ACT No. XXX of 2024 AN ACT to further amend the Civil Code, Cap. 16.

I assent.

MYRIAM SPITERI DEBONO

President

26th July, 2024

ACT No. XXX of 2024

AN ACT to further amend the Civil Code, Cap. 16.

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:-

The short title of this Act is the Civil Code (Amendment No.

2) Act, 2024 and this Act shall be read and construed as one with the

Civil Code, hereinafter referred to as "the Code".

Article 971A of the Code shall be substituted by the following

new article

971A. (1) Notwithstanding any provision of this

Code, a minor who has attained the age of sixteen (16)

years may deposit money in an account opened by the

said minor in his own name with any credit institution or

account with a

place funds in an account opened by the minor in his own

institution or a

name with any financial institution, and any money and,

or funds so deposited or placed in any such accounts may

only be withdrawn by the said minor notwithstanding

that such money and, or funds may be subject to the

administration, usufruct or authority of any other person.

For all purposes of law, the said minor shall, with regard

to the opening and operation of any such accounts, be

considered a major

Provided that any such funds placed in an

account opened by the minor in his own name with any

financial institution shall be safeguarded by the financial

institution in accordance with article 10B of the Financial

Institutions Act and the provisions of the Financial

Institutions Act (Safeguarding of Funds) Regulations.

(2) For the purposes of this article

"credit institution" shall have the same

meaning as assigned to it in article 2(1) of the

Banking Act;

"EEA State" means a State which is a

contracting party to the agreement on the European

Economic Area signed at Oporto on the 2nd May,

1992 as amended by the Protocol signed at Brussels

on the 17th March, 1993 and as amended by any

subsequent acts;

"Electronic

Money

Directive"

means

Directive 2009/11/EC of the European Parliament

and of the Council of 16 September 2009 on the

taking up, pursuit and prudential supervision of the

business of electronic money institutions amending

Directives 2005/60/EC and 2006/48/EC and

repealing Directive 2000/46/EC, as amended from

time to time;

"financial institution" means a payment

institution as defined in regulation 2(2) of the

Financial Institutions Act (Safeguarding of Funds)

Regulations or an electronic money institution as

defined in the said regulations, which is licensed in

accordance with the Financial Institutions Act, or

which otherwise holds an equivalent authorisation

in another Member State of the European Union or

EEA State in accordance with the Payment Services

Directive or the Electronic Money Directive, as the

case may be;

"funds" shall have the same meaning as that

assigned to it in article 2(1) of the Financial

Institutions Act;

"Payment

Services

Directive"

means

Directive (EU) 2015/2366 of the European

Parliament and of the Council of 25 November 2015

on payment services in the internal market,

amending Directives 2002/65/EC, 2009/110/EC and

2013/36/EU and Regulation (EU) No. 1093/2010,

and repealing Directive 2007/64/EC, as amended

from time to time.".

Passed by the House of Representatives at Sitting No. 258 of the

15th July, 2024.

DAVID AGIUS

Deputy Speaker

ELEANOR SCERRI

Clerk of the House of Representatives

€0.36