- The purpose of this Act is to amend CXXIII Jon. I 2019 (Companies) and to specify the Department of Commerce’s structure and responsibilities.
- Where mentioned, specifically paragraphs 3, 11, 16, and 17, in the aforementioned act the term “Chamber of” will be replaced with “Department for”.
- Paragraph 17 will be further amended, including the amendment mentioned in paragraph 2 of this same act, to insert “Secretary of the” after the term “signed by the” and before the term “Department for Commerce”.
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Paragraph 6, sub-paragraph (a) shall be amended to,
- strike “Government-”,
- insert “Treasury, Town Councils, ” after “held by the” and before “or Crown”.
- The Secretary shall be the head of the Department for Commerce.
- The Chancellor is responsible for the appointment of the Secretary for Commerce, and may direct their work in order to ensure that governmental policy in regards to the economy is followed.
- The Department for Commerce shall conduct an annual review at the beginning of each fiscal year to review the state of companies registered. The Department must revoke the Certificate of Registration of a particular company if that company has declared bankruptcy during the prior fiscal year. The revocation must include a report made to the Treasury.
- If there is any change to a company’s memorandum of association, a new copy of the amended memorandum must be submitted to the Department for Commerce. If it is found a company did not supply the amended memorandum by the date of the annual review, then the Secretary for Commerce may revoke the Certificate of Registration until the new memorandum is submitted.
