On 26/05/2016, you requested the version in force on 26/05/2016 incorporating all amendments published on or before 26/05/2016. The closest version currently available is that of 01/01/2012.
15 February 2007
10 April 2012
—(1) The Comptroller shall remove an institution from the register of grant-making philanthropic organisations if —
the institution is no longer a charity registered or exempt from registration under the Charities Act (Cap. 37) or a not-for-profit organisation approved under section 13U of the Act;
the institution has failed to comply with any of these Regulations at any time during the period it was registered as a grant-making philanthropic organisation;
there is or has been any mismanagement, misconduct, incompetence or negligence in the administration of the institution as a grant-making philanthropic organisation; or
the continued registration of the institution as a grant-making philanthropic organisation is contrary to the public interest.
(2) Where an institution has been removed from the register of grant-making philanthropic organisations under this regulation —
any donation received by the institution on or after the date it was removed from the register of grant-making philanthropic organisations shall not qualify as a tax deductible donation;
the institution shall not issue any tax deduction receipt under regulation 8 in respect of donations made to it on or after the date it was removed from the register of grant-making philanthropic organisations; and
it shall, within one month of the date of removal, distribute any residual funds or assets in the account of the designated IPC fund to specified institutions if any, and then to any one or more institutions of a public character.
(3) An institution which fails to comply with paragraph (2)(b) or (c) shall be liable to pay to the Comptroller a financial penalty under section 37(18B) of the Act.
No History for selected provision