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Companies (Amendment) Act 2001

TONGA

COMPANIES (AMENDMENT) ACT 2001
No. 24 of 2001.

I assent,

TAUFA'AHAU TUPOU IV,
21st November, 2001.

AN ACT
TO AMEND THE COMPANIES ACT 1995

[24th October, 2001]

BE IT ENACTED by the King and Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1. (1) This Act may be cited as the Companies (Amendment) Act 2001.

(2) The Companies Act 1995 is in this Act referred to as the Principal Act.

2. Section 2(1) of the Principal Act is amended by repealing "adequate liquidity" and its definition.

3. Section 14 of the Principal Act is repealed.

4. Section 163(1) of the Principal Act is repealed.

5. Section 164 of the Principal Act is amended by inserting a comma after "secretary" in line 2 and the rest is replaced with the following words "and certify that he is not disqualified from holding office as a company secretary".

6. Section 168(1) of the Principal Act is amended by:

(1) repealing paragraph (c);

(2) paragraphs (d), (e) and (f) become paragraphs (c), (d) and (e) respectively; and

(3) the words "becomes disqualified from being" is replaced with "is qualified to be" in the new paragraph (c).

7. Section 205(3)(b) of the Principal Act is repealed and replaced with the following-

"(3) (b) in which the assets or shares in aggregate are valued at $500,000 or more and are held by -

(i) the company;

(ii) another company or body corporate incorporated outside Tonga;

(iii) a person not ordinarily resident in Tonga."

8. Section 208(1) of the Principal Act is repealed and replaced with the following -

"(1) A person shall not be appointed or act as auditor of a company unless the person is -

(a) a member of the Tonga Society of Accountants who holds a certificate of qualification for the purpose, and is approved in writing by the Society;

(b) with the approval of Cabinet, an Officer of the Audit Department authorised in writing by the Auditor General; or

(c) qualified for the purpose and is a member, fellow or associate of an association of accountants constituted outside Tonga."

9. A new section 368A is inserted in the Principal Act immediately following section 368 as follows -

"368A. Where a company enters into an agreement whereby all or any portion of the assets of the company are subject to any mortgage or charge the company shall register a copy of that agreement with the Registrar as prescribed by Regulations."

Registration of mortgages and charges

10. Section 369 of the Principal Act is amended by:

(1) replacing subsection (1) (paragraphs (a) to (c) inclusive) with the following new subsection (1):

"(1) A person may, on payment of any fees that are prescribed, inspect information contained in the Tongan register or overseas register during the hours when the office of the Registrar is open to the public for the transaction of business on a working day.

(2) Inserting the following provision after subsection (2)(e):

"Provided that the provision of a matter required under (c), (d) and (e) shall not be given without the written authority of a director or a shareholder of the company."

11. (1) Section 378(2)(a) of the Principal Act is repealed.

(2) Clause 5 and clause 92(1) of the First schedule of the Principal Act are repealed.

12. Clause 7(1)(c) of the Ninth Schedule of the Principal Act is repealed and replaced with the following-

"(c) in which the total assets or shares in aggregate owned by the company are valued at $500,000 or more."

Passed by the Legislative Assembly this 24 day of October, 2001.

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TONGA

Fika 24 'o e 2001.

'Oku ou loto ki ai,

TAUFA'AHAU TUPOU IV,
21 'o Novema, 2001.

KO E LAO
KE FAKATONUTONU 'A E LAO KI HE NGAAHI KAUTAHA 1995

[24 'Okatopa, 2001]

'OKU TU'UTU'UNI 'e he Tu'i mo e Fale Alea 'o Tonga 'i he Fakataha Alea 'a e Pule'anga 'o pehe:

1. (1) 'E ui 'a e Lao ni ko e Lao ki he Ngaahi Kautaha 2001.

(2) 'Oku ui 'i he Lao ni 'a e Lao ki he Ngaahi Kautaha 1995 ko e Tefito'i Lao.

2. 'Oku fakatonutonu 'a e kupu 2(1) 'o e Tefito'i Lao 'aki hono tamate'i 'o e "tu'unga fakapa'anga fe'unga" pea mo hono 'uhinga.

3. 'Oku tamate'i 'a e kupu 14 'o e Tefito'i Lao.

4. 'Oku tamate"i 'a e kupu 163(1) 'o e Tefito'i Lao.

5. 'Oku fakatonutonu 'a e kupu 164 'o e Tefito'i Lao 'aki hono fakahu ha koma hili 'a e fo'i lea "kautaha" 'i he laine hono 3 pea fetongi 'a e toenga 'o e setesi 'aki 'a e ngaahi fo'i lea "pea mo ne fakamo'oni'i 'oku 'ikai ke fakata'e'aonga'i is mei ha'ane ma'u 'a e lakanga sekelitali kautaha."

6. 'Oku fakatonutonu 'a e kupu 168(1) 'o e Tefito'i Lao 'aki;

(1) hono tamate'i 'o e palakalafi (c);

(2) pea liliu 'a e ngaahi palakalafi (d), (e) mo e (f) ko e ngaahi palakalafi (c), (d) pea mo e (e) 'i hono tu'unga takitaha; pea

(3) fetongi 'a e kupu'i lea "'oku ne hoko 'o fakata'e'aonga'i" ke hoko 'aki 'a e kupu'i lea "'oku ma'u 'a e poto taau ke ne hoko" 'i he palakalafi fo'ou (c).

7. 'Oku tamate'i 'a e kupu 205(3)(b) 'o e Tefito'i Lao pea fetongi'aki 'eni-

"(3) (b) 'a is ko e mahu'inga fakakatoa 'o e ngaahi koloa pe ngaahi 'inasi 'i ai 'oku mahu'inga ki he $500,000 pe lahi ange pea 'oku ma'u ai 'e -

(i) he kautaha;

(ii) ha kautaha kehe pe ha sino fakakautaha kuo lesisita 'i tu'a 'i Tonga;

8. 'Oku tamate'i 'a e kupu 208(1) 'o e Tefito'i Lao pea fetongi'aki 'eni-

"(1) Kuo pau 'e 'ikai fokotu'u ha taha pe ngaue ko ha 'atita 'o ha kautaha tukukehe kapau ko e tokotaha ko ia-

(a) ko ha memipa 'o e Sosaieti 'a e Kau Tauhitohi 'a Tonga 'a is 'oku ne ma'u ha tohi fakamo'ni taukei ki he taumu'a ko ia, pea mo fakangofua 'e he Sosaieti 'i he tohi;

(b) 'i hono fakangofua 'e he Kapineti, ko ha 'Ofisa 'o e Potungaue 'Atita kuo fakamafai'i 'e he 'Atita Seniale 'i he tohi; pe

(c) 'oku ne ma'u 'a e poto taau ki he taumu'a ko is pea ko ha memipa felou pe 'asosieti is 'o ha kautaha 'a ha kau tauhitohi 'oku fokotu'u 'i tu'a 'i Tonga."

9. 'Oku fakahu ha kupu 368A fo'ou ki he Tefito'i Lao hili pe 'a e kupu 368 'o pehe ni-

"368A 'Oka hu ha kautaha 'o kau 'i ha aleapau 'a is 'e mo'ulaloa ai 'a e kotoa pe ko ha konga 'o e ngaahi koloa 'o e kautaha ki ha mokisi pe ha mo'ua kuo pau ke lesisita 'e he kautaha ha tatau 'o e aleapau ko is 'i he Failesisita 'o hange ko is 'oku tu'utu'uni 'e he Ngaahi Tu'utu'uni."

Lesisita 'o e ngaahi mokisi mo e ngaahi mo'ua

10. 'Oku fakatonutonu 'a e kupu 369 'o e Tefito'i Lao;

(1) 'aki hono fetongi 'a e kupu si'i (1) ('o kau ai 'a e palakalafi (a) ki he (c)) 'aki 'a e kupu si'i (1) fo'ou ko 'eni:

"(1) 'E ngofua ki ha taha, 'i hano totongi 'o ha ngaahi totongi 'oku tu'utu'uni, ke ne sivi ha fakamatala 'i he lesisita Tonga pe lesisita muli lolotonga 'a e ngaahi houa 'oku ava ai 'a e 'ofisi 'o e Failesisita 'i ha 'aho ngaue ki he kakai 'i he fakahoko 'ene pisinisi."

(2) 'aki hono fakahu 'a e polovaisoa ko 'eni hili 'a e kupu si'i (2)(e):

"Ka kuo pau ko hono 'oatu 'o ha me'a 'oku fiema'u 'i he (c), (d) pea mo e (e) kuo pau 'e 'ikai ke 'oatu is ta'e fakamafai 'i ha tohi 'e ha talekita pe ha taha ma'u 'inasi 'i he kautaha."

11. (1) 'Oku tamate'i 'a e kupu 378(2)(a) 'o e Tefito'i Lao.

(2) 'Oku tamate'i 'a e ongo kupu 5 mo e kupu 92(1) 'o e Tepile 'Uluaki 'o e Tefito'i Lao.

12. 'Oku tamate'i 'a e kupu 7(1)(c) 'o e Tepile Hiva 'o e Tefito'i Lao pea fetongi 'aki 'eni -

"(c) 'oku mahu'inga ki he $500,000 pe lahi ange 'a e fakakatoa 'o e ngaahi koloa pe ngaahi 'inasi kotoa 'oku ma'u 'e he kautaha ko ia."

Na'e tali 'e he Fale Alea 'i he 'aho ni 24 'o 'Okatopa, 2001.

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