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AI Summary of 8. Amendment of section 50 of Principal Act

The amendments to the Principal Act include modifications to various subsections regarding the role and responsibilities of registered office agents. Specifically, in subsection (3), the phrase is updated to emphasise that notifications shall be given subject to section 50A. Amendments in subsection (4) clarify that a company’s specified registered office agent must comply with the Registrar under subsection (7). Subsection (5) modifications replace earlier terminology with a focus on registered office agents.

Further amendments introduce new subsections (5A) and (5B), establishing a framework for registered office agents to notify the Registrar when a company is no longer under their care. Subsequent subsections detail the procedure for companies to obtain approval to act as registered office agents, including requirements for trust or company service providers to hold relevant authorisations. Existing approvals by the Registrar prior to these changes are also addressed, ensuring continuity for compliant companies.

Version status: Not yet in force | Document consolidation status: No known changes
Version date: 12 November 2024 - onwards

8. Amendment of section 50 of Principal Act

Section 50 of the Principal Act is amended -

(a) in subsection (3), by the substitution of "shall, subject to section 50A, be given" for "shall be given",

(b) in subsection (4), by the substitution of -

(i) "Subject to subsection (5A), a company’s" for "A company’s",

(ii) "specified registered office agent" for "specified agent", and

(iii) "Registrar under subsection (7)" for "Registrar",

(c) in subsection (5), by the substitution of -

(i) "registered office agent" for "agent approved for that purpose", and

(ii) "registered office agent’s" for "agent’s",

(d) by the insertion of the following subsections after subsection (5):

"(5A) A registered office agent may deliver a notice in the prescribed form to the Registrar stating that the registered office of the company is no longer care of the registered office agent, and on receipt of any such notification, the Registrar shall notify the directors and the secretary of the company (in this section referred to as a ‘relevant notice’) that -