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Prevention of Fraud (Investments) (Amendment) Act 2012

REPUBLIC OF VANUATU

PREVENTION OF FRAUD (INVESTMENTS) (AMENDMENT)ACT NO. 7 OF 2012

Arrangement of Sections

REPUBLIC OF VANUATU

Assent: 30/05/2012
Commencement: 02/07/2012

PREVENTION OF FRAUD (INVESTMENTS) (AMENDMENT)
ACT NO. 7 OF 2012

An Act to amend the Prevention of Fraud (Investments) Act [CAP 70].
Be it enacted by the President and Parliament as follows-

1 Amendment

The Prevention of Fraud (Investments) Act [CAP 70] is amended as set out in the Schedule.

2 Commencement

This Act commences on the day on which it is published in the Gazette.

SCHEDULE
AMENDMENTS OF THE PREVENTION OF FRAUD (INVESTMENTS) ACT [CAP 70]

1 Title of the Act

Delete “Prevention of Fraud (Investments) Act”, substitute
“Dealers in Securities (Licensing) Act”

2 Reference to Prevention of Fraud (Investments) Act

A reference in any other Act or instrument to the “Prevention of Fraud (Investments) Act” is taken to be a reference to the “Dealers in Securities (Licensing) Act.”

3 Subsection 1(1) (definition of minister)

Repeal the definition; substitute

““minister” means the minister responsible for Finance and Economic Management;”

4 Subsection 1(1) (definition of securities)

Repeal the definition; substitute

““securities” means

(a) shares in the share capital of a corporation; or

(b) an instrument that creates and acknowledges the indebt securities that is issued by a corporation or a public office including:

(i) debentures; or

(ii) debenture stock; or

(iii) loan stock; or

(iv) bonds; or

(v) certifications of deposit; or

(c) a right, despite whether or not conferred by warrant, to subscribe for shares or debt securities; or

(d) a right under a depositary receipt; or

(e) an option to acquire or dispose of any security falling within any other provision of this Act; or

(f) a right under a contract for the acquisition or disposal of the relevant securities under which the delivery is to be made at a future date and at a price agreed when the contract is made in accordance with the terms of that contract; or

(g) the proceeds of Foreign Exchange or FOREX; or

(h) the proceeds of precious metals; or

(i) the proceeds of commodities.

5. Subsection 1(1)
   

Insert in their correct alphabetical positions:

““depositary receipt” means a certificate or a written record of a document that:

(a) is issued by or on behalf of a person who holds any relevant securities of a particular issuer; and

(b) acknowledges that another person is entitled to the rights in relation to the relevant securities of the same kind;