Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 505

Division 4-Recognized Companies and Recognized Foreign Companies

505. (1) A reference in this Division to a recognized company or a
recognized foreign company carrying on business within the Territory includes
a reference to such a company establishing or using a share transfer office or
share registration office in the Territory or administering, managing or
otherwise dealing with property situated in the Territory as an agent, legal
personal representative or trustee, whether by servants or agents or
otherwise.

(2) Notwithstanding sub-section (1), a recognized company or a recognized
foreign company shall not be regarded as carrying on business within the
Territory for the reason only that, within the Territory, it-

   (a)  is or becomes a party to an action or suit or an administrative or
        arbitration proceeding or effects settlement of an action, suit or
        other proceeding or of a claim or dispute;

   (b)  holds meetings of its directors or shareholders or carries on other
        activities concerning its internal affairs;

   (c)  maintains a bank account;

   (d)  effects a sale through an independent contractor;

   (e)  solicits or procures an order that becomes a binding contract only if
        the order is accepted outside the Territory;

   (f)  creates evidence of a debt or creates a charge on property;

   (g)  secures or collects any of its debts or enforces its rights in regard
        to any securities relating to such debts;

   (h)  conducts an isolated transaction that is completed within a period of
        31 days, but not being one of a number of similar transactions
        repeated from time to time; or

   (j)  invests any of its funds or holds any property.