ACT No. XXXVII of 2018 AN ACT to amend the Family Business Act, Cap. 565.

I assent.

(L.S.)

MARIE-LOUISE

COLEIRO PRECA

President

6th November, 2018

ACT No. XXXVII of 2018

AN ACT to amend the Family Business Act, Cap. 565.

BE IT ENACTED by the President, by and with the advice

and consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows:-

(1) The short title of this Act is the Family Business

commencement.

(Amendment) Act, 2018, and this Act shall be read and construed as

one with the Family Business Act, hereinafter referred to as "the

principal Act".

(2) This Act shall come into force on such date as the Minister

responsible for the economy may by notice in the Gazette establish,

and different dates may be so established for different provisions or

different purposes of this Act.

Article 11 of the principal Act shall be amended as follows

(a) in sub-article (4) thereof, immediately after the

words "or any other law" there shall be added the words

"referring to family businesses"; and

(b)

immediately after sub-article (5) thereof, there shall

be added the following new sub-articles

"(6) Any business shall only be eligible to benefit

from any incentive, benefit or scheme available to family

businesses, that may come into force from time to time, if

it is duly registered as a family business.

(7) When granting benefits to family businesses,

the Government or any other entity shall consult and may

rely on the information contained in the Register

established in accordance with article 26 of this Act.".

Article 13 of the principal Act shall be amended as follows

Amendment of

article 13 of the

principal Act.

(a) in sub-article (1) thereof, for the words "Second

Schedule" there shall be substituted the words "First Schedule";

(b) sub-article (2) thereof shall be substituted by the

following

"(2) The annual return for a family business shall

cover a calendar year from the first day of registration up

until one year from the registration date."; and

(c)

sub-article (3) thereof shall be deleted.

Immediately after article 17 of the principal Act, there shall Addition of new

article 17A to

be added the following new article

the principal

Act.

(1) The Regulator shall have a

"Legal

personality of

separate and distinct legal personality and shall

the Regulator.

be capable, subject to the provisions of this

Act, of entering into contracts, of acquiring,

holding and disposing of any kind of property

for the purposes of its functions, of suing and

being sued, and of doing all such things and

entering into all such transactions as are

incidental or conducive to the exercise or

performance of its functions under this Act,

including the lending or borrowing of money

Provided that the Regulator shall not

have the power to

(a) borrow or lend any

monies except with the authority and

concurrence in writing of the Minister

and Minister responsible for finance; or

(b) enter into any form of

commercial partnership in furtherance of

its functions or otherwise, unless

authorized to do so in writing by the

Minister; or

(c) delegate any of its

functions in a manner other than that

established by or under this Act.

(2) The legal representation of the

Regulator shall vest in the Regulator himself

Provided that the Regulator may appoint

any one of its officers or employees to appear in

the name and on behalf of the Regulator in any

judicial proceedings and in any act, contract,

instrument or other document whatsoever.".

Sub-article (1) of article 20 of the principal Act shall be

5. amended as follows

(a) paragraph (j) thereof, shall be substituted by the

following

"(j) encouraging and promoting the family business

sector by communicating, disseminating and making

contact with relevant parties about news and information

relevant to the sector;"; and

(b) in paragraph (k) thereof, for the word "enter" there

shall be substituted the words "consider the benefits of entering".

In sub-article (2) of article 26 of the principal Act, for the

6. words " "Family Business Label" and the family business label" there

shall be substituted the words " "Family Business Number" and the

family business number".

Article 28 of the principal Act shall be amended as follows

7. (a) in sub-article (1) thereof, for the words "the

documents listed in the First Schedule" there shall be substituted

the words "an application with any required documents"; and

(b) in sub-article (2) thereof, for the words "in the First

Schedule to" there shall be substituted the words "provided by".

The First Schedule to the principal Act shall be substituted by the

8. following

"First Schedule

(Article 13)

Annual Return

1. Purpose.

The purpose of this annual return is to provide the Regulator

and any related competent authority with up to date

information about the registered family business, benefiting

from incentives by means of this Act.

2. Content and Form.

The content and form of the annual return that each family

business shall duly file with the Regulator annually is as

follows

Contents and Form of Annual Return of a registered family

business

(a)

Annual Return of .............. (insert official name of

business)

(b)

Family Business Number

(c)

Name and Designation of Contact Person

(d)

Any changes to the family business structure

undertaken in the last year

Declaration of Completeness and Correctness

We hereby confirm that the details provided are complete and

truthful as to their contents.

Signature of Family Business Representative

Name and Surname

Date:".

The Second Schedule of the principal Act shall be deleted.

9. Deletion of the

Second

Schedule to the

principal Act.

Passed by the House of Representatives at Sitting No. 155 of the 1st

November, 2018.

CLAUDETTE BUTTIGIEG

Deputy Speaker

RAYMOND SCICLUNA

Clerk of the House of Representatives

€0.54