Section 5Part 0 —
Approved land holding corporations
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Subject to this section, the Minister charged with responsibility for Finance, on application made by a land holding corporation, may approve the land holding corporation for the purposes of section 4(3).
Approval under subsection (1) shall be in writing and shall be subject to such conditions (if any) as the Minister charged with responsibility for Finance sees fit.
The Minister charged with responsibility for Finance shall not approve a land holding corporation under subsection (1) unless that Minister is satisfied that the corporation is in compliance with the following conditions, namely —
that in the case of a land holding corporation which is a mutual fund —
the mutual fund is licensed under the Mutual Funds Act (2021 Revision);
the mutual fund is listed on the Cayman Islands Stock Exchange;
the mutual fund invests exclusively in immovable property in the Islands; and
there are no public interest reasons why the approval should not be granted; and
that in the case of any other land holding corporation —
land holding is incidental to the main business of the corporation;
the corporation is listed on a stock exchange approved by the Minister charged with responsibility for Finance; and
there are no public interest reasons why the approval should not be granted.
A land holding corporation in respect of which approval has been granted under this section shall, on the anniversary date of the initial grant, submit to the Minister charged with responsibility for Finance an annual declaration that the corporation is in compliance with the conditions of the approval.
An annual declaration made by a land holding corporation under subsection (4) shall be signed by two directors of the corporation and shall be accompanied by the annual fee prescribed in the Schedule.
The names of land holding corporations approved under this section shall be published in the Gazette.
If the Minister charged with responsibility for Finance is of the opinion that a land holding corporation approved under this section has failed —
to comply with a condition of the approval under subsection (2) or (3);
to submit an annual declaration under subsection (4); or
to submit the annual fee prescribed in the Schedule,
the Minister charged with responsibility for Finance may revoke the approval.
The Cabinet may, by order, amend the Schedule.
Cross References
- Section of Mutual Funds Act
Approval conditions for mutual funds