Palau Registry measure to be referred back

House Bill No. 7-186-12,HD1, SD7 – The Palau Registered Corporation Act of 2008 – to amend Title 12 of the Palau National Code (PNC) to create a new chapter (chapter 10) to establish a new corporations law will be returned by the president to the lawmakers for revision.Senate Floor Leader Alan Seid told reporters that the president has advised the OEK that the bill will be returned because of some recommended changes.Seid said that there are pertinent bills that should accompany the corporate registry measure such as the re-investment Incentive Act and the Tax Regime for Palau Corporation.The bill has been recently sent to the president  for signature after both houses of the OEK approved it.The legislation, introduced by Floor Leader Sabino Anastacio in October 2007, has been forwarded to the President for review.  If approved and it becomes law, a new chapter – chapter 10 – would be added to Title 12 of the PNC.The proposed measure will also allow business corporations to establish  an address in a Palau through a registered agent.A registered agent is an individual or a business whose basic function is to provide a legal address within the jurisdiction of Palau for registered corporations. In allowing corporations to register under this act, Palau would benefit  because of the fees to be collected under the law.The 117 pages long legislation, if approved by the President, would call for an establishment of an Office of the Registrar of Corporations within the Office of the Attorney General. The President, pursuant to Title 12 of the PNC, shall appoint the registrar, whose duties are defined in the bill.