BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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vii PART VIII REGISTRATION OF CHARGES 160. Interpretation for this Part ...................................................................................92 161. Creation of charges by a company .......................................................................93 162. Company to keep register of charges ...................................................................93 163. Registration of charges .......................................................................................94 164. Variation of registered charge ..............................................................................94 165. Charge ceasing to affect company’s property .......................................................95 166. Priority of relevant charges ..................................................................................95 167. Priority of other charges .....................................................................................96 168. Exceptions to sections 166 and 167 ....................................................................96 PART IX MERGER, CONSOLIDATION, SALE OF ASSETS, FORCED REDEMPTIONS, ARRANGEMENTS AND DISSENTERS 169. Interpretation for purposes of this Part .................................................................96 170. Approval of merger and consolidation ..................................................................97 171. Registration of merger and consolidation ..............................................................98 172. Merger with subsidiary ........................................................................................99 173. Effect of merger or consolidation .......................................................................101 174. Merger or consolidation with foreign company ....................................................102 175. Disposition of assets .........................................................................................103 176. Redemption of minority shares ...........................................................................104 177. Arrangements ..................................................................................................104 178. Arrangement where company in voluntary liquidation ...........................................107 179. Rights of dissenters ..........................................................................................107 179A. Schemes of arrangement .................................................................................110 PART X CONTINUATION 180. Foreign company may continue under this Act .....................................................111 181. Application to continue under this Act .................................................................112 182. Continuation .....................................................................................................113 183. Effect of continuation ........................................................................................113 184. Continuation under foreign law ...........................................................................114 AE/ET/Pub./bg/03.2007
viii PART XA MEMBERS’ REMEDIES 184A. Interpretation for this Part ..................................................................................116 184B. Restraining or compliance order .........................................................................116 184C. Derivative actions .............................................................................................116 184D. Costs of derivative action ..................................................................................117 184E. Powers of Court when leave granted under section 184C .....................................118 184F. Compromise, settlement or withdrawal of derivative action ...................................118 184G. Personal actions by members ............................................................................118 184H. Representative actions ......................................................................................118 184I. Prejudiced members .........................................................................................118 PART XI FOREIGN COMPANIES 185. Meaning of “carrying on business” .....................................................................119 186. Registration of foreign company ........................................................................120 187. Registration ......................................................................................................121 188. Registration of changes in particulars .................................................................121 189. Foreign company to have registered agent .........................................................122 190. Control over names of foreign companies............................................................122 191. Use of name by foreign company .......................................................................123 192. Annual return ....................................................................................................124 193. Foreign company ceasing to carry on business in the Virgin Islands ......................124 193A. Strike off by Registrar ......................................................................................124 194. Service of documents on a foreign company registered under this Part .................125 195. Validity of transactions not affected ....................................................................125 196. Transitional provisions for this Part......................................................................125 PART XII LIQUIDATION, STRIKING-OFF AND DISSOLUTION Division 1 – Liquidation 197. Application of this Part ......................................................................................126 198. Declaration of solvency .....................................................................................126 199. Appointment of liquidator ...................................................................................127 200. Appointment of voluntary liquidator of long term insurance company or other regulated person ......................................................................................128 201. Control of voluntary liquidation of regulated person .............................................129 202. Duration of liquidation .......................................................................................129 AE/ET/Pub./bg/03.2007
Page 1: BRITISH VIRGIN ISLANDS THE BVI BUSI
Page 4 and 5: i No. 16 of 2004 VIRGIN ISLANDS BVI
Page 6 and 7: iii Division 2 - Issue of Shares 45
Page 8 and 9: v 106. Power of attorney ..........
Page 12 and 13: ix 203. Circumstances in which liqu
Page 14 and 15: 1 No. 16 of 2004 BVI Business Compa
Page 16 and 17: Schedule 2 Cap. 285 Cap. 291 (c) on
Page 18 and 19: No. 5 of 2003 5 “Registrar” mea
Page 20 and 21: Types of company. Application to in
Page 22 and 23: 26/2005 (i) a company limited by sh
Page 24 and 25: Amendment of memorandum and article
Page 26 and 27: 12/2006 Provision of copies of memo
Page 28 and 29: Restrictions on company names. 26/2
Page 30 and 31: Registrar may direct change of name
Page 32 and 33: Validity of acts of company. 26/200
Page 34 and 35: Constructive notice. 26/2005 26/200
Page 36 and 37: Fractional shares. 26/2005 26-2005
Page 38 and 39: Register of members as evidence of
Page 40 and 41: Consideration for shares. 26/2005 S
Page 42 and 43: 26/2005 26/2005 Transfer of bearer
Page 44 and 45: Company may purchase, redeem or oth
Page 46 and 47: 26/2005 Shares redeemed otherwise t
Page 48 and 49: 26/2005 (a) the intention to create
Page 50 and 51: Meaning of disabled bearer share. 2
Page 52 and 53: Duties of authorised custodian hold
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26/2005 Notice of meetings of membe
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49 (h) shares registered in the nam
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26/2005 26/2005 26/2005 Registered
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26/2005 Resignation of registered a
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Register of Approved Registered Age
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Other records to be maintained by c
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Books, records and common seal. 26/
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26/2005 Contracts before incorporat
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26/2005 Committees of directors. 26
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26/2005 26/2005 26/2005 65 (a) unle
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Register of directors. 26/2005 Annu
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Disclosure of interest. 26/2005 69
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Meetings of directors. 26/2005 Noti
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Indemnification. 26/2005 73 (e) to
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26/2005 Insurance. 26/2005 Interpre
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Segregated portfolios. Segregated p
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Assets. 79 of, such segregated port
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Segregation of assets. 81 any other
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Limitation on transfer of segregate
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Liquidation of segregated portfolio
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Conduct of portfolio liquidation. (
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Distribution of segregated portfoli
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Regulations. 26/2005 26/2005 91 sub
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Creation of charges by a company. C
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Charge ceasing to affect company’
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Approval of merger and consolidatio
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Merger with subsidiary. 99 (b) in t
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Effect of merger or consolidation.
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26/2005 Disposition of assets. 103
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105 (b) a reorganisation or reconst
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26/2005 26/2005 Arrangement where c
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109 or, in the case of a merger or
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Foreign company may continue under
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Continuation. 26/2005 12/2006 Effec
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26/2005 115 (b) strike the name of
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Costs of derivative action. 117 com
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No.5 of 2003 Meaning of “carrying
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12/2006 Registration. 26/2005 12/20
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12/2006 12/2006 12/2006 Use of name
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Service of documents on a foreign c
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12/2006 12/2006 26/2005 Appointment
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Control of voluntary liquidation of
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Effect of appointment of voluntary
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Termination of voluntary liquidatio
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Insolvency Act to apply. No. 5 of 2
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Appeal. Effect of striking off. 137
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Declaration that dissolution void a
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Definition of “inspector”. Inve
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Inspector’s powers. Hearing in ca
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Registers. 26/2005 26/2005 145 on s
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26/2005 Form of certificate. Certif
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Exemptions from tax. Cap. 206 Cap.
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Judge in Chambers. Transitional pro
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S.I. 84/2006 153 COLUMN 1 COLUMN 2
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155 COLUMN 1 COLUMN 2 COLUMN 3 Sect
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S.I. 84/2006 Penalty payable by com
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Cap. 291 159 (i) it is of a type sp
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Memorandum ceases to prohibit issue
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163 (a) be, and contain the informa
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Circumstances where adoption of new
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Cap. 285 IBC reregistered as compan
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Scope of this Part. Interpretation
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Memorandum. 171 would otherwise be
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Memorandum not required to be amend
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Increase or reduction of share capi
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Treasury shares disabled. Increase
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Appreciation of assets. Scope of th
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Existing bearer shares. 181 35. (1)
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Scope of this Division. Company may
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Memorandum and Articles. 35 Compani
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General meeting and special resolut
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49 CapCo may enter into voluntary l
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55 56 191 (i) the company was struc
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Struck off company liable for fees
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195 SCHEDULE 3 [Section 250] ENACTM
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NO. ENACTMENT EXTENT OF AMENDMENT O
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NO. ENACTMENT EXTENT OF AMENDMENT O
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Passed by the Legislative Council t
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BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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