INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT, 2003

PART V

MISCELLANEOUS

18.(1) From and after the commencement of this Act any licensee under this Act shall be entitled to the exemptions and concessions set out in Schedule 2.

(2) The exemptions and concessions granted under this section shall remain in force for a period of fifteen years from the date of commencement of this Act. and shall continue in force thereafter unless a law provides otherwise.

19. Upon the commencement of this Act any licensee to whom any certificate under section 3(1) of the Investment Promotion Act had been issued shall surrender such certificate before claiming any entitlement under section 18.

20. Notwithstanding section 3, a licensee who at the date of commencement of this Act holds a licence under the Licences Act to provide any of the international corporate services or international trustee services, as the case may be, shall within ninety days from that date comply with the provisions of this Act and during that period shall be deemed not to contravene that section by reason of the provision of such services and shall he entitled to the same exemptions and concessions under section 18 as if it were licensed under this Act.

21. No action, prosecution or other proceeding shall be brought against the Minister, the Authority, or an employee or agent of the Authority in respect of any act done or omitted to be done in good faith in the proper discharge of functions under this Act.

22. The Minister may, after consulting the Authority, make regulations for the purpose of carrying out and giving effect to the provisions of this Act or amending any Schedule to this Act.