Cap. 492 чл. 12CExemptions.

(1) Without prejudice to the right to enrol under article 12A, the following organisations shall be exempt from mandatory enrolment under article 12B:

(a) notwithstanding that the requirements giving rise to mandatory enrolment may exist, the organisations listed in Part I of the Second Schedule;

(b) the organisations listed in Part II of the Second Schedule;

(c) those organisations or classes of organisations which are temporarily or permanently exempted by order of the Commissioner on compliance with the conditions for exemption;

(d) upon the issue of the appropriate determination by the Commissioner, the organisations referred to in the exception to article 12B(1)(e) or (f); and

(e) any public purpose foundation which carries out the activities under article 32A of the Second Schedule to the Civil Code and which does not engage in any of the activities in article 12B(1)(a) to (d): Provided that a public offer of shares or debentures, bonds or notes or other instruments shall not be considered to be a public collection and shall be governed by the law applicable to such offers.

(2) The organisations referred to in sub-article (1)(a), (b) and

(c) shall also be exempt from the duty to notify the Commissioner under article 12D.