NO. 553

ACTING APPOINTMENT

NATIONAL OFFICE FOR SENIORS AND THE PHYSICALLY CHALLENGED

MANAGER

Ms. Corita Saunders, Coordinator Seniors National Office for Seniors and the Physically Challenged has been appointed to act as Manager for the National Office for Seniors and the Physically Challenged from 2nd July 2008 to 15th July 2008. (inclusive)

Kenneth S. Dill

Head of the Civil Service

NO. 554

ACTING APPOINTMENT

CONSUMER AFFAIRS

EXECUTIVE OFFICER

Mrs. Rhonda Daniels, Enforcement Officer Consumer Affairs has been appointed to act as Executive Officer for Consumer Affairs from 7th July 2008 to 10th August 2008. (inclusive)

Kenneth S. Dill

Head of the Civil Services

NO. 555

CLEAN AIR ACT

NOTICE OF INTENTION TO

CONSTRUCT A CONTROLLED PLANT

Pursuant to Part II of the Clean Air Rules 1993, application has been made to the Environmental Authority for a permit to construct a controlled plant as follows:

NAME OF APPLICANT

George, Thomas, & James Butterfield, and Margaret Butterfield Couper

ADDRESS OF THE PROPOSED

CONTROLLED PLANT

Palm Ridge

26 Point Shares Road

Pembroke HM 05

DESCRIPTION OF PROPOSED

CONTROLLED PLANT

One 27 kW emergency diesel generator with silencer to provide interim electrical supply during power outages.

This application is available for inspection at the Department of Environmental Protection during normal working hours. Any person wishing to object to the proposed plant may, within 14 days of the date of this publication, lodge their objection with the Department of Environmental Protection, 169 South Road, Paget DV 04. Letters of objection must state the name and address of the objector; the grounds of the objection; whether the objector has an interest in land near to that which the application relates; and be signed by the objector.

DATE: 11 July 2008

NO. 556

CLEAN AIR ACT

NOTICE OF INTENTION TO

CONSTRUCT A CONTROLLED PLANT

Pursuant to Part II of the Clean Air Rules 1993, application has been made to the Environmental Authority for a permit to construct a controlled plant as follows:

NAME OF APPLICANT

Ariel Sands Hotel

ADDRESS OF THE PROPOSED

CONTROLLED PLANT

34 South Road

Devonshire DV 07

DESCRIPTION OF PROPOSED

CONTROLLED PLANT

One below-grade secondary waste water treatment plant of capacity 30,000 gallons per day.

This application is available for inspection at the Department of Environmental Protection during normal working hours. Any person wishing to object to the proposed plant may, within 14 days of the date of this publication, lodge their objection with the Department of Environmental Protection, 169 South Road, Paget DV 04. Letters of objection must state the name and address of the objector; the grounds of the objection; whether the objector has an interest in land near to that which the application relates; and be signed by the objector.

*  Date 11 July 2008.

NO. 557

CLEAN AIR ACT

NOTICE OF INTENTION TO

CONSTRUCT A CONTROLLED PLANT

Pursuant to Part II of the Clean Air Rules 1993, application has been made to the Environmental Authority for a permit to construct a controlled plant as follows:

NAME OF APPLICANT

M & M Excavation Ltd.

ADDRESS OF THE PROPOSED

CONTROLLED PLANT

Lot 3

Adjacent to 5 Marsh Lane

Devonshire

DESCRIPTION OF PROPOSED

CONTROLLED PLANT

One sand sifter for the processing or transfer of gravel, stone, sand or soil. This application is available for inspection at the Department of Environmental Protection during normal working hours. Any person wishing to object to the proposed plant may, within 14 days of the date of this publication, lodge their objection with the Department of Environmental Protection, 169 South Road, Paget DV 04. Letters of objection must state the name and address of the objector; the grounds of the objection; whether the objector has an interest in land near to that which the application relates; and be signed by the objector.

DATE: 11 July 2008

NO. 558

CLEAN AIR ACT

NOTICE OF INTENTION TO

CONSTRUCT A CONTROLLED PLANT

Pursuant to Part II of the Clean Air Rules 1993, application has been made to the Environmental Authority for a permit to construct a controlled plant as follows:

NAME OF APPLICANT

M & M Excavation Ltd.

ADDRESS OF THE PROPOSED

CONTROLLED PLANT

Lot 3

Adjacent to 5 Marsh Lane

Devonshire

DESCRIPTION OF PROPOSED

CONTROLLED PLANT

One rock crusher for the crushing, processing or transfer of gravel, stone, sand or soil.

This application is available for inspection at the Department of Environmental Protection during normal working hours. Any person wishing to object to the proposed plant may, within 14 days of the date of this publication, lodge their objection with the Department of Environmental Protection, 169 South Road, Paget DV 04. Letters of objection must state the name and address of the objector; the grounds of the objection; whether the objector has an interest in land near to that which the application relates; and be signed by the objector.

DATE: 11 July 2008

NO. 559

THE COMPANIES ACT 1981

PURSUANT TO SECTION 261

WHEREAS:

1. The Registrar of Companies has reason to believe that the companies specified in the Schedule hereto are not carrying on business or are not in operation.

2. The Registrar of Companies published a Notice 28 March 2008 to the effect that at the expiration of three months from the date of publication of the Notice on 4 April 2008 the companies would, unless there was cause shown to the contrary, be dissolved.

3. Having been shown no cause to the contrary by the companies listed below within the period of three months of the Notice published on 4 April 2008, the Registrar of Companies by virtue of the powers vested in him under section 261(5) of the Companies Act 1981 has struck the names of the following companies off the Register.

NOTICE IS HEREBY GIVEN of the said striking off and consequently with effect from the date of publication of this Notice, the companies specified in the Schedule SHALL STAND DISSOLVED.

SCHEDULE:

Inflite (Bermuda) Limited

Mosvold Partner Ltd.

NEOS Limited

Terra Star Limited

VAYU TECHNOLOGIES LTD.

West Atlantic Materials Limited

Travis Gilbert,

Acting REGISTRAR OF COMPANIES

8 July 2008

NO.560

THE ASSENT OF THE GOVERNOR WAS GIVEN ON THE 26th DAY OF JUNE 2008 TO THE

FOLLOWING:

"CIVIL AIRPORTS AMENDMENT BILL 2008"

"TRAFFIC OFFENCES (PENALTIES)

AMENDMENT BILL 2008"

NO. 561

ACTING APPOINTMENT

DIRECTOR OF PUBLIC PROSECUTIONS

His Excellency the Governor has been pleased to appoint Mr. Michael J. McColm, Deputy Director of Public Prosecutions, to act as the Director of Public Prosecutions from the 9th July 2008 to 16th July, 2008 or until his return.

Deputy Governor

NO. 562

ACTING APPOINTMENT

DIRECTOR OF PUBLIC PROSECUTIONS

His Excellency the Governor has been pleased to appoint Mr. Michael J. McColm, Deputy Director of Public Prosecutions, to act as the Director of Public Prosecutions from the 31st July 2008 to 21st August, 2008 or until his return.

Deputy Governor

NO. 563

ACTING APPOINTMENT - TAX COMMISSIONER

Mr. Michael Crichlow, Assistant Tax Commissioner - Audit & Compliance has been appointed to act as Tax Commissioner from 19th July - 31st August 2008.

Kenneth Dill

Head of the Civil Service

NO. 564

ACTING APPOINTMENT

Judicial Department

His Excellency The Governor, after consultation with The Chief Justice, has approved the appointment of Mr. Peter Miller, Barrister & Attorney, to act as Registrar for the period 13th to 17th June 2008.

Dated this 20 day of June 2008

(Signed)

Deputy Governor

NO. 565

ACTING APPOINTMENT

Magistracy

Judicial Department

His Excellency The Governor, after consultation with the Chief Justice, has approved the appointment of Ms Maxanne Anderson, Barrister & Attorney as Acting Magistrate & Coroner on 4th August 2008.

Dated this 24 day of June 2008.

(Signed)

Deputy Governor

NO. 566

ACTING APPOINTMENT

Magistracy

Judicial Department

His Excellency The Governor, after consultation with the Chief Justice, has approved the appointment of Mr. Graveney Bannister, Barrister & Attorney to act as Magistrate & Coroner from 21st July to 3rd August 2008.

Dated this 24 day of June 2008.

(Signed)

Deputy Governor

NO. 567

Acquisition of Land

Notice is hereby given that RAJEEV N. W. GOONEWARDENE an British citizen is applying to the Minister of Labour and Immigration for sanction to acquire a freehold interest in the property known as

Olivebank Unit #16, 7 Olivebank Drive, situate in Warwick Parish in joint tenancy with his Bermudian

wife.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour and Immigration, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 568

Acquisition of Land

Notice is hereby given that CARLOS MANUEL ELIZARDO LEONARDO a Portuguese citizen is applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire 0.081 of a hectare of land together with a dwelling house thereon erected situate at 11 Kent Street in St. George's Parish in joint tenancy with his Bermudian wife.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 569

Acquisition of Land

Notice is hereby given that DEBORAH RODGER MACKENZIE an American citizen is applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire 0.2755 of a hectare of land together with a dwelling house thereon erected known as "Crows Sweep" situate at 29 Oleander Hill in Smith's Parish in joint tenancy with her Bermudian husband.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 570

Acquisition of Land

Notice is hereby given that CONSTANCE RIDLEY SMITH an American citizen is applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire 0.166 of an acre of land together with a dwelling house thereon erected situate at 7 My Lord's Bay Drive in Hamilton Parish in joint tenancy with her Bermudian husband.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 571

Acquisition of Land

Notice is hereby given that AEYSHA ANITA SIMONS a Commonwealth citizen is applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire a leasehold interest in Lot 26A situate at 9 DeSilva Drive in Warwick Parish in joint tenancy with her Bermudian husband.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 572

Acquisition of Land

Notice is hereby given that MARILIA FATIMA VICENTE a Portuguese citizen is applying to the

Minister of Labour, Home Affairs and Housing for sanction to acquire a leasehold interest in Apartment

B2, situate at 4 New Park Lane in Pembroke Parish in joint tenancy with her Bermudian husband.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 573

Acquisition of Land

Notice is hereby given that JAMES PAUL SABO, JAMES PAUL SABO JR. and STACEY SABO all American citizens are applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire in joint tenancy a 1/6th fraction or share of Unit #754 Newstead Belmont Hill Golf Resort Spa situated in Paget Parish.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicants should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 574

Acquisition of Land

Notice is hereby given that THOMAS CHRISTOPHER ASSIF and BETH ANNE ASSIF both American citizens are applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire in joint tenancy a 1/10th fraction or share of Unit 3B, The Residence Club, Tucker's Town situate in Hamilton Parish.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicants should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July 2008.

NO. 575

Acquisition of Land

Notice is hereby given that GLORIA CATARINA MEDEIROS PONTE AGUIAR a Portuguese citizen is applying to the Minister of Labour, Home Affairs and Housing for sanction to acquire a leasehold interest in Unit # 7 at 7 Malabar Close in Sandys Parish in joint tenancy with her Bermudian husband.

N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister of Labour, Home Affairs and Housing, P.O. Box 1364, Hamilton HM FX, no later than the 25th July, 2008.

NO. 576

THE ASSENT OF THE ACTING GOVERNOR WAS GIVEN ON THE 1st DAY OF JULY 2008 TO THE FOLLOWING:

"PUBLIC HOLIDAYS AMENDMENT ACT 2008"

NO: 577

THE CONSTITUTION OF BERMUDA

(SECTION 77)

THE COURT OF APPEAL

In exercise of the powers conferred on him by Section 77 of the Constitution of Bermuda, His Excellency the Governor has been pleased to reappoint The Rt Hon Mr Justice Stuart-Smith as a member of the Court of Appeal with effect from 1 September 2008 until 31 August 2009.

Mark Capes

Deputy Governor

NO. 578

THE LIQUOR LICENCE ACT, 1974

NOTICE OF HEARING

TAKE NOTICE of a Special Session of The Liquor Licensing Authority for the Western District on the 25th day of July, 2008 at 9:15 a.m. at Hamilton Magistrates' Court No. 1, to hear the application of Watford Sports Club for the grant of a Members Club Licence in respect of Watford Sports Club located at 9 Mangrove Bay Road, Sandy's.

The Manager of the Business is Management Committee.

Any person ordinarily resident in the Parish or any owner or occupier of any property lying within three hundred yards of the premises in respect of which this application is made may object to the grant of the licence provided written notice containing, in general terms, the grounds of the objection is served on The Chairman of The Liquor Licensing Authority, The Commissioner of Police and The Applicant not less than three days before the hearing.

WOR. ARCHIBALD WARNER

CHAIRMAN,

LIQUOR LICENSING AUTHORITY

NO. 579

AUDITOR'S REPORT

To the Board of Directors

I have audited the balance sheet of the Bermuda Monetary Authority as at December 31, 2007 and the statements of earnings, general reserve and cash flows for the year then ended. These financial statements are the responsibility of management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in Bermuda and Canada. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In my opinion, these financial statements present fairly, in all material respects, the financial position of the Bermuda Monetary Authority as at December 31, 2007 and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in Bermuda and Canada.

Hamilton, Bermuda Larry T. Dennis, C.A.

March 5, 2008 Auditor General

BERMUDA MONETARY AUTHORITY

Balance Sheet as at December 31, 2007

2007 2006

In thousands of dollars

ASSETS

Investment Income Earning Assets

Cash and cash equivalents 59,996 51,354

Term deposits (Note 4) 15,975 15,000

Investments (Note 5) 60,784 64,690

136,755 131,044

Other Assets

Accounts receivable and accrued

interest 1,947 1,850

Stock of notes and coins for

circulation 1,135 1,172

Stock of numismatic items 1,013 558

Prepaid expenses 219 143

Capital assets (Note 6) 30,338 30,506

34,652 34,229

171,407 165,273



LIABILITIES, CAPITAL AND RESERVE

Liabilities

Notes and coins in circulation 124,601 121,045

Accounts payable and accrued

liabilities 2,217 2,939

Due to the Consolidated Fund of the Government of Bermuda (Note 7) 2,941 2,582

129,759 126,566



Capital and Reserve

Capital

Authorised: $30,000,000

Subscribed and fully paid (Note 8) 20,000 20,000

General Reserve (Note 9) 21,648 18,707

41,648 38,707

171,407 165,273

Matthew Elderfield

Chief Executive Officer

Alan Richardson, FCA

Chairman

The accompanying notes are an integral part of these financial statements.

BERMUDA MONETARY AUTHORITY

Statement of Earnings for the year ended December 31, 2007

REVENUES 2007 2006

In thousands of dollars

Supervisory & licensing fees

(Note 10) 21,437 13,635

Investment income (Note 11) 5,912 5,397

Incorporation fees, vault commission

and other income 915 800

Rental Income 443 2,412

Net sales of special coins 264 239

28,971 22,483

EXPENSES

Salaries and employee benefits 14,568 10,519

General expenses (Note 12) 4,237 3,863

Professional fees 2,435 1,330

Amortisation of capital assets 1,382 1,271

Circulation note and coin expenses 467 335

23,089 17,318

NET EARNINGS FOR THE YEAR 5,882 5,165

The accompanying notes are an integral part of these financial statements.

BERMUDA MONETARY AUTHORITY

Statement of General Reserve for the year ended December 31, 2007

2007 2006

In thousands of dollars

BALANCE, BEGINNING OF YEAR 18,707 25,524

Net earnings for the year 5,882 5,165

Transfer to capital - (9,400)

Distribution payable to the

Consolidated Fund (Note 7) (2,941) (2,582)

BALANCE, END OF YEAR 21,648 18,707

The accompanying notes are an integral part of these financial statements.

BERMUDA MONETARY AUTHORITY

Statement of Cash Flows for the year ended December 31, 2007

2007 2006

CASH FLOWS FROM OPERATING ACTIVITIES

In thousands of dollars

Net earnings for the year 5,882 5,165

Adjustment to convert earnings to a

cash basis:

Amortisation of capital assets 1,382 1,271

Amortisation of discounts on

investments (21) (18)

Gain on disposal of capital assets (60) - 7,183 6,418

Changes in non-cash working capital:

Accounts receivable and accrued

interest (97) (229)

Stock of notes and coins for

circulation 37 64

Stock of numismatic items (455) 11

Prepaid expenses (76) (18)

Notes and coins in circulation 3,556 7,347

Accounts payable and accrued

liabilities (722) 1,514

FUNDS PROVIDED BY

OPERATING ACTIVITIES 9,426 15,107

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of capital assets (1,252) (3,224)

Purchase of investments and term

deposits (15,847) (15,164)

Proceeds from sale of capital assets 99 -

Proceeds from sale and maturity of

investments 18,798 25,847

FUNDS PROVIDED BY

INVESTING ACTIVITIES 1,798 7,459



CASH FLOWS FROM

FINANCING ACTIVITIES



Distribution to the Consolidated Fund

of the Government of Bermuda (2,582) (1,721)

Proceeds on Issuance of capital - 9,400

Distribution from General

Reserve to capital - (9,400)

FUNDS USED IN FINANCING

ACTIVITIES (2,582 (1,721)

INCREASE IN CASH AND CASH

EQUIVALENTS 8,642 20,845



CASH AND CASH EQUIVALENTS,

BEGINNING OF YEAR 51,354 30,509

CASH AND CASH EQUIVALENTS,

END OF YEAR 59,996 51,354

The accompanying notes are an integral part of these financial statements.

BERMUDA MONETARY AUTHORITY

Notes to the Financial Statements for the year ended December 31, 2007

1. THE BERMUDA MONETARY AUTHORITY ACT 1969

The Bermuda Monetary Authority ("the Authority") was established by an Act of the Legislature, its objects and powers being set out in the Bermuda Monetary Authority Act 1969, as amended.

The primary responsibilities of the Authority are:

- acting as issuing authority for Bermuda dollar notes and coins;

- the supervision, regulation and inspection of all financial institutions operating in or from within Bermuda;

- the promotion of the financial stability and soundness of financial institutions;

- the supervision, regulation and approval of the issue of financial instruments by financial institutions or by residents;

- the fostering of close relations between financial institutions and between the financial institutions and Government;

- assisting with the detection and prevention of financial crime;

- the management of exchange control and the regulation of transactions in foreign currency or gold on behalf of the Government; and

- the provision of advice and assistance to the Government and public bodies on banking and other financial and monetary matters.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in accordance with generally accepted accounting principles in Bermuda and Canada. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues earned and expenses incurred during the year. Actual results could differ from these estimates.

(a) Translation of Foreign Currencies

Assets and liabilities denominated in foreign currencies are translated into Bermuda dollars at the year-end exchange rates. Revenues and expenses are translated at the exchange rates in effect at the transaction dates. Realised and unrealised exchange gains and losses are included in investment income.

(b) Investments

Investments comprise long term investments in fixed income securities. The Authority's intention is to hold the securities until maturity. The securities are carried at cost or amortised cost.

(c) Cash & Cash Equivalents

Cash and deposits, including repurchase agreements and demand deposits with maturity of ninety days or less, are considered equivalent to cash.

(d) Stock of Notes and Coins for Circulation

The stock of notes and coins for circulation is stated at cost on a "first in, first out" basis.

(e) Stock of Numismatic Items

Numismatic items consist of commemorative coins and circulation notes and coins for resale. The stock of numismatic items is stated at the lower of cost on a "first in, first out" basis and net realisable value.

(f) Capital Assets and Amortisation

Capital assets are stated at cost less accumulated amortisation. Amortisation is charged using the straight-line method at an annual rate of 2.5% for building and 25% for all other assets excluding land. In the year of acquisition, a half-year amortisation is taken.

(g) Notes and Coins in Circulation

The balance of notes and coins in circulation does not include the face value of commemorative coins sold, as the Authority does not expect any significant redemption of these coins.

(h) Museum Items

Museum items have been capitalised at a nominal amount of $1,000 and are included in the stock of numismatic items. All new additions to museum items are expensed during the year of purchase.

(i) Revenue recognition

The Authority recognizes revenue as it is earned.

(j) Financial Instruments

The fair values of investments as disclosed in Note 5 are based on year-end quoted market prices.

The fair values of other financial assets and liabilities approximate their carrying amounts as they are generally due on demand or otherwise earn interest at market interest rates.

3. EMPLOYEE BENEFITS

(a) Pension Plan

The Authority has a defined contribution plan administered by BF&M Life for the majority of its employees. The contributions to the defined benefit plan are recognized on a current basis and have been included in salaries and employee benefits. Employee contributions to the plan are 5% of gross salary matched by the Authority. These contributions represent the total liability of the Authority and are recognised on a current basis. The Authority's contributions to the Plan during the year were $462,409 (2006 - $329,675).

The Public Service Superannuation Fund administered by the Government of Bermuda covers the remainder of the Authority's employees. Contributions of 7% (2006 - 6%) of gross salary are required from both the employee and the Authority. These contributions represent the total liability of the Authority and have been included in salaries and employee benefits. The Authority's contributions to the Plan during the year were $106,443 (2006 - $56,115).

(b) Other Benefits

Other employee benefits include maternity leave, sick leave, vacation days and pre-retirement leave. All these benefits are unfunded.

Vacation days accumulate and vest and therefore a liability is accrued each year. The accrued vacation liability as of 31 December 2007 is $ 244,166 (2006 - $175,416) and is included in accounts payable and accrued liabilities.

Employees under the Public Service Superannuation Fund are entitled to pre-retirement leave based upon their years of service at the time of retirement. The pre-retirement leave accumulates and vests and a liability is accrued each year. During the year, no pre-retirement leave benefits were paid (2006 - $27,542). The liability as at December 31, 2007 is $ 227,727 (2006 - $194,146) and is included within accounts payable and accrued liabilities.

4. TERM DEPOSITS

Maturities and effective yields of term deposits are as follows:

2007 2006

In thousands of dollars

Less Than 1 to 5

1 Year Years Total Total

Bermuda Dollar

Term Deposits - 15,975 15,975 15,000

Average effective

yield - 5.27% 5.27% 3.92%



Average effective yield is based on book values and contractual interest rates.

5. INVESTMENTS

The investment portfolio includes fixed income securities denominated in U.S. dollars. The market value of the portfolio of fixed income securities is $61.1 million (2006 - $63.2 million).

An analysis of the investment portfolio by maturity and average effective yields is as follows:

2007 2006

In thousands of dollars

1 to 5 +5

Years Years Total Total

US Government

Agencies 30,441 20,451 50,892 59,672



Supranational Bank 5,015 4,877 9,892 5,018

Total Investments 35,456 25,328 60,784 64,690

Weighted average

effective yield 4.67% 4.72% 4.69% 4.64%

Weighted average effective yields are based on book values adjusted for amortisation of premiums and discounts.

Certain US Government Agencies have the right to call their debt issues without penalty. As a result, the actual maturity dates for these issues may differ from the contractual maturity dates.

The Authority is exposed to a concentration of credit risk as 79.7% (2006 - 83.9 %) of its income earning assets are in US Government and US Government Agency securities.

6. CAPITAL ASSETS

2007 2006

In thousands of dollars

Cost Accumulated Net Book NetBook Amortisation Value Value

Land 4,000 - 4,000 4,000

Building 25,780 2,171 23,609 23,681

Computer equipment

& software 2,682 1,304 1,378 1,075

Furniture &

fixtures 2,212 861 1,351 1,750

34,674 4,336 30,338 30,506

The following deposits are included in capital assets and are not amortised:

Building - $574,000

Computer Equipment $366,262 $238,000

Furniture & fixtures $14,187 $987,000

7. DUE TO THE CONSOLIDATED FUND OF THE GOVERNMENT OF BERMUDA

In accordance with Section 8 (3) of the Bermuda Monetary Authority Act 1969, earnings in the amount of $2,941,000 (2006 - $2,582,000) will be payable to the Consolidated Fund of the Government of Bermuda. This amount is non-interest bearing and payable by May 31, 2008.

8. SUBSCRIBED AND FULLY PAID CAPITAL

The Authority's authorised capital of $30,000,000 can be subscribed at such times and in such amounts as the Board, with the approval of the Minister of Finance, may require.

9. GENERAL RESERVE

A general reserve of $21,648,000 (2006 - $18,707,000) has been established in accordance with Section 8 of the Bermuda Monetary Authority Act 1969.

The Minister of Finance granted approval for $2,941,000 (2006 - $2,582,000) of net earnings to be transferred to the general reserve account.

10. SUPERVISORY & LICENSING FEES

2007 2006

In thousands of dollars

Insurance Fees 15,337 9,013

Bank and deposit company fees 5,255 4,078

Trust company fees 558 340

Investment business licence fees 287 204

21,437 13,635

11. INVESTMENT INCOME

2007 2006

In thousands of dollars

Interest on investments 2,951 3,006

Interest on cash and cash

equivalents 2,292 1,433

Interest on term deposits 730 1,014

Foreign exchange loss (61) (56)

5,912 5,397

12. GENERAL EXPENSES

2007 2006 In thousands of dollars

Premises and general office

expenses 3,280 2,942

Conferences, seminars, education

and training 672 519

Communication and computer

expenses 285 402

4,237 3,863



13. LEASE COMMITMENTS

In 2004, the Authority purchased a building that was occupied by third party tenants from the time of the acquisition of the building. The Authority assumed the operating leases of these tenants and they either expired on December 31, 2006 or will expire on September 30, 2008. The minimum annual lease receipts pursuant to the leases that will expire on September 30th, 2008 are $291,000.

14. COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform to the current year's presentation.

NO. 580

LISTING OF PLANNING APPLICATIONS

REGISTERED (FOR ADVERTISEMENT)

This list was printed on 7/8/2008

Applications registered between 6/30/2008 and 7/8/2008.

Advertised on 7/11/2008.

Objections to applications must be received within 14 days of the date advertised (July 25, 2008).

Summary of Application Details

Application Application

City of Hamilton

CTY Bermuda P0422/08

21 Woodlands Road, City of Hamilton

Change of Use to School Facility for Saltus Grammer School (Classrooms and Offices)

(Final)

Devonshire

Cable & Wireless Bermuda Limited P0420/08

1 Middle Road, Smiths

Renovations and Upgrade to Existing Data Center to Include: Generators, Fuel Tanks, Transformers,

Chiller Arrays, Pump Packages, High Voltage Switch Building , Access Ramp and Electrical Panel Room.

(Final)

Hamilton

Lambe, Mr./Mrs. Vernon & Betty P0391/08

18 Cottage Hill Road West, Hamilton

Two Storey Addition Creating 2nd Dwelling Unit.

(Final)

Paget

Chappell, Mrs. Elfrida P0341/08

Lot 33 South Road (Coral Beach Club), Paget

Proposed Retaining Wall (12ft High) and New Buttery

(Final)

Pembroke

Fairmont Hamilton Princess P0390/08

76 Pitts Bay Road, Pembroke

New Parapet Roof to Main Entrance, Install New Windows At Main Entrance, Pool Wing and Buttery Link, and Construct Toilet and Towel Dispensing Building.

(Final)

Sandys

Raynor, Mr. Eldon P0419/08

Lot 9 Woodlawn Road, Sandys

New Three Dwelling Units

(Final)

Simons George Wendell S0054/08

12 Scaur Hill Drive, Sandys

14 Scaur Hill Drive, Sandys

2 Additional Lots.

(Final Plan)

Smiths

Jeffries, Mrs. Lisa P0416/08

3 Hogfish Hill, Smiths

Retroactive Application for Boundary Walls, Planters, Patio and Steps.

(Final)

Butterfield, Mrs. Debbie P0418/08

3 Nantucket Lane, Smiths

Interior Renovations and Additions of Bathroom, Closet, Breakfast Nook and Bedroom in Basement.

(Final)

Palm Jordan Trust P0423/08

Lot 5 Idle Acres Road, Smiths

New Two Dwelling Unit.

(Final)

Southampton

Geronimo Trust P0392/08

9 Williamsville Place, Southampton

Demolition of Existing Walls, 8Ft Retaining Wall, New Driveway and 5ft Rock Cuts for New Steps.&

Internal Conversion to create second Dwelling Unit.

(Final)

Wadson, Mr. Thomas P0417/08

16 Lukes Pond Road, Southampton

Demolish Existing Barn and Construct New Farm Storage Barn.

(Final)

Simons, Mr. Dwayne P0421/08

Lots 74 & 75 Eastdale Lane, Southampton

New Three Dwelling Units.

(Final)

St. George's

Patterson, Mrs. Karen P0389/08

Lot #1 Vaughan's Bay Drive, St. George's

New Three Dwelling Unit.

(Final)

Town of St George

Corporation of St. Georges P0415/08

7 Bridge Street, Town of St. George

Proposed Floating Dock ( To Accomodate Visiting Yachts) Listed Building Site

(Final)

Gosling Charles P0424/08

25 York Street, Town of St. George

Remove Existing Windows to Replace With New Windows with Interior Screens.

(Final)

No. 581

THE COMPANIES ACT 1981

PURSUANT TO SECTION 261

WHEREAS:

The Registrar of Companies has reason to believe that the companies specified in the schedule hereto are not carrying on business nor are in operation;

The Registrar of Companies sent letters by post to the companies inquiring whether they were carrying on business or were in operation;

The Registrar of Companies did not within one month of sending the letters receive any answers thereto and in consequence did send each of the companies a registered letter referring to the first letters and stating that no answer thereto had been received and that if an answer was not received to the second letter within one month from the date thereof, a Notice would be published in the Gazette with a view to striking off and dissolving the companies;

The Registrar of Companies has either received replies stating that the companies are not carrying on business or has not received any replies at all; accordingly

NOTICE IS HEREBY GIVEN that at the expiration of three months from the date of publication of this Notice, the companies listed in the attached Schedule will unless cause is shown to the contrary, be struck off the Register and will be dissolved.

SCHEDULE:

1-Zone Ltd.

2Kandoo Ltd.

AD Capital Partners Limited

Afex Energy Limited

A.I.M. INSURANCE COMPANY LIMITED

Altitude Air Services Limited

Altius Holdings Limited

Altius Investment Management Limited

AmerInst Holdings Ltd.

Apex Gold Equities Fund Limited

Apex Management Company Limited

Aprize Asia Limited

APW Ltd.

Arbor Capital, Ltd.

Aroma International Finance Ltd.

Arrow Resources Development Ltd.

ASABA INVESTMENT ADVISERS LIMITED

Asia Infra International Ltd.

Atlantic Marketing Ltd.

Atlantic Wet Blue Ltd.

Atlas Systems Limited

Aureol Investments (Bermuda) Limited

AVALON LTD.

Avance Ltd.

AWAS (Bermuda) Limited

Aylesford Limited

BANTAM INVESTMENTS LIMITED

BCI Bermuda 2006-1, Ltd.

BCI Bermuda MSN 127-2006, Ltd.

BISHOP CHEMICALS LIMITED

Black Tulip Group (Bermuda) Ltd.

Bombardier (Bermuda) Corporation Ltd.

Brencourt Enhanced Multi-Strategy Master, Ltd.

Bridgewater Capital Ltd.

Broadmark Long/Short Equity Offshore Fund, Ltd.

BROWARD LTD.

Cambridge Administrative Services Limited

CAPILANO INVESTMENTS LTD.

CAPIS COMPANY LIMITED

Capital Markets Development Corporation Ltd.

CAROUSEL COMPANY LIMITED

Caviar House & Prunier Asia Holding Ltd.

CEDAR ROCK LTD.

CEED Limited

CHARNLEY DEVELOPMENT COMPANY LIMITED

CHARTER POWER F.S. LTD.

Chene Holdings, Ltd.

China And Canton Clutch Holdings Company Limited China Broadcasting Telecom Ltd.

China Distance Education Holdings Limited

China MobileSoft Ltd.

CICI 2 LIMITED

CIRCL Holdings Ltd.

CLOVIS COMPANY LIMITED

CMDC Guaranty Company (Bermuda) Ltd.

COMMODORE HOLDINGS LIMITED

Commonwealth Finance Limited

CONSOLIDATED COMMODITIES LTD.

Continental Commodities Limited

COOK INTERNATIONAL LIMITED

COPERNICUS VENTURES LIMITED

CORPORATE OIL & GAS LTD.

Counselex International Ltd.

Crescent Sugar & Ethanol Development Ltd.

Crown Oil Corporation Ltd.

Cr Trading Co. Ltd.

CUBE OVERSEAS LIMITED

Dalamal International Holdings Limited

Darkhorse Group Holdings Ltd

DARMA LIMITED

DBTEL Asia Pacific Ltd.

DBTEL Pan-Asia Holdings Ltd.

DDR China Ltd.

DELTA MINERALS CORPORATION LIMITED

Denebola International Finance No. 2 Limited

The Distribution Fund Ltd.

DMV Capital Ltd.

Dragon Best Resources Limited

DSM New London International Ltd.

DTT INVESTMENTS LTD.

DUNHILL FINANCIAL LIMITED

DXB Aviation Limited

Eagle Acquisitions Ltd.

Eastern European Investment Company Limited

ecashmerchants.com, Ltd.

Economy Industrial International Ltd.

Educate Media Resources, Ltd.

Educate Resources, Ltd.

EGT Management Ltd.

EHCG Yield Opportunity Fund Ltd.

Element Long/Short Investors Ltd.

EQUITABLE CAPITAL DHO LTD.

Equus International Management Ltd.

Eracent Ltd.

e-Smart Global Technologies Ltd.

Estrella Fund Limited

EUROPEAN & SOUTH-AMERICAN FINANCE CO. LTD.

EVERGREEN OVERSEAS LTD

FAIRWIN INSURERS LTD.

FERTICED LIMITED

FIN2 Limited

FIRST INVESTMENTS LIMITED

FOUNDRYMEN'S INSURANCE COMPANY, LTD.

Fox Energy Limited

FRAMLINGTON INVESTMENT MANAGEMENT (BERMUDA) LIMITED

Franklin Limited

Fred. Olsen Express Ltd.

FreeMarket Advisors Limited

FreeMarket Development Limited

FreeMarket Real Estate Limited

G.B. AMALCO LIMITED

Gardner Lewis Offshore Fund, Ltd.

Gardner Lewis Offshore Market Neutral Fund, Ltd.

Garnet Limited

GARRARD PRODUCTS LIMITED

GE Appliances (Bermuda), Ltd.

GLOBAIR LTD.

Global Credit Management Ltd.

GLOBAL GEM RESERVE LTD.

GOLD BARREL SOCIAL CLUB RESORT MANAGEMENT LTD.

Gold Key Enterprises Limited

Granary Associates Architects International, Ltd.

Granary Associates Architects, P.C. Ltd.

Grand Bay Ltd.

Guidance Systems Inc. Ltd.

HARVEST UNIASIA LIMITED

Hawthorne Holdings Ltd.

He Jian Holdings Ltd.

Health International Ltd.

HENRIETTA VON JAHNKE (BERMUDA) LIMITED

Highbury Capital Advisors Limited

Holmgren International Group, Ltd.

HONKO INTERNATIONAL HOLDINGS LIMITED

Hour Advisory Ltd

IDUAS LIMITED

Independent Agents Insurance Co.(SAC) Ltd.

INDIA PERFORMANCE FUND, LTD.

Indica Consulting Ltd.

Indigo Private Trust Company Limited

INEOS Aviation (Bermuda) Limited

INNOVA Holdings, Ltd.

INTERCORP COMMUNICATIONS LTD.

INTERLINK PETROLEUM RESOURCES INC. (BERMUDA) LTD.

International Product Carriers Limited

Internet Business Capital Corporation Limited

Interserv Management Ltd.

IVI Holdings, Ltd.

IVI SA Holding Co. Ltd.

IVI Smart Technologies Limited

IWT Tesoro International Ltd.

Jacmel Ltd.

Jacobs Transportation Ltd.

JACOBSON GLOBAL HEDGE FUND LIMITED

JB Plastics (Bermuda), Ltd.

Jedburgh Limited

JINDABYNE OFFSHORE CONSULTANTS LIMITED

Juridica Management Limited

KG Investments Ltd.

KMR Power (Bermuda) Ltd.

Lake Shore Asset Management Limited

The LAM Waiting Game Fund Ltd.

Latinamerican Office Properties, Ltd.

LCVR Ltd.

Leading Edge Holdings Ltd.

Lexington Green Limited

LONGFORD HOLDINGS LIMITED

Longships Limited

Longview Insurance Company (Bermuda), Ltd.

LORAD MANAGEMENT LIMITED

M3COM Limited

Madison Re Bermuda Ltd.

MAHA HOLDINGS LIMITED

Mallette Capital Biotech Fund Ltd.

Mallette Capital Master Fund Ltd.

MARCAS HOLDINGS LIMITED

MARTEC INTERNATIONAL LIMITED

Matriks Limited

Max Power Industries Limited

Merger Law Associates Ltd.

MMC Limited

Montrose Limited

MP Advisors Ltd.

Multi-Line Management Ltd.

Musical Holdings Limited

Nam Fong International Holdings Limited

Nemmoco Petroleum Limited

NEW COMMODORE CRUISE LINES LIMITED

NewSat Holdings Limited

NewSat-425 Limited

NewSat-I Limited

Nexus Capital Limited

Nexxar Group INTL Bermuda Ltd.

NMSB Electronics Limited

NOAL Securities Limited

NOC Ltd.

North Cove Trading Ltd.

North Oxford Investment Co. Limited

NOTTINGHAM TRADING CO. LTD.

Nova Scotia Research Foundation

Nueces Investments Ltd.

Nutrient Capital Ltd

OAK FUND MANAGEMENT LIMITED

OCTOPUS BROKERS LIMITED

OCTOPUS LIMITED

OFFSHORE VENTURES LIMITED

Old Slip Capital, Ltd.

Omnium Tours Management Limited

OO Properties Limited

Oxford Metrica International Equity Fund Limited

Pacific Blue Ltd.

Pacific Legacy Investment Company II, Ltd.

Pacific Wireless Marketing Ltd.

PALM TREE LTD

PANAMETRICS LIMITED

Pangea Holdings Limited

Patrician Liquidity Fund Ltd.

PB NIHON FSC LTD.

PB NIKKO FSC LTD.

PCA International Ltd.

Pembroke Atlantic Ltd.

PETROBULK LIMITED

Petronius (Bermuda) Charitable Foundation

PGT FINANCE (1999) LTD.

Powers & Dubin Asset Management International Limited

Powers & Dubin Traders Limited

Prasino Investment Capital Corporation Ltd.

PRINCETON FUTURES INTERNATIONAL LIMITED

Princeville Holdings Limited

Property Holdings, Ltd.

Protea Limited

PYTHON OCEAN TRANSPORTATION (BERMUDA) LIMITED

R & R Limited

RE3W Ltd.

Rebus HR Group Limited

RECIPCO HOLDINGS LTD

REFCO INTERNATIONAL INVESTMENT SERVICES LTD.

Regal GP Limited

Regent Enterprises Limited

Registry Systems International Ltd.

REMIND CAP INTERNATIONAL LIMITED

RIPOL LIMITED

Royal Intellectual Property, Ltd.

Russell Aircraft Limited

S. Harris, Limited

Safe Step Ltd.

SAI Consulting Ltd.

Salisbury Holdings Ltd.

SAPPHIRE HOUSE LIMITED

Sayap Limited

SCAL Limited

SEA SERVICES (BERMUDA) LIMITED

SeaMount, Ltd.

SEAWORTHY HOLDINGS LIMITED

Sedona Limited

SERENA TRADING (INC.) LTD.

Seven Seas International Fund, Ltd.

Seven Seas Portfolio A Ltd.

Seven Seas Portfolio B Ltd.

Seven Seas Portfolio C Ltd.

Seymour Services Ltd.

SHELDON INVESTMENTS LTD.

SIEM DRILLING LTD.

Sinoval Pharmaceutical Limited

Sirco Atlantic Ltd.

Skychase II Limited

Solusia International, Ltd.

SPECTRON ENERGY LIMITED

STC Ltd.

STRADIVARI Capital Management Limited

STRUCTURAL ENGINEERS INSURANCE LTD.

STRUCTURAL ENGINEERS HOLDINGS, LTD.

Sunsorb International Limited

Syncrion Global Solutions, Ltd.

T/LINK LIMITED

Taiwan Digital Broadcast Services, Ltd.

Target Growth Fund Ltd.

TECG Holdings, Ltd.

Tecquapro Ltd.

Teleglobe Bermuda Holdings Ltd.

TGE Holdings Ltd.

THF Limited

Three Crowns Capital (Bermuda) Limited

Tiebeam Ventures Ltd.

TLGB ACQUISITION LTD

TNI Funds Ltd.

TRANSNATIONAL CAPITAL LIMITED

Treefrog Investments Limited

Triana Holdings Ltd.

TRICAP STRATEGIC MANAGEMENT (BERMUDA) LTD.

TRINITY FUND MANAGEMENT, LTD.

TRINITY FUTURES FUND LTD.

Triple Quick Online Ltd.

TrueTel Communications, Ltd.

Twenty-One Brokers Co., Ltd.

TYSS Financial Ltd.

UNITED M.E. TRADERS LIMITED

UNOCAL NORTH SUMATRA GEOTHERMAL, LTD.

URSUS CAPITAL MANAGEMENT LIMITED

ValetNoir Limited

Value Partners Investment Limited

VCM Trading Limited

VENFLEET ASPHALT, LTD.

VENFLEET LTD.

VENFLEET LUBE, LTD.

VENFLEET PRODUCTS, LTD.

VIOLA COMPANY LIMITED

V-Logic Holdings Limited

WEBSTER INSURANCE LTD

Wells Fargo Insurance Services Captive Management (Bermuda) Limited

WESTERN PACIFIC MANAGEMENT, LTD.

Windermere Capital Management, Ltd.

Windermere Multi-Strategy Fund Ltd.

Witchity Capital Corporation Ltd.

World DLA Ltd.

WORLDWIDE CONSULTING (BERMUDA) GROUP LTD.

Zephyr Limited

Z-man Aviation Limited

Travis Gilbert

Acting Registrar of Companies

8 July 2008

No. 582

SPECIFICATION OF FLIGHTS WHICH DO NOT REQUIRE AN AIR TRANSPORT LICENCE

1. Note: Section 8 (1) of the Civil Aviation (Air Transport Licensing) Act 2007 ("the Act") provides that no aircraft shall be used for the carriage for reward of passengers or cargo on a flight unless the operator holds an air transport licence and the terms of the licence are complied with. This provision applies to any flight in any part of the world by an aircraft registered in Bermuda and any flight, which begins or ends in Bermuda, by an aircraft not registered in Bermuda. Section 8 (3) (c) of the Act provides that this prohibition does not apply to any particular flight, or series of flights, specified in an instrument made by the Minister and published in the Gazette. This instrument does not affect the requirement for the operator to hold an appropriate air operator's certificate.

2. The Minister, in pursuance of his powers under Section 8 (3) (c) of the Civil Aviation (Air Transport Licensing) Act 2007 hereby specifies for the purposes of the said paragraph (c) the following flights:

All sole-use charter flights operated by Longtail Aviation Limited.

3. For the purposes of this instrument "sole-use charter flight" means flights solely for the carriage of cargo or passengers with or without their baggage in consequence of a person's exclusive right to use the carrying capacity of the aircraft, being

(i) cargo all of which is consigned by that person and none of which is carried in pursuance of an agreement between that person and any other person made otherwise than as a term of the sale of the cargo;

(ii) passengers none of whom is carried for a separate fare and for the purposes of this provision:

(a) any reward wholly or partly in respect of or in connection with the carriage of a passenger (other than remuneration passing from the operator of the aircraft to a member of the crew thereof) shall be deemed to be a fare, irrespective of the person by whom or to whom it is has been given: provided that reward for the exclusive right to use the passenger capacity of the aircraft shall not be a fare; and

(b) a fare shall be deemed to be separate although it is for several journeys, or for a group of passengers who are fewer in number than the number of seats occupied on the flight.

4. This instrument shall take effect on the date given below and shall be published in the Gazette in accordance with section 8 (5) of the Act. It shall remain in effect unless and until further notice.

Minister responsible for Transport

27th June 2008

BR 42 /2008

HOTELS CONCESSION ACT 2000

2000 : 28

HOTELS CONCESSION (COCO REEF RESORT) ORDER 2008

WHEREAS Coco Reef Resorts Limited has by application dated 6 October 2003 applied for a Hotels Concession Order under section 3 of the Hotels Concession Act 2000 in respect of the Coco Reef Resort redevelopment;

WHEREAS the Minister responsible for Tourism, having considered the application, is satisfied that the hotel redevelopment is in the national economic interest of Bermuda;

The Minister responsible for Tourism, in exercise of the powers conferred by section 4 of the Hotels Concession Act 2000, makes the following order:

Citation

1 This Order may be cited as the Hotels Concession (Coco Reef Resort) Order 2008.

Interpretation

2 In this Order-

"Act" means the Hotels Concession Act 2000;

"hotel" means the Coco Reef Resort as developed by the hotel developer;

"hotel developer" means Coco Reef Resorts Limited, a company incorporated in Bermuda on 28 February 2003;

"hotel redevelopment" means the Coco Reef Resort redevelopment described in the hotel developer's application submitted under section 3 of the Act and includes qualifying units;

"opening date" means the date on which the hotel redevelopment is certified by the Minister to be complete;

"qualifying unit" means a unit which is leased back to the hotel for tourist accommodation for at least six months of the year for five consecutive years.

Concessions

3 (1) Subject to paragraph 4, the hotel developer shall in respect of the hotel redevelopment be entitled to the following concessions-

(a) for a period beginning with the opening date and ending on the fifth anniversary of that date, exemption from land tax otherwise payable in respect of the hotel, up to an amount not exceeding $9,800 in each year of assessment;

(b) for a period beginning with the opening date and ending on the third anniversary of that date, exemption from hotel occupancy tax otherwise payable in respect of the hotel to an amount equal to the sums expended by the hotel developer on marketing the new capital developments of the hotel up to an amount not exceeding $130,700 in each year of assessment;

(c) for a period beginning with the opening date and ending on the fifth anniversary of that date, exemption from hotel occupancy tax otherwise payable in respect of the hotel to an amount equal to fifty per cent of the sums expended by the hotel on entertainment provided by Bermudian entertainers, up to an amount not exceeding $18,750 in each year of assessment;

(d) for a period beginning with the opening date and ending on the fifth anniversary of that date, exemption from the employer's share of the payroll tax otherwise payable in respect of persons employed by the hotel, of an amount equal to 100 per cent of the sums expended by the hotel on training Bermudian employees of the hotel, up to an amount not exceeding $7,300 in each year of assessment; and

(e) reduction by one third of the land-holding charge otherwise payable under section 96(2) of the Bermuda Immigration and Protection Act 1956 in respect of the first disposition of each qualifying unit.

(2) For the purposes of subparagraph (1)(d), the employer's share of payroll tax means that portion of payroll tax which the employer is not entitled to deduct from an employee's wages under section 19 of the Payroll Tax Act 1995.

Terms and conditions

4 (1) To qualify for the exemption from hotel occupancy tax under paragraph 3(1)(b) the hotel developer must, for the relevant period-

(a) show to the satisfaction of the Minister that sums equal to the amount of the exemption claimed have been expended by the hotel developer on the marketing of the hotel;

(b) comply with guidelines on the marketing of the hotel issued by the Minister; and

(c) provide an annual audited statement of account showing the amounts expended on such marketing.

(2 To qualify for the exemption from hotel occupancy tax under paragraph 3(1)(c), the hotel developer shall, for the relevant period?

(a) show to the satisfaction of the Minister that entertainment has been provided at the hotel by Bermudian entertainers in accordance with guidelines issued by the Minister; and

(b) provide an annual audited statement of accounts showing the amounts expended on the entertainment.

3) To qualify for the exemption from payroll tax under paragraph 3(1)(d), the hotel developer must, for the relevant period?

(a) comply with guidelines on the training of Bermudian employees issued by the Minister;

(b) satisfy the Minister that appropriate training has been provided in accordance with the guidelines; and

(c) provide an annual audited statement of account showing the amounts expended on such training.

(4) To qualify for the reduction of the land-holding charge under paragraph 3(1)(e), the hotel developer must show to the satisfaction of the Minister that each unit is a qualifying unit.

(5) In this paragraph, "relevant period" means the period for which the exemption is claimed.

Made this 27th day of June 2008

Premier

Agreed by:

Minister of Finance

BR 43 /2008

TELECOMMUNICATIONS ACT 1986

1986 : 35

CABLE TELEVISION SERVICE AMENDMENT REGULATIONS 2008

The Minister responsible for Telecommunications, in exercise of the powers conferred by section 59 of the Telecommunications Act 1986, makes the following Regulations:

Citation

1 These Regulations may be cited as the Cable Television Service Amendment Regulations 2008.

Substitutes regulation 12

2 Regulation 12 of the Cable Television Service Regulations 1987 (in these regulations referred to as the "principal Regulations") is revoked and the following regulation is substituted -

"Local television programmes

12 (1) A licensee may carry on the System television programmes broadcast by a broadcasting radio station licensed in Bermuda.

(2) A broadcasting radio station shall elect for every period of three years commencing 1 November 2008 (in these Regulations referred to as the "election period") whether they wish their television programmes to be carried on a "must carry" or a "retransmission consent" basis.

(3) A broadcasting radio station must make its election for the first election period before 1 November 2008, and must make its election for each subsequent election period at least four months prior to the end of the then current election period.

(4) If "must carry" is elected, a licensee shall carry on the System, free of charge, all television programmes broadcast by a broadcasting radio station.

(5) If "retransmission consent" is elected, a licensee must, within 30 days, confirm whether or not they intend to carry the television programmes of a broadcasting radio station.

(6) Where "retransmission consent" is elected under paragraph (5) and a licensee chooses not to carry the television programmes they must within fourteen days inform the public via the public printed media and by direct notice to their customers and must also within that fourteen day period file revised tariff rates with the Commission for the programme tier in which the television programmes will no longer be available.

(7) Where "retransmission consent" is elected under paragraph (5) and a licensee chooses to carry the television programmes on a "retransmission consent" basis and the parties are not able to reach a commercial agreement within sixty days, then either party may refer the matter to the Commission for determination.

(8) The Commission shall, in not more than sixty days or such longer period as the Minister may allow, conclude its deliberations and forward a decision to the parties.

(9) The date of implementation of any new agreement shall be the day following the expiration of the previous election period.

(10) If either party is aggrieved by the decision of the Commission, they may appeal to the Minister in accordance with the procedures outlined under section 25 of the Act.

(11) During an election period in which a licensee has elected "must carry" or "retransmission consent" -

(a) neither party shall cause the television programmes of the broadcasting radio station to be unavailable on a licensee's System without the express permission of the Minister;

(b) television programmes shall be carried without material degradation in quality (within the limitations imposed by the technical state of the art); and

(c) television programmes shall, at the request of a licensee of a broadcasting radio station licensed in Bermuda, be carried by the System on the channel number on which the broadcasting radio station is transmitting, except where technically not feasible.

(12) Where television programmes are carried by a System pursuant to this regulation, the programmes broadcast shall be carried in full, without deletion or alteration of any portion.".

Amends Regulation 61

3 Regulation 61 of the principal Regulations is amended in the headnote by deleting "12(2)" and substituting "12".

Made this 10th day of July 2008

Minister of Energy, Telecommunications and

E-Commerce

BR 44 /2008

TELECOMMUNICATIONS ACT 1986

1986 : 35

SUBSCRIPTION RADIO SERVICE AMENDMENT REGULATIONS 2008

The Minister responsible for Telecommunications, in exercise of the powers conferred by section 59 of the Telecommunications Act 1986, makes the following Regulations:

Citation

1 These Regulations may be cited as the Subscription Radio Service Amendment Regulations 2008.

Substitutes regulation 11

2 Regulation 11 of the Subscription Radio Service Regulations 2003 (in these regulations referred to as the "principal Regulations") is revoked and the following regulation is substituted -

"Local television programmes

11 (1) A licensee may carry on the System television programmes broadcast by a broadcasting radio station licensed in Bermuda.

(2) A broadcasting radio station shall elect for every period of three years commencing 1 November 2008 (in these Regulations referred to as the "election period") whether they wish their television programmes to be carried on a "must carry" or a "retransmission consent" basis.

(3) A broadcasting radio station must make its election for the first election period before 1 November 2008, and must make its election for each subsequent election period at least four months prior to the end of the then current election period.

(4) If "must carry" is elected, a licensee shall carry on the System, free of charge, all television programmes broadcast by a broadcasting radio station.

(5) If "retransmission consent" is elected, a licensee must, within 30 days, confirm whether or not they intend to carry the television programmes of a broadcasting radio station.

(6) Where "retransmission consent" is elected under paragraph (5) and a licensee chooses not to carry the television programmes they must within fourteen days inform the public via the public printed media and by direct notice to their customers and must also within that fourteen day period file revised tariff rates with the Commission for the programme tier in which the television programmes will no longer be available.

(7) Where "retransmission consent" is elected under paragraph (5) and a licensee chooses to carry the television programmes on a "retransmission consent" basis and the parties are not able to reach a commercial agreement within sixty days, then either party may refer the matter to the Commission for determination.

(8) The Commission shall, in not more than sixty days or such longer period as the Minister may allow, conclude its deliberations and forward a decision to the parties.

(9) The date of implementation of any new agreement shall be the day following the expiration of the previous election period.

(10) If either party is aggrieved by the decision of the Commission, they may appeal to the Minister in accordance with the procedures outlined under section 25 of the Act.

(11) During an election period in which a licensee has elected "must carry" or "retransmission consent" -

(a) neither party shall cause the television programmes of the broadcasting radio station to be unavailable on a licensee's System without the express permission of the Minister;

(b) television programmes shall be carried without material degradation in quality (within the limitations imposed by the technical state of the art); and

(c) television programmes shall, at the request of a licensee of a broadcasting radio station licensed in Bermuda, be carried by the System on the channel number on which the broadcasting radio station is transmitting, except where technically not feasible.

(12)Where television programmes are carried by a System pursuant to this regulation, the programmes broadcast shall be carried in full, without deletion or alteration of any portion.".

Amends Regulation 47

3 Regulation 47 of the principal Regulations is amended in the headnote by deleting "11(2)" and substituting "11".

Made this 10th day of July 2008

Minister of Energy, Telecommunications and

E-Commerce

IN THE MATTER OF: The Companies Act 1981

MEMBERS' VOLUNTARY WINDING-UP

NOTICE OF APPOINTMENT OF LIQUIDATOR

AIG Asian

Infrastructure

Investment Development Corporation Ltd.

TO:

The Registrar of Companies:

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in the Islands of Bermuda, hereby give you notice that I have been appointed Liquidator of AIG Asian Infrastructure Investment Development Corporation Ltd.. (the "Company") by a resolution of the Company dated 9th July 2008.

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

AIG Asian

Infrastructure

Investment Development Corporation Ltd.

The Members of the above-named Company, acting by written consent without a meeting on 9th July 2008 passed the following resolutions:

(1) THAT the Company be wound up voluntarily, pursuant to the provisions of the Companies Act 1981;

(2) THAT Robin J Mayor be and is hereby appointed Liquidator for the purposes of such winding-up, such appointment to be effective forthwith.

Lars Bergquist

Secretary

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

AIG Asian

Infrastructure

Investment Development Corporation Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that the Creditors of the above named Company, which is being voluntarily wound up, are required, on or before 25th July 2008, to send their full Christian and Surnames, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their lawyers (if any) to Robin J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, the Liquidator of the said Company, and if so required by notice in writing from the said Liquidator, and personally or by their lawyers, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

- and -

IN THE MATTER OF:

AIG Asian

Infrastructure

Investment Development Corporation Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that a final general meeting of the Members of the above named Company will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on 21st August 2008 at 9.30am, or as soon as possible thereafter, for the purposes of:

(1) receiving an account laid before them showing the manner in which the winding-up of the Company has been conducted and its property disposed of and of hearing any explanation that may be given by the Liquidator; and

(2) by resolution determining the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of; and

(3) by resolution dissolving the Company.

Dated:11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF: The Companies Act 1981

MEMBERS' VOLUNTARY WINDING-UP

NOTICE OF APPOINTMENT OF LIQUIDATOR

LAIF III Ltd.

TO:

The Registrar of Companies:

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in the Islands of Bermuda, hereby give you notice that I have been appointed Liquidator of

LAIF III Ltd.

(the "Company") by a resolution of the Company dated 9th July 2008.

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF III Ltd.

The Members of the above-named Company, acting by written consent without a meeting on 9th July 2008 passed the following resolutions:

(1) THAT the Company be wound up voluntarily, pursuant to the provisions of the Companies Act 1981;

(2) THAT Robin J Mayor be and is hereby appointed Liquidator for the purposes of such winding-up, such appointment to be effective forthwith.

T. Sharon Jones

Assistant Secretary

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF III Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that the Creditors of the above named Company, which is being voluntarily wound up, are required, on or before 25th July 2008, to send their full Christian and Surnames, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their lawyers (if any) to Robin J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, the Liquidator of the said Company, and if so required by notice in writing from the said Liquidator, and personally or by their lawyers, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981- and -

IN THE MATTER OF:

LAIF III Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that a final general meeting of the Members of the above named Company will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on 21st August 2008 at 9.30am, or as soon as possible thereafter, for the purposes of:

(1) receiving an account laid before them showing the manner in which the winding-up of the Company has been conducted and its property disposed of and of hearing any explanation that may be given by the Liquidator; and

(2) by resolution determining the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of; and

(3) by resolution dissolving the Company.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF: The Companies Act 1981

MEMBERS' VOLUNTARY WINDING-UP

NOTICE OF APPOINTMENT OF LIQUIDATOR

LAIF XIII Ltd.

TO:

The Registrar of Companies:

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in the Islands of Bermuda, hereby give you notice that I have been appointed Liquidator of LAIF

XIII Ltd.. (the "Company") by a resolution of the Company dated 9th July 2008.

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF XIII Ltd.

The Members of the above-named Company, acting by written consent without a meeting on 9th July 2008 passed the following resolutions:

(1) THAT the Company be wound up voluntarily, pursuant to the provisions of the Companies Act 1981;

(2) THAT Robin J Mayor be and is hereby appointed Liquidator for the purposes of such winding-up, such appointment to be effective forthwith.

T. Sharon Jones

Assistant Secretary

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF XIII Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that the Creditors of the above named Company, which is being voluntarily wound up, are required, on or before 25th July 2008, to send their full Christian and Surnames, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their lawyers (if any) to Robin J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, the Liquidator of the said Company, and if so required by notice in writing from the said Liquidator, and personally or by their lawyers, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

- and -

IN THE MATTER OF:

LAIF XIII Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that a final general meeting of the Members of the above named Company will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on 21st August 2008 at 9.30am, or as soon as possible thereafter, for the purposes of:

(1) receiving an account laid before them showing the manner in which the winding-up of the Company has been conducted and its property disposed of and of hearing any explanation that may be given by the Liquidator; and

(2) by resolution determining the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of; and

(3) by resolution dissolving the Company.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IIN THE MATTER OF: The Companies Act 1981

MEMBERS' VOLUNTARY WINDING-UP

NOTICE OF APPOINTMENT OF LIQUIDATOR

LAIF XI Ltd.

TO:

The Registrar of Companies:

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in the Islands of Bermuda, hereby give you notice that I have been appointed Liquidator of LAIF

XI Ltd.. (the "Company") by a resolution of the Company dated 9th July 2008.

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF XI Ltd.

The Members of the above-named Company, acting by written consent without a meeting on 9th July 2008 passed the following resolutions:

(1) THAT the Company be wound up voluntarily, pursuant to the provisions of the Companies Act 1981;

(2) THAT Robin J Mayor be and is hereby appointed Liquidator for the purposes of such winding-up, such appointment to be effective forthwith.

T. Sharon Jones

Assistant Secretary

IN THE MATTER OF:

The Companies Act 1981

IN THE MATTER OF:

LAIF XI Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that the Creditors of the above named Company, which is being voluntarily wound up, are required, on or before 25th July 2008, to send their full Christian and Surnames, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their lawyers (if any) to Robin J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, the Liquidator of the said Company, and if so required by notice in writing from the said Liquidator, and personally or by their lawyers, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE MATTER OF:

The Companies Act 1981

- and -

IN THE MATTER OF:

LAIF XI Ltd.

(In Members' Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that a final general meeting of the Members of the above named Company will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on 21st August 2008 at 9.30am, or as soon as possible thereafter, for the purposes of:

(1) receiving an account laid before them showing the manner in which the winding-up of the Company has been conducted and its property disposed of and of hearing any explanation that may be given by the Liquidator; and

(2) by resolution determining the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of; and

(3) by resolution dissolving the Company.

Dated: 11th July 2008

Robin J Mayor

Liquidator

IN THE SUPREME COURT OF BERMUDA

COMPANIES

(WINDING UP)

Commercial List

2008 : No. 127

IN THE MATTER OF HAWKEYE GLOBAL LIMITED

AND IN THE MATTER OF THE COMPANIES ACT 1981

NOTICE

TAKE NOTICE that an Order was made in the Supreme Court on the 4th July 2008 winding-up Hawkeye Global Limited under the provisions of the Companies Act 1981 and appointing the Official Receiver as the Provisional Liquidator of the Company.

Conyers Dill

& Pearman

Attorneys for the

Petitioner, Hawkeye Global Limited

LEGAL NOTICE

THE COMPANIES ACT 1981

("the Act")

NOTICE IS HEREBY GIVEN that Marco Bortoli & Julie Bortoli are applying to incorporate a local company with limited liability to be called:

Farah Consulting Ltd.

The objects for which the Company is formed and incorporated are unrestricted.

Conyers Dill

& Pearman

Attorneys for the

Applicant

LEGAL NOTICE

THE COMPANIES ACT 1981

(the "Act")

NOTICE IS HEREBY

GIVEN

that in accordance with Section 129A of the Act BNY Alternative Investment Services intends to apply to the Minister of Finance for a licence to carry on business in Bermuda.

Conyers Dill

& Pearman

Attorneys for the

Applicant