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International Companies Amendment Act 1987

COOK ISLANDS

INTERNATIONAL COMPANIES AMENDMENT ACT 1987

ANALYSIS

Title
l. Short Title
2. Application of other Acts to International Companies

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1987, No. 26

An Act to amend the International Companies Act 1981-82

(18 December 1987

BE IT ENACTED by the Parliament of the Cook Islands in Session assembled and by the authority of the same as follows:

1. Short Title - This Act may be cited as the International Companies Amendment Act 1987 and shall be read together with and deemed part of the International Companies Act 1981-82 (hereinafter referred to as "the principal Act").

2. Application of other Acts to International Companies - (1) Subsection (2) of section 249 of the principal Act is amended by:

(a) deleting the word "and";

(b) inserting after the word "(4)" the words "and (5)".

(2) Section 249 of the principal Act is further amended by deleting subsection (5) and substituting the following subsection -

"(5) Subsection (2) shall not apply in respect of income derived by a foreign company where that income is derived by way of dividend, interest, royalty or any other means of distribution, paid by a domestic company (other than a trustee company), or paid by a natural person ordinarily resident in the Cook islands, acting in his personal capacity."

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This Act is administered by the Cook Islands Monetary Board.