exchange, the court shall not proceed to make an Order without first having consulted with the relevant competent authority responsible for supervising that company or any of its activities.
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Effect of the Company Recovery Order.

(e) The Court shall take its decision whether to dismiss the application or to make a Company Recovery Order within not more than twenty working days from the filing of the application.
(4) Upon the submission of an application and unless it is dismissed, or during the period during which the Company Recovery Procedure is in force:
(a) any pending or new winding up application shall be stayed;
(b) no resolution for the dissolution and consequential winding up of the company may be passed or given effect to;
(c) the execution of claims of a monetary nature against the company and any interest that may otherwise accrue thereon shall be stayed;
(d) during the tenure of the lease, no landlord or other person to whom rent is payable may exercise any right of termination of lease in relation to premises leased to the company in respect of a failure by the company to comply with any term or condition of its tenancy of such premises, except with leave of the Court and subject to such terms as the Court may deem fit to impose;
(e) no other steps may be taken to enforce any security over the property of the company, or to repossess goods in the possession of the company under any hire- purchase agreement, except with the leave of the Court and subject to such terms as the Court may deem fit to impose;
(f) no precautionary or executive act or warrant mentioned in the Code of Organisation and Civil Procedure shall be made against the company or any property of the company except with leave of the Court and subject to such terms as the Court may deem fit to impose; and
(g) no judicial proceedings shall be commenced or continued against the company or its property except with leave of the Court and subject to such terms as the Court thinks fit to impose.

Appointment of Special Controller.

Powers and duties of the Special Controller.

(5) (a) In the Order, the Court shall:
(i) appoint an individual to act as a Special Controller and to carry out such functions and powers as the Court may entrust to him in the administration and management of the property and business of the company;
(ii) fix such reasonable remuneration of the Special Controller, as the Court may consider appropriate after taking into account the company’s financial position, business and assets;
(iii) determine the period, not exceeding ten working days from the making of the Company Recovery Order, within which the company shall deposit a sum of money in Court or offer other suitable guarantee or other appropriate arrangement, which, in the opinion of the Court, is sufficient to cover the remuneration, and charges of the Special Controller connected to his appointment.
(b) The Court shall appoint as the Special Controller an individual who the Court has ascertained to its satisfaction enjoys proven competence and experience in the management of business enterprises, is qualified and willing to accept the appointment, and has no conflict of interest in relation to his appointment.
(c) For so long as the Special Controller holds office, the fact of his appointment to such office and his full name together with his residential or business address shall be clearly indicated in all the business letters, order forms, invoices and any other documents of the company.
(6) (a) During the period that an Order is in force, the company shall continue to carry on its normal activities under the management of the Special Controller.
(b) The Special Controller shall, as soon as possible upon his appointment, take into his custody or under his control all the property of the company and he shall thenceforth be responsible to manage and supervise its activities, business and property.
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(c) The Special Controller shall examine the assets, affairs and business performance of the company and shall ascertain and verify whether there is a reasonable expectation of the company’s recovery and continuation as a viable going concern, in whole or in part, and he shall submit an initial report thereon to the Court not later than two months from the date of his appointment.
(d) On the appointment of the Special Controller, any power conferred on the company, its directors or its officers, whether by this Act, by any other law, or by the Memorandum or Articles of Association of the company, shall be suspended unless the consent of the Special Controller to exercise such power has been obtained, which consent may be given either generally or in relation to a particular case or cases, and no meeting of the company may be summoned except with leave of the Court and subject to such terms as the Court may deem fit to impose.
(e) During such time as the Company Recovery Procedure is in force, any duty conferred on the company, its directors or its officers, whether by this Act, by any other law, or by the Memorandum or Articles of Association of the company, shall be assumed and exercised by the Special Controller.
(f) In addition and without prejudice to any other duty assigned to the Special Controller by the Court or this Act or any other law, the Special Controller shall be obliged to perform his functions fairly and equitably taking into account the best interests of the company, its shareholders and creditors together with the interests of any other interested party.
(g) In addition to the functions and powers entrusted to him by the Court, the Special Controller shall have the power:
(i) after informing the Court, by means of a note, to remove any director of the company and to appoint any individual to serve as a manager;
(ii) to engage persons for the provision of professional or administrative services, and commit

Meeting of creditors and members.

the company to the payment of their respective fees or charges; or
(iii) to call any meeting of the members or creditors of the company.
(h) The Special Controller shall not, without the prior express authorisation of the Court:
(i) engage the company into any commitment of more than six months duration; or
(ii) terminate the employment of company employees as he considers necessary for insuring the continuation of the company as a viable going concern in whole or in part; or
(iii) sell or otherwise dispose of property of the company to himself, or to his spouse or relatives and the provisions of article 306 of this Act shall apply as though references to the liquidator were references to the Special Controller.
(i) The Court may, upon the request of the Special Controller, and upon good cause being shown, extend his appointment and relative functions and powers to any company being a group company in relation to the company placed under the Company Recovery Procedure, provided that, in so far as possible, the Court shall, before so doing, hear the views of the directors, or any of them, of such group company, as it may deem appropriate.
(7) (a) Within one month from his appointment, the Special Controller shall convene a meeting or meetings of creditors and members, whether separately or jointly as he may consider appropriate, for the purpose of -
(i) laying before them for their information and review a comprehensive statement of the company’s affairs together with preliminary proposals on the future prospects and management of the company; and
(ii) appointing a joint creditors and members committee, consisting of not more than three creditors and not more than three members, to
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render such advice and assistance as the Special Controller may require in the management of the affairs, business and property of the company and its recovery as a viable going concern.
(b) Not less than fourteen days notice shall be given of the holding of any such meeting or meetings, and the Special Controller shall also send a copy of the notice convening the meeting to any directors or other officers of the company, including persons who have been directors or other officers in the past, whose presence at the meeting is, in the opinion of the Special Controller, required.
(c) The Special Controller shall publish a notice of the meetings of creditors and members in a daily newspaper circulating wholly or mainly in Malta, not later than fourteen days before the holding of the meeting.
(d) Where for any reason the creditors or the members or both do not appoint their representatives on the joint creditors’ and members’ committee, the Special Controller may proceed to continue in the exercise of his functions without such committee or solely with a creditors’ or members’ committee, as the case may be.
(8) (a) If during such time as the Company Recovery Procedure is in force, it appears that any business of the company has been carried on with intent to defraud creditors of the company or for any fraudulent purpose, the Court on the application of the Special Controller, may, if it thinks proper so to do, declare that any persons who were knowingly parties to the carrying on of the business in the manner aforesaid be personally responsible, without any limitation of liability for all or any of the debts or other liabilities of the company as the Court may direct.
(b) Where the business of a company is carried on with such intent or for such purposes as is mentioned in paragraph (a) of this subarticle, every person who was knowingly a party in the carrying on of the business in the manner aforesaid, shall be guilty of an offence and

Wrongful trading.

Removal or vacancy in the office of Special Controller.

liable on conviction to a fine (multa) of not more than one hundred thousand liri or imprisonment for a term not exceeding five years, or to both such fine and imprisonment.
(9) (a) The provisions of this subarticle shall apply where a Company Recovery Procedure is in force and it appears that a person who is a director of the company knew, or ought to have known, that the company is unable to pay its debts or is imminently likely to become unable to pay its debts.
(b) The Court, on the application of the Special Controller of a company to which this subarticle applies, may declare the person being a director referred to in paragraph (a) of this subarticle liable to make a payment towards the company’s assets as the Court thinks fit.
(c) The Court shall not grant an application under this subarticle if it is satisfied that the person who is a director took every step he ought to have taken with a view to minimising the potential loss to the company’s creditors.
(d) For the purposes of paragraphs (b) and (c) of this subarticle, the facts which a director of a company ought to know or ascertain, the conclusions which he ought to reach and the steps which he ought to take, are those which would be known or ascertained, or reached or taken, by a reasonably diligent person having both -
(i) the knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by or entrusted to that director in relation to the company; and
(ii) the knowledge, skill and experience that the director has.
(e) For the purposes of this subarticle, director includes a person in accordance with whose directions or instructions the directors of the company are accustomed to act.
(10) (a) If a vacancy occurs by reason of death, resignation or otherwise in the office of the Special
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Reports to

be submitted by the Special Controller.

Termination of Company Recovery Order.

Controller, the Court may appoint another individual to fill the vacancy on an application made for this purpose by the outgoing Special Controller, by a creditor, by a member, by a director, or by the Court of its own motion, as the case may be.
(b) The Court may, of its own motion or on the application of any member or creditor, review, confirm, modify or reverse any act or decision of the Special Controller and give him such directions or orders as it deems fit or remove a Special Controller if it is satisfied that there exist sufficient grounds to warrant his removal and appoint another Special Controller.
(11) (a) At the end of every period of four months commencing from the date of the making of the Order until the termination of his appointment, the Special Controller shall submit to the Court a comprehensive report in writing on the proceedings of his administration and of his proposals regarding the prospects for the recovery of the company as a viable going concern in whole or in part.
(b) When the Special Controller submits to the Court the report referred to in paragraph (a) of this subarticle, the Registrar of the Superior Courts shall forthwith forward a copy of it to the Registrar for registration.
(12) (a) If, at any time during which a Company Recovery Procedure is in force, it results to the Special Controller, after consulting the joint creditors’ and members’ committee, that it would serve no useful purpose for the company to continue with the said Procedure, the Special Controller shall forthwith make an application to the Court for the termination of the Company Recovery Procedure, containing his detailed and comprehensive reasons therefor.
Following the receipt of the application made by the Special Controller for the termination of the Company Recovery Procedure, the Court shall order that the company be wound up by the Court. On the making of the winding up order, a copy thereof shall forthwith be forwarded by the Registrar of the Superior Courts to the Registrar for registration.
(b) If, at any time during which a Company Recovery Procedure is in force, it results to the Special Controller, after consulting the joint creditors’ and members’ committee, that the affairs of the company have improved to the extent that it is in a position to pay its debts, he shall submit an application to the Court, containing his detailed and comprehensive reasons to that effect, and requesting the Court to issue an order for the termination of the Company Recovery Procedure. In the event that the Court accedes the application, it shall make such provisions and conditions, as it may consider necessary in the circumstances of the case.
(c) If, at any time during which a Company Recovery Procedure is in force, the directors of the company or the members at an extraordinary general meeting become satisfied that the affairs of the company have improved to the extent that it is in a position to pay its debts, they may submit an application to the Court, accompanied by appropriate supporting documentation and information, confirming that they are so satisfied, and requesting the Court to issue an order for the termination of the Company Recovery Procedure, and the Court shall not proceed to make an order acceding to or declining the application without having first heard the Special Controller.
In the event that the Court accedes the application, it shall make such provisions and conditions, as it may consider necessary in the circumstances of the case.
(d) At the end of the period of his appointment, the Special Controller shall submit a written Final Report to the Court containing his detailed and comprehensive opinions and reasons as to whether or not the company has a reasonable prospect of continuing as a viable going concern in whole or in part and will be in a position to pay its debts regularly in the future.
(e) Where the Final Report submitted by the Special Controller expresses the opinion that the company has a reasonable prospect of continuing as a viable going concern, in whole or in part, or where an application is made to the Court by the Special Controller under paragraph (b) of this subarticle, it shall additionally have attached to it a precise and detailed Recovery Plan
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Submission of documents to Registrar for registration

which shall contain all the proposals required to enable the company to continue as a viable going concern, with such explanations as may be required to give effect to such recovery, including proposals in relation to financial resources, the retention of employees and the future management of the company. The said Recovery Plan shall also explain the proposed manner of paying creditors the whole or a proportion of their claims, whether a voluntary compromise has been reached with all the creditors, or whether it is proposed that the Court sanction a compromise which has not been approved by all the creditors.
(f) Following receipt of the application referred to in paragraph (b) of this subarticle or of the Final Report and the Recovery Plan, the Court may request any explanations and clarifications as it may consider appropriate which shall be provided either verbally or in writing as the Court may direct.
(g) The Court may either reject the proposed Recovery Plan, or it may accept and approve it in whole or in part and may require amendments thereto. Where the Court approves the Recovery Plan submitted by the Special Controller, whether with or without amendments as the Court may direct, the Recovery Plan shall be effective and binding on all interested parties for all purposes of law.
(13) (a) Upon the submission of a Company Recovery Application, the issue of a Company Recovery Order, the appointment and termination of the appointment of a Special Controller and the appointment of a replacement thereof, the submission of an application for the termination of a Company Recovery Order and the order of the Court terminating the Company Recovery Procedure for any reason, the Registrar of the Superior Courts shall forthwith submit a copy of any such application, Court order or other relevant document to the Registrar for registration.
(b) The Registrar of the Superior Courts shall forthwith forward a true copy of the Final Report, as accepted and approved by the Court, to the Registrar for registration.

Winding up by the Court

Power to make regulations.

(c) Notwithstanding the provisions of paragraphs (a) and (b) of this subarticle, a copy of the Recovery Plan, attached to the Final Report or required to be attached to an application for the termination of a Company Recovery Order, shall not be delivered to the Registrar together with such Report or application.
(14) Where, in terms of any of the provisions of this article, the Court issues an order for the termination of the Company Recovery Procedure on the grounds that the company has no reasonable prospect of continuing as a viable going concern and will not be in a position to pay its debts regularly in the future, it shall order that the company be wound up by the Court. On the making of the winding up order, a copy thereof shall forthwith be forwarded by the Registrar of the Superior Courts to the Registrar for registration.
(15) The Minister may make regulations for the better carrying out of any of the provisions of this article.
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124. Subarticle (2) of article 330 of the principal Act shall be amended as follows:

(a) for the words “en nom collectif or en commandite” there shall be substituted the words “an en nom collectif or an en commandite or limited partnership”; and
(b) in the proviso thereto, for the words “partnership en commandite the capital of which is not divided into shares, or one- tenth of the share capital of the partnership en commandite the capital” there shall be substituted the words “partnership en commandite or limited partnership, the capital of which is not divided into shares, or one-tenth of the share capital of the partnership en commandite or limited partnership, the capital”.
125. In subarticle (2) of article 335 of the principal Act, for the words “or a partnership en commandite the unlimited liability of all the partners in the partnership en nom collectif and that of the general partners in the partnership en commandite” there shall be substituted the words “or a partnership en commandite or limited partnership the unlimited liability of all the partners in the partnership en nom collectif and that of the general partners in the partnership en commandite or limited partnership”.

126. Article 336 of the principal Act shall be amended as follows:

Amendment of article 330 of the principal Act.

Amendment of article 335 of the principal Act.

Amendment of article 336 of the principal Act.

A 430

Amendment of article 342 of the principal Act.

Amendment of article 343 of the principal Act.

Amendment of article 345 of the principal Act.

Amendment of article 354 of the principal Act

Amendment of article 357 of the principal Act

Amendment of article 358 of the principal Act.

(a) in subarticle (1) thereof, for the words “and en commandite” there shall be substituted the words “and partnerships en commandite or limited partnerships”; and
(b) in subarticle (2) thereof, for the words “are all en commandite” there shall be substituted the words “are all en commandite or limited partnerships” and for the words “partnerships are en commandite” there shall be substituted the words “partnerships are en commandite or limited partnerships”.
127. In subarticle (3) of article 342 of the principal Act, for the words “is a partnership en commandite “ there shall be substituted the words “is a partnership en commandite or limited partnership”.

128. In subarticle (2) of article 343 of the principal Act for the words “acquires the assets and liabilities” there shall be substituted the words “acquires all the assets and liabilities”.

129. Subarticle (6) of article 345 of the principal Act shall be amended as follows:

(a) in paragraph (a) thereof, for the words “decide on the draft terms of merger;” there shall be substituted the words “decide on the draft terms of merger; and”;
(b) in paragraph (b) thereof for the words “the acquiring company; and” there shall be substituted the words “the acquiring company:”; and
(c) in paragraph (c) thereof the letter “(c)” shall be deleted and substituted by the words “Provided that, in any case,”.

130. For the proviso to subarticle (3) of article 354 of the principal

Act, there shall be substituted the following:
“Provided that any fees that may be payable upon an increase in the authorised share capital of the acquiring company shall remain due and payable.”.

131. In the third proviso to subarticle (1) of article 357 of the principal Act, for the words “to refer to such duty and other fees” there shall be substituted the words “to refer to such fees”.

132. Article 358 of the principal Act shall be amended as follows:

(a) in the marginal note thereto, for the words “all its voting shares” there shall be substituted the words “all its shares”.
(b) in subarticle (1) thereof, for the words “holder of all their shares conferring the right to vote at general meetings and” there shall be substituted the words “holder of all their shares and”;
(c) subarticle (3) thereof shall be amended as follows:
(i) in paragraph (a) thereof for the words “takes effect;”
there shall be substituted the words “takes effect; and”;
(ii) in paragraph (b) thereof, for the words “shall apply;” there shall be substituted the words “shall apply:”;
(iii) in paragraph (c) thereof the letter “(c)” shall be deleted and substituted by the words “Provided that, in any case,”; and
(d) subarticle (4) thereof shall be deleted.

133. Article 359 of the principal Act shall be amended as follows: (a) subarticle (1) thereof shall be amended as follows:

(i) in paragraph (a) thereof, for the words “shall be published by him at least three months before the date fixed for the general meeting of the companies being acquired which is to decide on the draft terms of acquisition;” there shall be substituted the words “shall be published by him;”;
(ii) paragraphs (b) and (c) thereof shall be respectively re-numbered (c) and (d);
(iii) immediately after paragraph (a) thereof there shall be added the following new paragraph (b):
“(b) the general meetings of the companies being acquired which are to decide on the draft terms of acquisition shall be held not later than three months from the publication referred to in paragraph (a) of subarticle (1) of this article;”; and
(d) in paragraph (c) thereof as re-numbered, for the words “within the period mentioned in paragraph (a) of this subarticle” there shall be substituted the words “within the period mentioned in the preceding paragraph of this subarticle”;
A 431

Amendment of article 359 of the principal Act.

A 432

Amendment of article 360 of the principal Act.

Amendment of article 361 of the principal Act.

Amendment of article 362 of the principal Act.

Amendment of article 363 of the principal Act

Amendment of article 368 of the principal Act.

(b) in the proviso to subarticle (2) thereof for the words “to inspect the documents” there shall be substituted the words “to inspect and obtain copies of the documents”; and
(c) subarticle (3) thereof shall be deleted.

134. Article 360 of the principal Act shall be amended as follows: (a) in paragraph (b) of subarticle (1) thereof for the words

“new companies.” there shall be substituted the words “new companies; or”;
(b) immediately after paragraph (b) of subarticle (1) thereof there shall be inserted the following new paragraph:
“(c) division by a combination of a division by acquisition with a division by the formation of one or more new companies;”;
(c) subarticles (4), (5), (6) and (7) thereof shall be renumbered respectively (5), (6), (7) and (8); and
(d) immediately after subarticle (3) thereof there shall be inserted the following new subarticle:
“(4) Division by a combination of a division by acquisition with a division by formation of one or more new companies is the same as the operation described in subarticle (2) of this article combined with the operation as described in subarticle (3) of this article.”.

135. In paragraph (h) of subarticle (2) of article 361 of the principal Act, for the words “the precise description” there shall be substituted the words “the precise and detailed description”.

136. In the English text of subarticle (2) of article 362 of the principal Act, for the words “agreed of as the Court,” there shall be substituted the words “agreed or as the Court,”.

137. In subarticle (1) of article 363 of the principal Act, for the words “the allocation of shares.” there shall be substituted the words “the allocation of shares. The report shall also describe any special valuation difficulties which have arisen.”.

138. In the second proviso of subarticle (3) of article 368 of the principal Act, for the words “paragraph (c) of subarticle (1) of article

375” there shall be substituted the words “paragraph (c) of subarticle
(2) of article 375”.

139. Article 370 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “altered to meet

circumstances” there shall be substituted the words “altered to meet the circumstances”; and
(b) in subarticle (2) thereof, for the words “article 344” there shall be substituted the words “article 368”.

140. Article 371 of the principal Act shall be amended as follows: (a) in the English text of paragraph (a) of subarticle (1)

thereof for the words “assets, liabilities and obligations” there shall
be substituted the words “assets, rights, liabilities and obligations”;
and
(b) for the proviso to subarticle (3) thereof there shall be substituted the following:
“Provided that any fees that may be payable upon an increase in the authorised share capital of the recipient companies shall remain due and payable.”; and
(c) immediately after subarticle (4) thereof there shall be inserted the following new subarticle (5):
“(5) Where the assets of the company to be divided include immovable property or rights relating thereto, the directors of the recipient companies shall cause within one month from the coming into force of the division, a declaratory public deed to be published, containing a detailed description and the allocation of the immovable property or rights relating thereto delivered to each of the recipient companies, and a true copy of the said deed shall be lodged with the Registrar within fourteen days from the enrolment thereof at the Public Registry.”

141. For paragraph (b) and the words immediately following of article 372 of the principal Act, there shall be substituted the following:

“(b) being an expert who is responsible for drawing up on behalf of the said company the report on the draft terms of the division,
and who, as a consequence of his wilful or negligent misconduct in the performance of his duties causes damages to any shareholder of the company to be divided, shall be liable for such damages.”.
A 433

Amendment of article 370 of the principal Act.

Amendment of article 371 of the principal Act.

Amendment of article 372 of the principal Act.

A 434

Amendment of article 373 of the principal Act.

Amendment of article 374 of the principal Act

Re-numbering of Chapter III of Part IX of the principal Act.

Addition of new Chapter III of Part IX to the principal Act.

142. Article 373 of the principal Act shall be amended as follows: (a) paragraph (a) thereof shall be amended as follows:

(i) for the words “article 361 of this Act; or within three months” there shall be substituted the words “article 361 of this Act, or within three months”;
(ii) for the words “the resolution of the extraordinary general meeting” there shall be substituted the words “any of the resolutions of the extraordinary general meetings mentioned therein”; and
(iii) for the words “by the Registrar in the Gazette;”
there shall be substituted the words “by the Registrar;”;
(b) in paragraph (c) thereof, for the words “Registrar in the
Gazette,” there shall be substituted the words “Registrar,”; and
(c) in paragraph (g) thereof, for the words “the division shall not take effect”, there shall be substituted the words “the division shall not become operative”.

143. Article 374 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof, for the words “The provisions

of articles 361, 362, 363,” there shall be substituted the words “The
provisions of article 361, subarticles (1) to (5) of article 362, article
363,”; and
(b) for the proviso to subarticle (1) thereof there shall be substituted the following:
“Provided that the proviso to subarticle (3) of article 371 of this Act shall be deemed to refer to such fees as may be payable upon the registration of the new companies.”;

144. Chapter III of Part IX of the principal Act shall be renumbered Chapter IV.

145. Immediately before Chapter IV of Part IX of this Act as re- numbered there shall be added the following new Chapter III:

“Chapter III - Division by a combination of a division by acquisition with a division by the formation of one or more new companies

Division by a combination of division by acquisition and division

by formation of new companies

374(A) (1) The provisions of articles 361, 362, 363, subarticles (1) and (2) of article 364 and articles 365 to 373 of this Act shall apply to division by combination of a division by acquisition with a division by formation of one or more new companies:
Provided that the proviso to subarticle (3) of article
371 of this Act shall be deemed to refer also to such fees as may be payable upon the registration of the new companies where that is the case.
(2) In addition to the information specified in subarticle (2) of article 361 of this Act, the draft terms of division, shall also indicate the status, name and registered office of the new company or companies.
(3) The draft terms of division and, if they are contained in a separate document, the draft memorandum and the draft articles of the new company or companies shall be approved by an extraordinary resolution taken at a general meeting of the company to be divided and of each existing recipient company.
(4) Neither article 364 nor article 365 of this Act, in so far as they relate to the written report drawn up by one or more experts shall apply in respect of new companies where the shares in such companies are allocated to the shareholders of the company to be divided in proportion to their holding in the issued share capital of that company.
(5) The Registrar shall, after striking the name of the company to be divided off the register in accordance with the provisions of subarticle (1) of article 370 of this Act, proceed to issue a certificate of registration for each one of the new companies formed, denoting the fact of its formation as a result of the division.”
A 435

146. Article 375 of the principal Act shall be amended as follows:

(a) for subarticle (1) thereof there shall be substitued the following:
“(1) The company to be divided may apply to the Court for it to supervise the division.”;
(b) immediately after the proviso to paragraph (b) of subarticle
(2) thereof, there shall be inserted the following new proviso:

Amendment of article 375 of the principal Act.

A 436

Amendment of Part XI of the principal Act

Amendment of article 385 of the principal Act.

“Provided further that the provisions of this paragraph shall, with regard to division by the formation of new companies, apply only to the company being divided;”;
(c) in paragraph (a) of subarticle (3) thereof for the words “subarticle (4) of article 361” there shall be substituted the words “subarticle (5) of article 361”; and
(d) immediately after subarticle (3) thereof there shall be inserted the following new subarticle (4):
“(4) The provisions of subarticle (3) of article 368 of this Act shall not apply to a divison under this Chapter where a majority in number representing three-fourths in value of the creditors of the company to be divided have agreed to forego such joint and several liability as is referred to in subarticle (3) of article 368 of this Act.”.

147. In Part XI of the Act, including the heading thereof, for the words “place of business” wherever they occur, there shall be substituted in each case the words “branch or place of business”.

148. Article 385 of the principal Act shall be amended as follows: (a) for paragraph (b) of subarticle (1) thereof, there shall be

substituted the following:
“(b) a list of the directors and company secretary, if any, or of the persons vested with the administration of the oversea company, where that company does not have directors or a company secretary, and, in all cases, a list of the persons vested with the representation of the oversea company. Such lists shall include the following particulars:
(i) in the case of an individual, his name, his usual residential address, his nationality and his business occupation; and
(ii) in the case of a body corporate, its registered or corporate name and registered or principal office;” ;
(b) for paragraph (c) of subarticle (1) thereof, there shall be substituted the following:
“(c) a return containing the following particulars -
(i) the name under which the branch or place of business is carrying on its activities where different from the name of the oversea company;
(ii) the address of the branch or place of business established in Malta by the oversea company, and where more than one branch or place of business has been established, there shall be indicated the address of the principal branch or place of business;
(iii) the activities to be carried out by the branch or place of business established in Malta;
(iv) the names and addresses of one or more individuals resident in Malta authorised to represent the oversea company for the activities of the branch or place of business established in Malta; and
(v) the extent of the authority of any individual falling within subparagraph (iv) above, including whether that individual is authorised to act alone or jointly with others, and in the latter case, the name of any person with whom he is authorised to act.”; and
(c) immediately after paragraph (c) of subarticle (1) thereof there shall be inserted the following new paragraph (d):
“(d) unless disclosed by the document specified in paragraph (a) of subarticle (1) of this article, a return containing the following particulars about the oversea company -
(i) the legal form of the oversea company; and
(ii) the identity of the register in which the oversea company is registered and the number with which it is so registered.”.

149. Article 386 of the principal Act shall be amended as follows: (a) for paragraph (b) thereof, there shall be substituted the

following:
“(b) the directors or company secretary or the persons vested with the administration or the representation of an oversea company, or in the particulars specified under paragraph (b) of subarticle (1) of article 385; or”; and
(b) for paragraph (c) thereof, there shall be substituted the following:
A 437

Amendment of article 386 of the principal Act.

A 438

Amendment of article 390 of the principal Act.

Amendment of article 391 of the principal Act.

Amendment of article 395 of the principal Act.

Amendment of article 396 of the principal Act.

Addition of new article 399A to the principal Act.

“(c) the names or addresses of the individuals authorised to represent an oversea company for the activities of the branch or place of business established in Malta;”.

150. Article 390 of the principal Act shall be amended as follows: (a) in subarticle (1) thereof for the words “outside Malta.”,

there shall be substituted by the words “outside Malta:”; and
(b) immediately after subarticle (1) thereof there shall be inserted the following new proviso:
“Provided that the said provisions shall not apply to a prospectus issued by a holder of a collective investment scheme licence within the meaning of the Investment Services Act and provided further that the issue of such a prospectus complies with the rules and regulations made under that Act.”.

151. In paragraph (b) of subarticle (6) of article 391 of the principal Act, for the words “the Malta Stock Exchange” there shall be substituted the words “a recognised investment exchange”.

152. Article 395 of the principal Act shall be amended as follows: (a) for paragraph (b) of subarticle (1) thereof there shall be

substituted the following:
“(b) application is made to the Listing Authority for the admissibility to listing of its shares or debentures on a recognised investment exchange.”;
(b) in subarticle (2) thereof for the words “Malta Stock Exchange” there shall be substituted the words “ Listing Authority”; and
(c) in subarticle (3) thereof for the words “for permission to the Malta Stock Exchange” there shall be subsituted the words “for admissibility to listing on a recognised investment exchange”.

153. In subarticle (4) of article 396 of the principal Act, for the words “the Malta Stock Exchange” there shall be substituted the words “a recognised investment exchange”.

154. Immediately after article 399 of the principal Act, there shall be inserted the following new article 399A:

“Closure by oversea company of its branch or place of business in Malta

399A(1)(a) An oversea company shall within one month of the closure of its branch or place of business in Malta deliver a notice to the Registrar for registration notifying him of such closure.
(b) Where an oversea company, constituted or incorporated outside Malta, which has established a branch or place of business within Malta, has been dissolved or for any other reason is being wound up, it shall, within one month from the date of the dissolution or the date on which the winding-up begins, deliver to the Registrar for registration a return in the prescribed form containing the following particulars -
(i) a brief description of the winding-up or other proceedings to which the oversea company has become subject to, specifying whether such proceedings amount to insolvency proceedings, or an arrangement or composition, or any analagous proceedings;
(ii) whether the oversea company has been dissolved or is being wound up by an order of a court;
(iii) if the company is not being so dissolved or wound up, as a result of what action the dissolution or winding-up has commenced;
(iv) whether the dissolution or winding up has been instigated by:
(a) the oversea company’s members; (b) the oversea company’s creditors; or (c) some other person or persons; and
(v) the date on which the dissolution or winding-up became or will become effective.
(c) If an oversea company fails to comply with the provisions of this subarticle, the liquidator or any officer or agent of the company, as the case may be, who is in default shall be liable to a penalty and, in the case of a continuing default, to a further penalty for every day during which the default continues.
A 439
A 440

Amendment of article 401of the principal Act.

Amendment of article 402 of the principal Act.

(2) (a) A person appointed to be the liquidator of the oversea company shall, within one month from the date of his appointment, deliver to the Registrar for registration a return in the prescribed form containing the following particulars -
(i) his name, his residential address and his business or professional occupation;
(ii) the date of his appointment; and
(iii) a description of his powers together with an explanation of the extent to which these powers are derived otherwise than from the general law or the company’s consititution.
(b) The liquidator of the oversea company shall, within one month from the termination of the winding up of the oversea company, deliver to the Registrar for registration, a return in the prescribed form notifying him of such termination.
(c) If the liquidator fails to comply with any of the requirements of paragraphs (a) and (b) of this subarticle he shall be liable to a penalty and, for every day during which the default continues, to a further penalty.”.

155. Article 401 of the principal Act shall be amended as follows: (a) in paragraph (d) of subarticle (1) thereof, for the words

“any of the provisions of this Act;” there shall be substituted the words “any of the provisions of this Act and any such delivery, submission or service to the Registrar and the retention and registration of any document by the Registrar, may be carried out in such manner and by such means and in such format, including electronic communication within the meaning of the Electronic Commerce Act, as the Registrar may deem appropriate;”; and
(b) in paragraph (g) of subarticle (1) thereof, for the number “XI” in the English text there shall be substituted the number “IX” and for the words “of this Act; such notice” there shall be substituted the words “of this Act, or of the striking off of the name of a company, under the provisions of article 325 of this Act. Such notice”.

156. Article 402 of the principal Act shall be amended as follows:

(a) subarticles (4) and (5) thereof shall be respectively renumbered (5) and (6); and
(b) immediately after paragraph (g) of subarticle (3) thereof there shall be inserted the following new subarticle (4):
“(4) When an order is made for the dissolution of a company in terms of paragraph (g) of subarticle (3) of this article, the company shall be deemed to have been dissolved on the date when the order is made and the provisions of Sub-Titles I and III of Title II of Part V of this Act regulating the winding up of companies shall apply.”.

157. Immediately after subarticle (5) of article 404 of the principal

Act, there shall be inserted the following new subarticle (6):
“(6) The Registrar shall exercise the powers conferred by this article where it appears to him that it is expedient and in the public interest to do so.”

158. In subarticle (1) of article 406 of the principal Act for the words “the company’s subsidiary or holding company, or a subsidiary of its holding company or a holding company of its subsidiary,” there shall be substituted the words “the company’s subsidiary or parent company, or a subsidiary of its parent company or a parent company of its subsidiary,”.

159. In subarticle (2) of article 418 of the principal Act for the words “the powers vested in him under this Part” there shall be substituted the words “the duties and powers vested in him under this Part”.

160. Article 425 of the principal Act shall be amended as follows:

(a) in paragraph (d) of subarticle (1) thereof for the words “Ninth, Tenth and Eleventh Schedule” there shall be substituted the words “Ninth, Tenth, Eleventh and Twelfth Schedule”;
(b) in paragraph (g) of subarticle (1) therof for the words “on any stock exchange” there shall be substituted the words “ on any recognised investment exchange”;
(c) for paragraph (h) of subarticle (1) thereof, there shall be substituted the following:
A 441

Amendment of article 404 of the principal Act.

Amendment of article 406 of the principal Act.

Amendment of article 418 of the principal Act.

Amendment of article 425 of the principal Act.

A 442

Amendment of article 427 of the principal Act.

“(h) specify the categories of public companies which may not issue share warrants by whatever designation described and prescribe rules further regulating and restricting the issue of share warrants;”;
(d) in paragraph (i) of subarticle (1) thereof for the words
“prescribed; and” there shall be substituted the words “prescribed;”;
(e) paragraph (j) of subarticle (1) thereof shall be re- numbered as paragraph (l); and
(f) immediately after paragraph (i) of subarticle (1) thereof, there shall be inserted two new paragraphs (j) and (k) as follows:
“(j) provide for the exemption of offshore companies formed and registered under the Malta Financial Services Authority Act from any of the provisions of this Act, or for the application to any such companies of the said provisions with such qualifications and subject to such variations and conditions as may be prescribed, including the prescription of additional or different rules and requirements regulating such companies;
(k) provide for the exemption of oversea companies, which establish a branch or place of business within Malta under Part XI of this Act, from any of the provisions of Part XI of this Act, or for the application to any such oversea companies of the said provisions with such qualifications and subject to such variations and conditions as may be prescribed, including the prescription of additional or different rules and requirements regulating such oversea companies; and”.

161. Article 427 of the principal Act shall be amended as follows:

(a) in subarticle (1) thereof, for the words “the Tenth Schedule” there shall be substituted the words “the Eleventh Schedule”;
(b) in subarticle (2) thereof, for the words “the Tenth Schedule” there shall be substituted the words “the Eleventh Schedule”, and for the words “The daily default penalty shall be due for every day during which the default continues and shall accrue from the day on which the Registrar gives notice under subarticle (3) of article 401 of this Act that a penalty is due.” there shall be substituted the following words “The penalty shall become due on the day on which the default occurs and the daily default
penalty shall be due for every day during which the default continues and shall accrue from the day following that on which the default occurs.”; and
(c) immediately after subarticle (3) thereof, there shall be inserted the following new subarticle (4):
“(4) A company shall be jointly and severally liable with its officers for the payment of any administrative penalties imposed under this Act.”.

162. In subarticle (15) of article 428 of the principal Act the words “registered under this Act, other than any resolution, notice, return or other document required to be” shall be deleted.

163. For paragraph (a) of subarticle (1) of article 431 of the principal Act, there shall be substituted the following:

“(a) offshore companies formed and registered under the Malta Financial Services Authority Act shall, subject to the provisions of the said Act, continue to be regulated by the Ordinance, and the provisions of this Act shall not apply thereto, for such period or until such date as the Minister may, by order in the Gazette, establish and the provisions of this Act shall commence to apply to them from such date:
Provided that the Minister may, by regulations made under this Act, exempt such companies from any one or more of the provisions of this Act, with such qualifications and subject to such variations and conditions as may be specified therein;”

164. In the English text of the sub-title of the Second Schedule of the principal Act for the words “Part X of this Act” there shall be substituted the words “Part XI of this Act”.

165. In paragraph (4) of the Fifth Schedule to the principal Act for the words “official stock exchange listing” wherever they occur, there shall be substituted in each case the words “listing on a recognised investment exchange”.

166. Paragraph 1 of the Sixth Schedule to the principal Act shall be amended as follows:

(a) in sub-paragraph (c) thereof for the words “development;
and” there shall be substituted the word “development;”;
A 443

Amendment of article 428 of the principal Act.

Amendment of article 431 of the principal Act.

Amendment of the Second Schedule to the principal Act.

Amendment of the Fifth Schedule to the principal Act.

Amendment of the Sixth Schedule to the principal Act.

A 444

Amendment of the Seventh Schedule to the principal Act.

Amendment of the Ninth Schedule to the principal Act.

Amendment of the Eleventh Schedule to the principal Act.

Amendment of the Tenth Schedule to the principal Act.

Addition of new Tenth Schedule to the principal Act.

Amendment of the Eleventh Schedule to the principal Act as renumbered.

(b) in sub-paragraph (d) thereof for the word “reserves.”
there shall be substituted the words “reserves; and”; and
(c) immediately after sub-paragraph (d) thereof there shall be inserted the following new sub-paragraph (e):
“(e) the existence of branches of the company.”.

167. For the Seventh Schedule to the principal Act there shall be substituted the Seventh Schedule contained in the First Schedule to this Act.

168. Immediately after paragraph 13 of the Ninth Schedule to the principal Act there shall be added the following new paragraph 14 :

“14. The voting rights in an undertaking shall be reduced by any rights attaching to shares -
(a) held by way of security, provided that the rights in question are exercised in accordance with the instructions received; or
(b) held in connection with the granting of loans as part of normal business activities, provided that the voting rights are exercised in the interests of the person providing the security.”.

169. In the title of the Eleventh Schedule to the principal Act for the words “Eleventh Schedule” there shall be substituted the words “Twelfth Schedule”.

170. In the title of the Tenth Schedule to the principal Act for the words “Tenth Schedule” there shall be substituted the words “Eleventh Schedule”.

171. Immediately after the Ninth Schedule to the principal Act there shall be added the Tenth Schedule contained in the Second Schedule to this Act.

172. The Eleventh Schedule to the principal Act as renumbered shall be amended as follows:

(a) for the following paragraphs:
“66(6) Failure of partner vested with administration or representation to deliver a copy of any instrument altering or adding to the deed of partnership of a
200 liri 10 liri
partnership en commandite the capital of which is divided into shares to the Registrar or failure to deliver amended deed of partnership.
70(6) Trading or carrying on business under certain prohibited names
74(2) Failure of company to deliver report of proposed acquisition of asset from subscriber or major shareholder to Registrar
there shall be substituted the following: “66(6) Failure of partner vested
with administration or representation to
deliver a copy of any instrument altering or adding to the deed of partnership of a partnership en commandite or limited partnership the capital of which is divided into shares to the Registrar or failure to deliver amended deed of partnership.
70(6) Trading or carrying on business under certain prohibited names
74(2) Failure of company to deliver to Registrar report of proposed acquisition of non-cash asset from subscriber or member
(b) immediately after paragraph
“133(5) Officer of company contravening further provisions as to votes by proxy at meetings of the company
there shall be inserted the following:
“138(8) Failure to appoint a company secretary
and (c) immediately after paragraph:
200 liri None
500 liri None”
200 liri 10 liri
200 liri 10 liri
500 liri None”;
200 liri None”
200 liri 10 liri”;
A 445
A 446
“ 397(1) Person responsible for 1000 liri None “
issuing, circulating or distributing a prospectus etc. for an oversea company in contravention of articles 391 to 396.
there shall be inserted the following:
“399(A)(1) Liquidator, officer or agent of oversea company failing to give notice to Registrar of winding-up of oversea company or closure of branch or place of business
200 liri 10 liri
399(A)(2) Liquidator of oversea 200 liri 10 liri.”. company failing to notify Registrar of
appointment
PART VIII
AMENDMENTS TO THE INVESTMENT SERVICES ACT, CAP. 370

Amendments to the Investment Services Act, Cap. 370.

Amendment of article 6 of the principal Act.

Amendment of article 12 of the principal Act.

173. (1) This Part amends and shall be read and construed as one with the Investment Services Act, hereinafter in this Part referred to as “the principal Act”.

(2) The provisions of this Part shall come into force on such date as the Minister responsible for finance may by notice in the Gazette establish.

174. In paragraph (b) of subarticle (2) of article 6 of the principal Act, for the words “reporting requirements, and any other matters”, there shall be substituted the words “reporting requirements, financial resources, capital adequacy and related requirements, and any other matters”.

175. Article 12 of the principal Act shall be amended as follows: (a) in paragraph (b) of subarticle (1) thereof, for the words

“schemes and to make provisions on capital adequacy
requirements;” there shall be substituted the words “schemes; and to make provisions on capital adequacy requirements;”;
(b) in paragraph (c) of subarticle (1) thereof, for the words “and provide for the judicial and legal representation thereof;” there shall be substituted the words “and provide for the judicial and legal representation thereof; and such schemes shall be exempt from the payment of income tax as from the date of establishment of such schemes;”.

176. For article 26 of the principal Act, there shall be substituted the following:

“26. (1) Information obtained by any person for the purposes of, or pursuant to, any of the provisions of this Act, or of any rules or regulatons made thereunder, or in the discharge of any functions under any of the said provisions, or from overseas regulatory authority, shall be treated as confidential and protected by the duty of professional secrecy, and shall not be disclosed to any other person except in:
(a) cases covered by criminal law provisions under this Act or any other Act, including the detection, prevention or prosecution of criminal offences;
(b) a summary or collection of information formed in such a way as not to enable the identity of any persons to whom the information relates to be ascertained; and
(c) civil or commercial proceedings in relation to the bankruptcy or dissolution and consequential winding up by the Court of a licence holder provided such information does not concern third parties involved in attempts to rescue such licence holder, and to such overseas bodies responsible for the liquidation and bankruptcy of a person holding a licence or an equivalent authorisation from an overseas regulatory authority or for other similar procedures.
(2) The provisions of subarticle (1) of this article shall not preclude the disclosure of information, provided the consent of the person from whom the informaiton originates is obtained –
(a) with a view to the institution of, or otherwise for the purposes fo any proceedings by the competent authority before any court under this Act;
(b) to an auditor where such disclosure would assist him in the exercise fo his functions under article 18 of this Act;
(c) to the Central Bank of Malta or to the Listing Authority under the Financial Markets Act, where such information is required by the Bank or the Listing Authority in the exercise of their respective functions in terms of law;
(d) in response to a request from, or for the purpsoe of assisting, an overseas regulatory authority pursuant to article 17 of this Act; and
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Amendment of article 26 of the principal Act.

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Amendments to the

Banking Act, Cap.

371.

Amendment of article 7 of the principal Act.

Amendment of article 15 of the principal Act.

(e) to such other local or overseas regulatory, judicial or enforcement authorities where such disclosure is required or requested for the pursuance of serious regulatory concerns.”.
PART IX
AMENDMENTS TO THE BANKING ACT, CAP. 371

177. (1) This Part amends and shall be read and construed as one with the Banking Act, hereinafter in this Part referred to as “the principal Act”.

(2) The provisions of this Part shall come into force on such date as the Minister responsible for finance may by notice in the Gazette establish.

178. Immediately after paragraph (a) of subarticle (1) of article

7 of the principal Act there shall be inserted the following new proviso:–
“Provided that, without prejudice and subject to the provisions of article 16A, the competent authority may by provision contained in a banking directive, increase the amounts laid down in this paragraph, and such amounts may be designated in such other currency as may be specified in the directive.”.

179. Article 15 of the principal Act shall be amended as follows:– (a) in paragraph (b) of subarticle (1) thereof, for the words

“grant or permit to be outstanding credit facilities or extend other
banking services under terms and conditions more favourable than the credit institution would have otherwise applied –” there shall be substituted the words “grant or permit to be outstanding credit facilities or extend other banking services, under tems and conditions more favourable than the credit institution would have otherwise applied,–”;
(b) in paragraph (c) of subarticle (1) thereof, for the words “of such officer or employee;” there shall be substituted the following:–
“ of such officer or employee:
Provided that the competent authority may by banking directive extend the restrictions listed in paragraphs (a), (b) and (c) or any of them to other officers, employees or shareholders of credit institutions or to other categories of persons in such manner and to such extent as may be specified.”.

180. In subarticle (2) of article 25 of the principal Act, for the words “disclose information to other foreign competent authorities insofar as the authorities to which the information is disclosed are subject to obligations of professional secrecy which are equivalent to those applying under the law in Malta.” there shall be substituted the words “disclose information to other foreign competent authorities.”.

181. In article 28A of the principal Act, for the words “and to make provision for any other aspect related to depositor protection schemes including rules on advertising.” there shall be substituted the words “and to make provision for any other aspect related to depositor protection schemes including rules on advertising; and such schemes shall be exempt form the payment of income tax as from the date of establishment of such schemes;”.

PART X
AMENDMENTS TO THE INSIDER DEALING AND MARKET ABUSE OFFENCES ACT, CAP. 376

182. (1) This Part amends and shall be read and construed as one with the Insider Dealing and Market Abuse Offences Act, hereinafter in this Part referred to as “the principal Act”.

(2) The provisions of this Part shall come into force on such date as the Minister responsible for finance may by notice in the Gazette establish.

183. In subarticle (2) of article 7 of the principal Act, for the words “as mentined in article 5(1)(a), (b) and (c).” there shall be substituted the words “as mentioned in article 5”.

184. In subarticle (1) of article 9 of the principal Act, for the words “the provisions of article 5(1)(a)” there shall be substituted the words “the provisions of article 5”.

PART XI
AMENDMENTS TO THE FINANCIAL INSTITUTIONS ACT, CAP. 376

185. (1) This Part amends and shall be read and construed as one with the Financial Institutions Act, hereinafter in this Part referred to as “the principal Act”.

(2) The provisions of this Part shall come into force on such date as the Minister responsible for finance may by notice in the Gazette establish.
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Amendment of article 25 of the principal Act.

Amendment of article 28A of the principal Act.

Amendments to the Insider Dealing and Market Abuse Offences Act, Cap.

375.

Amendment of article 7 of the principal Act.

Amendment of article 9 of the principal Act.

Amendments to the Financial Institutions Act, Cap. 376.

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Amendment of article 20 of the principal Act.

Miscellaneous provisions.

186. In subarticle (2) of article 20 of the principal Act, for the words “disclose information to other foreign comopetent authorities insofar as the authorities to which the information is disclosed are subject to obligations of professional secrecy which are equivalent to those applying under the law in Malta” there shall be substituted the words “disclose information to other foreign competent authorities.”.

PART XII MISCELLANEOUS PROVISIONS

187. (1) Without prejudice to any other law in any reprint of this Act, Parts II to VII need not be reproduced and it shall be sufficient to reproduce Part I of this Act:

Provided that nothing in this subarticle shall be construed as reducing the validity of anything contained in the Parts not so reproduced.
(2) Upon the coming into force of Parts II to VII of this Act, the long title of this Act shall be “An Act to make provision for the enforceability of set-off and netting on bankruptcy or insolvency.”.

FIRST SCHEDULE

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(Article 167)

“ SEVENTH SCHEDULE” (Article 184)

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3. List of Past and Present Members

List of persons holding shares or stock in the company on the date to which this return is made up, and of persons who have held shares or stock therein at any time since the date of the last return, or in the case of the first return, of the registration of the company.

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3. List of Past and Present Members (cont. sheet)

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4. Particulars of Directors

Particulars of the persons who are directors of the company at the date of this return.

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5. Particulars of Company Secretary

Particulars of the person who is company secretary of the company at the date of this return.

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Signed .........................................................

Director / Company Secretary”

(Article 171)

SECOND SCHEDULE

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(Article 66A)

“ TENTH SCHEDULE

Partnerships en commandite or Limited Partnerships

PART I - REGULATIONS FOR PARTNERSHIPS EN COMMANDITE OR LIMITED PARTNERSHIPS

Interpretation

1. (a) In this Schedule, unless the context otherwise requires -
“licence holder” means a person who holds an investment services licence under article 6 of the Investment Services Act.
(b) The provisions of this Schedule shall apply only to partnerships en commandite or limited partnerships within the meaning of article 66A of the Act.

Formation of Partnerships en commandite or Limited Partnerships

2. (1) A partnership en commandite or limited partnership may be formed by two or more partners, operates under a partnership name and has its obligations guaranteed by the unlimited joint and several liability of one or more partners, called general partners, and by the liability, limited to the amount, if any, unpaid on the contribution of one or more partners, called limited partners.
(2) A partnership en commandite or limited partnership shall have a legal personality separate and distinct from that of its partners, and shall accordingly be the subject of rights and obligations, be capable of owning and holding property under any title at law and of suing and being sued, in its own name, and such legal personality shall continue until such time as the name of the partnership shall be struck off the register, whereupon the partnership shall cease to exist.

Constitution of Partnership en commandite or Limited Partnership

3. (1) A partnership en commandite or limited partnership shall consist of:
(a) one or more general partners who shall be jointly and severally liable for all debts of the partnership en commandite or limited partnership without limitation and at least one of whom shall be a licence holder licensed as a manager of a collective investment scheme within the meaning of the Investment Services Act; and
(b) one or more limited partners who are admitted to the partnership as limited partners in accordance with the deed of partnership, who upon entering the
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partnership, contribute, or agree to contribute to the capital thereof a specified sum; and save for any unpaid portion of their contribution to the partnership shall not be liable for any debts of the partnership.
(2) Any person may be a partner in a partnership en commandite or limited partnership. (3) The contribution of a limited partner may be satisfied by the provision
of cash or other property capable of economic assessment but may not consist of future
services or undertakings to perform work or supply services; and where property other than cash is so provided, the value of the property shall be deemed to be its fair market value at the time of its transfer to the partnership.
(4) The provisions of the proviso to article 51 of this Act shall not apply to partnerships en commandite or limited partnerships.

Partnership name

4. (1) A partnership en commandite or limited partnership may be designated by any name, but such name shall end with the words “Limited Partnership” or its abbreviation “LP”.
(2) No person carrying on any business in Malta, other than a partnership en commandite or limited partnership or a partner therein, shall in any way or manner describe itself or himself or so hold itself or himself out or reasonably be understood to indicate, or use any name which indicates or may reasonably be understood to indicate that it or he is, or is carrying on business as, a partnership en commandite or limited partnership or, as the case may be, a partner therein.
(3) The name of a limited partner or a distinctive part thereof may not form part of the partnership name.
(4) A limited partner who knowingly allows his name or a distinctive part thereof to be used as the partnership name or a part of such partnership name shall be liable as a general partner to any person who extends credit to the partnership without knowledge that the limited partner was not a general partner.
(5) A person who contravenes the provisions of sub-paragraph (2) of this paragraph shall be liable to a penalty, and for every day during which the default continues, to a further penalty.

Contents of deed of partnership

5. (1) A partnership en commandite or limited partnership shall not be validly constituted unless a deed of partnership is entered into and signed and a certificate of registration is issued under this Schedule in respect thereof.
(2) The deed of partnership shall be in writing and shall set out the agreement of the partners as to the affairs of the partnership and the conduct of its business.
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(3) The deed of partnership shall be binding upon the partners and their assigns and upon subsequent partners in the same manner as if those persons had themselves executed it.
(4) The deed of partnership shall state:
(a) the name and residence of each of the first partners specifying the first general and the first limited partners;
(b) the partnership name;
(c) the registered office in Malta of the partnership;
(d) subject to the provisions of subarticle (1) of article 66A of this Act, the objects of the partnership;
(e) the contribution of each of the first partners to the partnership specifying the value of the respective contribution and the amount paid up in respect of such contribution;
(f) the period, if any, fixed for the duration of the partnership.
(5) The deed of partnership shall be delivered for registration to the Registrar who, being satisfied that it complies with the requirements of this Schedule, shall register it.
(6) Where the deed of partnership is a public deed or a private writing enrolled in the records of a notary public, an authentic copy thereof may be delivered in lieu of the original.
(7) The aforesaid delivery shall be made by any one of the partners or his authorised agent.

Duty of Registrar and effects of registration.

6. (1) On the registration of the deed of partnership and the payment of the fees prescribed under paragraph (e) of subarticle (4) of article 66A of this Act, the Registrar shall certify under his hand that the partnership is registered and the partnership shall come into existence and shall be authorised to commence business under the partnership name as from the date of the certificate:
Provided that, if registration is obtained before the date fixed in the deed of partnership for the commencement of the partnership, the certificate shall indicate such date, and the partnership shall come into existence and shall be authorised to commence business as from such later date.
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(2) A certificate of registration given in respect of a partnership is conclusive
evidence that the requirements of this Schedule in respect of registration and of matters precedent and incidental to it have been complied with and that the partnership is duly registered under this Act.

Where certificate of registration is not issued

7. Unless and until a certificate of registration is issued under this Schedule in respect of a partnership or until the date indicated in a certificate of registration as the date on which a partnership shall come into existence -
(a) any two or more persons carrying on business under a name falsely implying the existence of a partnership shall have, as against one another and limitedly to property acquired from such business, such rights only as are by law conferred on joint owners;
(b) any obligation contracted in favour of third parties in good faith under a name falsely implying the existence of a partnership shall be jointly and severally binding on those persons, who, if a certificate of registration had been issued, would have been partners carrying on business under that name.

Changes in deed of partnership

8. (1) Unless otherwise provided in the deed of partnership, any alteration or addition thereto may only be made with the unanimous consent of the partners.
(2) It shall be the duty of the general partner vested with the administration or representation of a partnership en commandite or limited partnership to deliver to the Registrar for registration any instrument or a copy thereof altering or adding to the deed of partnership within fourteen days from the date of the said alteration or addition, together with a printed copy of the deed of partnership, as amended; and any previous amended text of the deed of partnership may be discarded by the Registrar when a subsequent amended text is delivered to him for registration:
Provided that in the event of a discrepancy between the text of any amended deed of partnership and the text of the original registered deed of partnership, the latter text together with any instruments registered in accordance with the provisions of sub- paragraph (3) of this paragraph, shall prevail.
(3) Any alteration or addition to the deed of partnership of a partnership en commandite or limited partnership shall not take effect, unless and until it is registered as provided in sub-paragraph (2) of this paragraph.
(4) If default is made in complying with the provisions of sub-paragraph (2) of this paragraph, every general partner who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.
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(5) Where a partnership en commandite or limited partnership changes its name, the general partner shall within fourteen days notify the Registrar of such change and the Registrar shall enter the new name on the register and shall issue a certificate of registration altered to meet the circumstances of the case.
(6) If default is made in complying with the provisions of sub-paragraph (5) of this paragraph, every general partner who is in default shall be liable to a penalty, and for every day during which such default continues, to a further penalty.

General partners

9. The administration and representation of the partnership shall vest in the general partners, and unless the deed of partnership otherwise provides, such administration and representation shall vest in each of the general partners severally.

Limited partners

10. (1) A limited partner shall not participate in the conduct or management of any business of the partnership and shall not transact the business of, sign, or execute documents on behalf of the partnership.
(2) A limited partner who acts or purports to act in contravention of the provisions of sub-paragraph (1) of this paragraph, shall be liable as if he were a general partner in respect of all debts incurred while he so acts or purports to act.
(3) A limited partner shall not be deemed to have participated in the conduct or management of the business of the partnership within the meaning of this paragraph by reason only of any one or more of the following circumstances:
(a) he is an employee, agent or contractor of the partnership or of a general partner;
(b) he acts as a general partner, officer, employee or shareholder of a corporate general partner;
(c) he consults with and advises a general partner as to the business of the partnership en commandite or limited partnership;
(d) he investigates, reviews, approves or is advised as to the accounts or affairs of the partnership en commandite or limited partnership;
(e) he exercises any right or power conferred on limited partners by this
Schedule;
(f) he approves or disapproves an amendment to the partnership agreement;
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(g) he participates in or requests the appointment or removal of an auditor
of the partnership;
(h) he votes as a limited partner in any meeting of the partners;
(i) he acts as surety or guarantor of or provides security for the obligations undertaken by the partnership en commandite or limited partnership;
(j) he lends money to, borrows money from or enters into transaction with the partnership en commandite or limited partnership.
(4) The provisions of the immediately preceding sub-paragraph shall not be construed as meaning that, if a limited partner exercises any other right, power or function, he has necessarily, by reason of that fact alone, participated in the conduct of the business of the partnership en commandite or limited partnership within the meaning of this paragraph.

When limited partner ceases to be a partner

11. (1) A person shall cease to be limited partner :
(a) upon the valid and absolute assignment of the whole of his partnership interest;
(b) upon the return of the whole of his contribution (including if appropriate, the discharge of all his obligations to make a contribution); or
(c) at such time or upon the occurrence of such event as may be specified in that behalf in the deed of partnership:
Provided that, in each case his name is removed from the register of partners. (2) The fact that a person has ceased to be a limited partner shall not relieve
him of any liability arising under sub-paragraph (4) of paragraph 4 and sub-paragraph
(2) of paragraph (10) of this Schedule.
(3) The fact only that a person ceases to be a limited partner shall not constitute a change or amendment to the deed of partnership.

When general partner ceases to be a partner

12. (1) A person shall cease to be a general partner upon the occurrence of any of the following events:
(a) his resignation, retirement or removal in accordance with the requirements, if any, of the deed of partnership;
A 463 (b) in the case of a natural person his bankruptcy, death or legal incapacity;
(c) in the case of a corporate general partner, the dissolution thereof.
(2) A general partner shall within fourteen days of his ceasing to be a general partner deliver to the Registrar for registration a notification in writing of such fact and the Registrar shall cause that notification to be registered. A general partner shall not be relieved of any obligation under this Schedule until such time as he delivers to the Registrar for registration a notification in writing of such fact.

Records

13. (1) A partnership en commandite or limited partnership shall maintain the following or a copy thereof at the registered office:
(a) the deed of partnership and every amendment thereof;
(b) a register of partners showing their full names and addresses together with an indication of who is a general and who is a limited partner;
(c) the capital account of each limited partner showing whichever of the following is applicable in relation to such limited partner -
(i) the amounts and dates of his contributions;
(ii) the amounts agreed to be contributed and the times at which or events upon which the contributions are to be made;
(iii) the amounts and dates of any payments representing a return of his contributions or any part thereof;
(iv) where an agreement to make a contribution is released in whole or in part, the amount and the date of such release;
(d) its accounting records;
(e) the minutes of all meetings of the general partners;
(f) all documents from time to time filed with the Registrar.
(2) All documents or copies of documents required by sub-paragraph (1) of this paragraph to be kept at the registered office shall, subject to the provisions of the deed of partnership, be available for inspection by any partner during normal business hours.
(3) The documents mentioned in items (b) and (c) of sub-paragraph (1) of this paragraph shall constitute prima facie evidence of the matters specified therein.
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(4) Notwithstanding the foregoing provisions of this paragraph the
documents described in sub-paragraph (1) of this paragraph may, provided that the deed of partnership so permits, instead of being maintained at the registered office, be maintained at such other place as the general partners consider appropriate, without prejudice to the right of all partners to inspect such documents.
(5) In the event that such other place as is mentioned in sub-paragraph (4) of this paragraph is outside Malta, copies of accounts, returns in respect of the business and copies of minutes of meetings of general partners shall be sent to, and kept at, a place in Malta, where they shall, subject to the provisions of the partnership agreement, be available for inspection by any partner during normal business hours.
(6) The copies of accounts and returns mentioned in sub-paragraph (5) of this paragraph which are to be sent to, and kept in Malta shall be such as to disclose with reasonable accuracy the financial position of the business of the partnership at intervals not exceeding six months.
(7) Any accounting records which a partnership en commandite or limited partnership is required by this paragraph to keep shall be preserved by it for a period of ten years from the date on which they are made and, if default is made in complying with this sub-paragraph, the partnership and each general partner shall be liable to a penalty.
(8) Any account, record or other document required by this Schedule to be kept by a partnership may be kept either by making entries in books or in any other manner, including without prejudice to the generality of the foregoing, computer or other electronic forms.
(9) If any such account, record or other document is kept by making entries other than in a book -
(a) it shall be deemed for the purposes of this Schedule to be kept at the place where access to it and written copies of it can be obtained; and
(b) if the matters in question are recorded in non-legible form, the recording thereof shall be capable of being reproduced in legible form.
(10) If in respect of a partnership en commandite or limited partnership there is a contravention of any of the provisions of sub-paragraphs (1), (2), (5) or (6) of this paragraph, the partnership and each general partner shall be liable to a penalty and for any day during which the default continues, to a further penalty.
(11) Any duty imposed by this Schedule to allow inspection of documents to be kept by the partnership shall, irrespective of the medium in which such documents are maintained, be construed as a duty to allow inspection of such documents in legible form.

Accounts of a partnership en commandite or limited partnership

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14. (1) Every partnership en commandite or limited partnership shall maintain proper accounting records which shall be :
(a) sufficient to show and explain the partnership’s transactions;
(b) disclose with reasonable accuracy, at any time, the partnership’s financial position at that time;
(c) such as to enable the general partners to ensure that the partnership’s balance sheet and profit and loss account are prepared properly and in accordance with generally accepted accounting principles and practice and in accordance with any relevant enactment for the time being in force in Malta;
(d) such as to contain day to day entries of all sums of money received and expended by the partnership and the matters in respect of which the receipt and expenditure takes place; and
(e) a record of the assets and liabilities of the partnership.
(2) The general partners of every partnership en commandite or limited partnership shall prepare for each accounting period individual accounts comprising the balance sheet as at the last day of the accounting period to which they refer, the profit and loss account for that period, the notes to the accounts and any other financial statements which may be required by generally accepted accounting principles and practice. These documents shall constitute a composite whole.
(3) The individual accounts shall be drawn up clearly and in accordance with the provisions of this Act and with generally accepted accounting principles and practice.
(4) The individual accounts shall give a true and fair view of the partnership’s assets, liabilities, financial position and profit or loss.
(5) The individual accounts shall comply with the requirements of this Act and with generally accepted accounting principles and practice as to the form and content of the balance sheet and profit and loss account and as to additional information to be provided by way of notes to the accounts.
(6) Where the application of the provisions of this Act would not be sufficient to give a true and fair view within the meaning of sub-paragraph (4) of this paragraph, additional information shall be given.
(7) Where in exceptional cases the application of a provision of this Act is incompatible with the obligation for the indivual accounts to give a true and fair view,
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that provision shall be departed from in order to give a true and fair view. Any such departure shall be disclosed in the notes to the accounts together with an explanation of the reasons for it and a statement of its effect on the assets, liabilities, financial position and profit or loss.

Application of Chapters IX and X of Part V of this Act

15. Save for what is stated in this Schedule, the provisions of Chapter IX and Chapter X of Part V of this Act shall, so far as applicable and so far as they are not inconsistent with the provisions of this Schedule, apply to partnership en commandite or limited partnerships, with reference to “company” therein being construed as a reference to partnership en commandite or limited partnership and reference to “directors” being construed as a reference to general partners.

Accounts to be sent to limited partners

16. At the end of each accounting period the balance sheet and profit and loss account of the partnership together with the report of the general partners and the report of the auditors shall be communicated to the limited partners.

Return of limited partner’s contribution

17. (1) A limited partner shall not, on dissolution or otherwise, receive from the capital of the partnership any payment representing a return of any part of his contribution to the partnership unless, at the time of and immediately following the making of the payment, the partnership en commandite or limited partnership is solvent.
(2) Where the partnership is insolvent at the time of or immediately following the making of such payment, or in the event of insolvency of the partnership within a period of six months immediately following the time of making such payment, the payment shall, for a period of one year from the date of its receipt by the limited partner, be repayable by him to the extent necessary to discharge any debt of the partnership incurred at a time when his contribution formed part of the partnership assets.
(3) Subject to the provisions of sub-paragraphs (1) and (2) of this paragraph, a limited partner may demand the return of his contribution -
(a) on the dissolution of the partnership; or
(b) at such time or upon the occurrence of such event or events as may be specified in the deed of partnership.
(4) A limited partner may, notwithstanding the nature of his contribution, and subject to the provisions of the deed of partnership, demand and receive either money or, where the assets of the partnership are capable of division, such divided part of the assets of the partnership as is equivalent to the value of his contribution.
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(5) Any reference in this paragraph, however expressed, to the receipt by a partner of a payment shall include a reference to the release of any debt owed by him and forming part of the partnership assets (including any obligation on his part to make a contribution to the capital of the partnership); and accordingly any reference in sub-paragraph (2) to the making of a repayment by a partner shall be deemed to include a reference to the due performance or discharge by him of the debt or obligation.
(6) For the purposes of this Schedule the expression “solvent” means that the partnership en commandite or limited partnership is able to pay its debts in full, other than payment of the contributions to the partners, on a distribution of assets on a dissolution of the partnership, as they fall due, out of the partnership assets without recourse to the separate assets of the general partners not contributed to the partnership; and the expression “insolvent” shall be construed accordingly.
(7) A distribution of any assets of a partnership en commandite or limited partnership to a limited partner shall be deemed to be a return of contribution for the purposes of the provisions of sub-paragraph (1) of this paragraph, to the extent that the distribution reduces the value of his share and interest in the partnership’s assets, calculated on the basis of the value of the partnership’s net assets, below the value of the amount contributed or agreed to be contributed by him.

Admission of additional limited partners

18. Subject to the provisions of the deed of partnership a partnership en commandite or limited partnership shall allow any number of partners to become limited partners in the partnership, provided that any such admission shall be made by the execution of an agreement in writing and shall be evidenced by the entry of the particulars of the new limited partners in the register of partners.

Assignment of interest of limited partner

19. (1) Subject to the provisions of the deed of partnership the interest of a limited partner is assignable in whole or in part.
(2) An assignment by a limited partner of his interest in the partnership or any part thereof:
(a) shall not dissolve the partnership;
(b) shall not be valid unless made in writing and in accordance with other requirements, if any, of the deed of partnership;
(c) shall not, unless and until the assignee is admitted to the partnership in accordance with the provisions of paragraph 18 of this Schedule, entitle the assignee to become or to exercise any right or power of a limited partner;
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(d) shall upon the assignee being admitted to the partnership as a limited
partner in accordance with the provisions of paragraph 15 of this Schedule, entitle the assignee to the rights and powers and, subject to item (e) hereunder, render him subject to the restrictions and obligations (including any obligation to make contributions to the capital of the partnership) to which the assignor was entitled or subject in respect of the interest assigned immediately before the assignment;
(e) shall not relieve the assignor of any liability arising under sub-paragraph
(5) of paragraph 4 and sub-paragraph (2) of paragraph 10 of this Schedule.
(3) A limited partner, upon the valid and absolute assignment of the whole of his interest in the partnership and his removal from the register of partners, shall cease to be a limited partner and to be entitled to exercise any right or power of a limited partner.

Causes of dissolution of partnerships en commandite or limited partnerships

20. (1) A partnership en commandite or limited partnership shall be dissolved upon the occurrence of any of the following events:
(a) upon the happening of any event specified in the deed of partnership; (b) upon the date fixed for its duration in the deed of partnership, if any;
(c) upon the written agreement of all partners that the partnership shall be dissolved and notice of that fact is given to the Registrar in accordance with sub- paragraph (8) of paragraph 22 of this Schedule;
(d) if there is no general partner for a period of six months; (e) if there is no limited partner for a period of six months.
(2) Where no general partner remains, the limited partners may, for the said period of six months, appoint one of their number or any other person for the performance of acts of ordinary administration and any limited partner or other person appointed pursuant to the provisions of this sub-paragraph shall not incur any liability which would otherwise be incurred under this Schedule for performing acts of ordinary administration during the said six month period.
(3) Subject to the provisions of the deed of partnership a partnership en commandite or limited partnership shall not be dissolved by any change in the limited partners, or by the bankruptcy, insolvency, death, retirement, removal, resignation, incapacity or dissolution of any limited partner whether an individual, partnership, company or other body corporate.

Dissolution by the Court

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21. (1) The Court may order the dissolution of a partnership en commandite or limited partnership on the application of any partner or creditor or on the application of the Registrar if in its opinion:
(a) the partnership is insolvent;
(b) the business of the partnership has been suspended for an uninterrupted period of twelve months;
(c) the affairs of the partnership are being conducted in a manner which is oppressive to any of the limited partners or prejudicial to their interests as limited partners or is calculated to affect adversely the carrying on of the partnership business;
(d) the limited partners are not being provided with the information relating to the affairs of the partnership as they might reasonably expect;
(e) the affairs of the partnership are being conducted in such manner as to defraud creditors or in an unlawful manner;
(f) there has been persistent default by the partnership or by any general partner thereof in complying with the requirements of this Schedule or any regulation made under this Act ;
(g) there are grounds of sufficient gravity to warrant the dissolution.
(2) Upon the making of an order under sub-paragraph (1) of this paragraph for the dissolution of the partnership or at any time thereafter, the Court may make such other orders in relation to the dissolution as it thinks fit and proper in the circumstances, including an order for the appointment of one or more liquidators to wind up the partnership’s affairs and distribute its assets.

General provisions applicable to dissolutions

22. (1) Upon the dissolution of a partnership en commandite or limited partnership its affairs shall, unless a liquidator has been appointed by the Court under sub-paragraph (2) of paragraph 21 of this Schedule or under sub-paragraph (3) of this paragraph, be wound up by the general partners.
(2) Upon the dissolution of a partnership en commandite or limited partnership no limited partner may, except in accordance with the provisions of paragraphs 17 and 24 of this Schedule, withdraw any part of his contribution, or otherwise claim as a creditor of the partnership.
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(3) Upon the dissolution of a partnership en commandite or limited
partnership or at any time thereafter, the Court may, on application of any partner (including an assignee thereof) or any creditor, make such orders in relation to the dissolution as it thinks fit and proper, including one for the appointment of one or more liquidators to wind up the partnership’s affairs and distribute its assets.
(4) On the appointment of a liquidator, whether under this paragraph or under paragraph 21, all powers of the general partners shall cease; and any person who purports to exercise any power of a general partner at a time when, pursuant to this sub-paragraph those powers have ceased, shall be liable to a penalty.
(5) Upon the dissolution of a partnership en commandite or limited partnership the partnership shall cease to carry on business except to the extent necessary for its beneficial winding up; and where in relation to a partnership there is a contravention of the provisions of this sub-paragraph, the partnership and each general partner shall be liable to a penalty.
(6) All expenses properly incurred in the dissolution of a partnership en commandite or limited partnership, including the liquidator’s remuneration, are payable from the partnership’s assets in priority to all other debts.
(7) Upon the dissolution of a partnership en commandite or limited partnership, notwithstanding the provisions of sub-paragraph (8) hereunder pursuant to which the certificate of registration ceases to be valid, the persons winding up the partnership’s affairs, in the name of and on behalf of the partnership:
(a) may, to the extent necessary for the beneficial winding up of the partnership, prosecute, defend or settle any civil or criminal action;
(b) shall dispose of the partnership’s property and realise its assets; and
(c) shall, in accordance with the provisions of paragraph 24 discharge the partnership’s debts and distribute to the partners any remaining assets of the partnership;
the whole without prejudice to the personal liability of the partners.
(8) Upon dissolution of a partnership en commandite or limited partnership, notice of the fact shall, within a period of fourteen days from the date of dissolution, be filed by the general partners with the Registrar who shall cause a notice of that fact to be published in the Gazette.
(9) Where the general partners fail to give the notice of dissolution required by the provisions of sub-paragraph (8) of this paragraph, the general partners shall be liable to a penalty and shall continue to incur liability as if they were the general partners of a partnership en commandite or limited partnership which had not been dissolved.
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(10) The dissolution of a partnership shall be deemed to have occurred upon the earlier of the following :
(a) the date of the occurrence of the event upon which, under the provisions of this Schedule, the partnership is dissolved; or
(b) the date of the order by the Court under this Schedule for its dissolution. (11) As soon as a partnership en commandite or limited partnership’s affairs
are fully wound up, the persons who conducted the winding up shall:
(a) prepare an account of the winding up, giving details of the conduct thereof and the disposal of the partnership’s property, and stating whether or not any state of affairs described in paragraph 23 of this Schedule has come to their attention; and
(b) provide all partners with a copy of the said account; and
(c) deliver to the Registrar a copy of the said account for registration.
(12) The persons conducting the winding up of a partnership en commandite or limited partnership may, by application, seek the Court’s directions as to any matter in relation to the winding up; and upon such application the Court may make such order as it thinks fit and proper.
(13) Upon the delivery to the Registrar of the winding-up account, the Registrar shall thereupon register it and strike the name of the partnership off the register, whereupon the partnership’s certificate of registration shall cease to be valid. The Registrar shall forthwith publish a notice of completion of the winding up and of such striking off.

Personal liability for certain defaults

23. (1) In any case where -
(a) a partnership en commandite or limited partnership has been dissolved and is unable to pay its debts; and
(b) there has been in relation to the partnership a contravention of any relevant provision which-
(i) has contributed to the inability of the partnership to pay its debts; (ii) has materially misled or deceived any partner or creditor as to, or
has resulted in substantial uncertainty as to, the assets, liabilities, client money
or investment instruments of the partnership; or
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(iii) has substantially impeded the orderly winding up of the partnership’s affairs;
the Court may, on the application of any creditor or partner or of any person conducting the winding up of the partnership, declare that any officer or former officer of any general partner in the partnership who is responsible for the contravention shall be personally liable, without limitation of liability, for the debts of the partnership or such part thereof as may be specified by the Court.
(2) Where the Court makes a declaration under sub-paragraph (1) of this paragraph in relation to any person, it may-
(a) give such directions as it thinks fit and proper for the purpose of giving effect to the declaration; and
(b) direct that the liability of that person under the declaration shall be a charge on-
(i) any debt due from the partnership to him, to any person on his behalf, to any person claiming as assignee from or through him or to any person acting on behalf of such an assignee; or
(ii) any charge on any partnership assets or any interest in any such charge held by or vested in him or any such person;
and the Court may also from time to time make such further orders as it thinks fit for the purpose of giving effect to any charge imposed under this sub-paragraph.
(3) In sub-paragraph (2) of this paragraph the expression “assignee” includes any person to whom or in whose favour, by the directions of the person liable, the debt, charge or interest was created, issued or transferred but does not include an assignee for valuable consideration (other than consideration by way of marriage) given in good faith and without notice of any of the grounds upon which the declaration might have been made.
(4) The Court shall not make a declaration under sub-paragraph (1) of this paragraph in respect of a person if it considers that -
(a) he took all reasonable steps to secure compliance by the partnership en commandite or limited partnership with the relevant provisions; or
(b) he had reasonable grounds for believing and did believe that a competent and reliable person, acting under the supervision or control of or appointed by the general partners-
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(i) was charged with the duty of ensuring that those provisions were compiled with; and
(ii) was in a position to discharge that duty.
(5) The foregoing provisions of this paragraph are without prejudice to any other penalty, remedy or proceedings, whether civil or criminal, in respect of the contravention.
(6) In any case where-
(a) a partnership en commandite or limited partnership has been dissolved and is unable to pay its debts; and
(b) there has been in relation to the partnership a contravention of any relevant provision which-
(i) has contributed to the inability of the partnership to pay its debts; (ii) has materially misled or deceived any partner or creditor as to, or
has resulted in substantial uncertainty as to, the assets, liabilities, client money
or investment instruments of the partnership; or
(iii) has substantially impeded the orderly winding up of the partnership’s affairs;
any officer or former officer of any general partner in the partnership who is responsible for the contravention shall, without prejudice to any civil liability, be guilty of an offence.
(7) In a prosecution for an offence under this paragraph, it shall be a defence for the person charged to show that-
(a) he took all reasonable steps to secure compliance by the partnership en commandite or limited partnership with the relevant provisions; or
(b) he had reasonable grounds for believing and did believe that a competent and reliable person, acting under the supervision or control of or appointed by the general partners-
(i) was charged with the duty of ensuring that those provisions were complied with; and
(ii) was in a position to discharge that duty. (8) For the purposes of this paragraph -
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(a) the expression “officer”, in relation to a general partner, means any director,
manager, member of any committee of management or other controlling authority, secretary or other similar officer of the general partner, any person in accordance with whose directions or instructions any of the aforesaid are accustomed to act;
(b) the expression “relevant provision” means any relevant provision of this Schedule and any other provision for the time being prescribed by regulations under this Act; and
(c) a person shall be considered to be responsible for a contravention of a relevant provision if the contravention -
(i) was committed with his consent or connivance; or
(ii) was attributable to or facilitated by any neglect on his part.

Distribution of assets upon dissolution

24. Upon the dissolution of a partnership en commandite or limited partnership, the assets shall be distributed in the following order-
(a) firstly, to creditors other than partners, to the extent otherwise permitted by law, in satisfaction of partnership debts;
(b) secondly to limited partners who are creditors and who are not also general partners, to the extent otherwise permitted by law, in satisfaction of partnership debts other than debts described in sub-paragraph (c) of this paragraph;
(c) finally, subject to the provisions of the deed of partnership, to partners as follows-
(i) firstly, to limited partners for the return of their contributions or, where appropriate, for the release of their obligations to make contributions;
(ii) secondly, to limited partners other than for capital and profits; (iii) thirdly, to general partners in respect of capital;
(iv) finally, to general partners in respect of profits.

Division of capital into shares

25. (1) Without prejudice to the foregoing provisions of this Schedule, the capital of a partnership en commandite or limited partnership may be divided into shares.
(2) The provisions of this Act relating to shares in a company other than the provisions of article 72 thereof shall apply to the shares in a partnership en commandite
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or limited partnership in so far as they are not inconsistent with the foregoing provisions of this Schedule.
(3) The provisions of article 78, subarticles (4), (5) and (6) of article 137 and of subarticle (2) of article 142 of this Act shall apply to a partnership en commandite or limited partnership, the capital of which is divided into shares, with the substitution of references to general partners vested with administration or representation for references to directors, officials or the board of directors; with the substitution of references to partnership en commandite or limited partnership, the capital of which is divided into shares, for references to company; with the substitution of references to deed of partnership for references to memorandum or memorandum and articles; with the substitution of references to partners for references to shareholders; and, with regard to subarticle (5) of article 137 of this Act, with the substitution of the term “a decision of the partners” for the term “any resolution of the general meeting or from a decision of the board of directors”.
(4) A partnership en commandite or limited partnership, the capital of which is not divided into shares, may change its status to a partnership en commandite or limited partnership the capital of which is divided into shares, by a decision taken in accordance with the provisions of the deed of partnership, or, in the absence of any such provision, with the consent of all the partners, both general and limited:
Provided that where one or more limited partners, holding in the aggregate not more than one-fourth of the total contribution of the limited partners, have not given their consent the partnership en commandite or limited partnership may nevertheless proceed with the change of its status, but it shall be required, for the purpose of such change, to liquidate and re-imburse to every partner who has not given his consent, if he so requests, his interest in the partnership en commandite or limited partnership on such terms as may be agreed, or as the Court, on a demand of either the partnership or the limited partner, may deem fit to order.
(5) A partnership en commandite or limited partnership, the capital of which is divided into shares, may change its status to a partnership en commandite or limited partnership the capital of which is not divided into shares, by a decision taken in accordance with the provisions of the deed of partnership or, in the absence of any such provision, with the consent of all the partners, both general and limited:
Provided that where one or more limited partners, holding in the aggregate not more than one-tenth of the share capital of the partnership, have not given their consent, the partnership en commandite or limited partnership may nevertheless proceed with the change of its status, but it shall be required, for the purpose of such change, to redeem the shares held by every partner in the partnership en commandite or limited partnership who has not given his consent, if he so requests, on such terms as may be agreed or as the court on a demand of either the partnership or of the limited partner may deem fit to order.
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(6) It shall be the duty of the general partner vested with the administration
or representation of a partnership en commandite or limited partnership, which has decided to change its status in accordance with sub-paragraph (4) or sub-paragraph (5) of this paragraph, to deliver to the Registrar for registration the instrument or a copy thereof altering or adding to the deed of partnership together with a printed copy of the deed of partnership as amended in accordance with the provisions of sub-paragraph (2) of paragraph 8 of this Schedule.
(7) The change of status referred to in sub-paragraph (4) or in sub-paragraph (5) of this paragraph shall not take effect unless and until it is registered as required by sub-paragraph (6) of this paragraph.
(8) (a) The provisions of this paragraph shall only apply to a partnership en commandite or limited partnership which qualifies as a collective investment scheme duly licensed in terms of the Investment Services Act, 1994.
(b) For the purposes of this paragraph and unless the context otherwise requires:
“base currency” means the currency in which a sub-class is denominated; “competent authority” means the competent authority under the
Investment Services Act, 1994;
“currency” means, in addition to the Maltese lira, any convertible currency in terms of section 186 of this Act;
“fractional share” means a fraction of a whole share in any class of shares issued by a partnership en commandite or limited partnership with variable share capital;
“sub-class” means a distinct class of shares in a partnership en commandite or limited partnership to which are allocated assets and liabilities distinct from other assets and liabilities allocated to other classes of shares in the same partnership and which may pursue investment objectives and adhere to investment policies different from those of other classes of shares in the same partnership.
(c) A deed of partnership of a partnership en commandite or limited partnership the capital of which is divided into shares may provide for the constitution of the partnership as a partnership en commandite or limited partnership with variable share capital and the provisions of sub-articles (2) to (7) and subarticle (9) of article 84 of this Act shall, in so far as applicable, apply mutatis mutandis and reference to the term “memorandum or articles” shall be deemed to be a reference to a “deed of partnership” and reference to the terms “company” and “investment company” shall be deemed to be references to a
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“partnership en commandite or limited partnership” and reference to paragraph (f) of article 69 of this Act shall be deemed to be a reference to paragraph (e) of subarticle (1) of article 14 of this Act.
(d) A deed of partnership of a partnership en commandite or limited partnership the capital of which is divided into shares may provide for the constitution of the partnership as a partnership en commandite or limited partnership in the form of an umbrella or multi-class partnership, and provide for the constitution of sub-classes, and the different classes of shares that may be issued by such partnership, where each class of shares represents a distinct sub- class of the partnership and denominated in such currency or currencies as may be provided in the deed.
(e) A partnership en commandite or limited partnership may only be validly constituted as an umbrella or multi-class partnership if it is so licensed by the competent authority.
(f) A partnership en commandite or limited partnership duly licensed to be constituted as an umbrella or multi-class partnership may, with the approval of the competent authority, establish new sub-classes by the creation and issue of new classes of shares.
(g) Each class of shares representing a sub-class in any umbrella or multi- class partnership may be designated in a different currency provided that a class of shares may be designated only in one currency.
(h) An umbrella or multi-class partnership having its share capital denominated in different currencies shall draw up its annual accounts in any one of such currencies, as may be approved by the competent authority.
(i) The general partner of an umbrella or multi-class partnership shall maintain proper accounting records of the assets and liabilities of each sub-class in the base currency of that sub-class.
(j) The provisions of sub-paragraph (h) shall mutatis mutandis apply to the drawing up of any other reports or financial statements which may be required under this Act or by the competent authority.
(k) For the purposes of sub-paragraphs (h) and (j) hereof, the conversion from the base currency of a sub-class into the currency in which the annual accounts of the umbrella or multi-class partnership are to be drawn up shall be made by using the exchange rate between the former and latter currencies on the balance sheet date, and such rate shall be the official closing middle rate issued by the Central Bank of Malta. This note shall be disclosed in the notes to the accounts.
(l) A partnership en commandite or limited partnership constituted as an umbrella or multi-class partnership may in its deed of partnership elect to have
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the assets and liabilities of each sub-class comprised in that partnership treated for all intents and purposes of law as a patrimony separate from the assets and liabilities of each other sub-class of such partnership. Where a partnership en commandite or limited partnership constituted as an umbrella or multi-class partnership makes the election aforementioned, the assets and liabilities of each sub-class of that partnership shall, for all intents and purposes of law be deemed to constitute a patrimony separate from the assets and liabilities of each other sub-class of such a partnership.
(m) Save for such proportion of the liabilities of a partnership en commandite or limited partnership constituted as an umbrella or multi-class partnership which by virtue of the deed of partnership or by virtue of the terms of issue of the shares constituting a sub-class are, or are to be attributable to, one or more sub-classes in the proportion established therein, the liabilities incurred in respect of each sub- class shall be paid out of the assets forming part of its patrimony and in the event that such assets are insufficient to discharge the liabilities so incurred, the creditors in respect thereof shall have no claim or right of action against the other assets of the partnership, and the provisions of any law or regulation in force regulating the insolvency of partnerships shall not apply.
(n) The general partner of a partnership en commandite or limited partnership constituted as an umbrella or multi-class partnership shall hold or cause to be held such separate records, accounts, statements and other documents as may be necessary to evidence the liabilities and assets of each sub-class as distinct and separate from the assets and liabilities of other sub-classes in the same partnership.
(o) The provisions of the Fifth Schedule to the Act shall apply mutatis mutandis to a partnership en commandite or limited partnership with variable share capital.
(p) (i) A partnership en commandite or limited partnership may, if so authorised by its deed of partnership, issue fractional shares up to such number of decimal places, not being less than three, as shall be specified in the deed of partnership, and under such terms and conditions as may be stipulated therein.
(ii) Fractional shares shall be automatically consolidated into a whole share of the same class when the fractional shares held by one shareholder become equal to a whole share.

Administrative penalties in respect of partnerships en commandite or limited partnerships

26. (1) Where any provision of this Schedule provides for the imposition of a penalty, the amount of such penalty shall be determined by reference to Part II of this Schedule, which specifies the maximum penalty that may be imposed by the Registrar under any of the provisions of this Schedule.
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(2) In Part II of this Schedule, the first column indicates the paragraph and sub-paragraph of this Schedule which prescribes that a penalty shall be imposed, the second column gives a general description of the infringement, which description shall not be relied on in interpreting any provision of this Schedule, the third column prescribes the maximum penalty and the fourth column prescribes the maximum daily default penalty, if any. The penalty shall become due on the day on which the default occurs and the daily default penalty shall be due for every day during which the default continues and shall accrue from the day following that on which the default occurs.
(3) Action by the Registrar for the recovery of a penalty under this Schedule shall be prescribed by the lapse of five years from the day on which the default occurs.
(4) In relation to penalties raised under this Schedule, the provisions of article 401 of this Act shall apply mutatis mutandis.
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PART II - PENALTIES

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Passed by the House of Representatives at Sitting No. 874 of the 24th February,
2003.
ANTON TABONE

Speaker

RICHARD J. CAUCHI

Clerk to the House of Representatives

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