S.L. 386.33 Art. 8Other obligations of a sports private limited liability company.

Without prejudice to any other obligation of the Act, the sports private limited liability company shall:

(a) upon registration and throughout its existence, the sports private limited liability company shall have a minimum of one (1) Maltese resident director who is ordinarily resident in Malta for the whole period during which he is a director of the said company;

(b) as is reasonably practicable and in any case by not later than (1) one year from registration, the said company shall operate a bank account with a licenced bank or financial institution in Malta; and

(c) in any default of this provision determined by the Sports Appeals Board, it shall be liable to a penalty of not more than one hundred euro (€100) for every day during which the default subsists, as determined by the said Board and after a period of one month of non-observance of the said requirements, the Registrar shall have the right to initiate the procedure in accordance with article 218 of the Act.