BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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securities of a land owning company.
(5) For the purposes of subsection (4), a company is a land owning
company if it, or any of its subsidiaries, has an interest in any land in the
Virgin Islands.
(6) Notwithstanding any provision of the Registration and Records Act, all
deeds and other instruments relating to
(a) transfers of property to or by a company,
(b) transactions in respect of the shares, debt obligations or other
securities of a company, and
(c) other transactions relating to the business of a company, are
exempt from the provisions of that Act.
243. Where an offence under this Act is committed by a body corporate, a
director or officer who authorized, permitted or acquiesced in the
commission of the offence also commits an offence and is liable on
summary conviction to the penalty specified for the commission of the
offence.
PART XV
TRANSITIONAL AND MISCELLANEOUS PROVISIONS
244. (1) The Executive Council may, on the advice of the Commission, make
regulations providing for the formation, management and operation of limited
liability companies and to provide for connected and consequential matters.
(2) Regulations made under subsection (1) shall be subject to a negative
resolution of the Legislative Council.
245. For purposes of determining matters relating to title and jurisdiction but not for
purposes of taxation, the situs of the ownership of shares, debt obligations
or other securities of a company is in the Virgin Islands.
246. (1) A company may, without the necessity of joining any other party,
apply to the Court, by summons supported by an affidavit, for a
declaration on any question of interpretation of this Act or of the
memorandum or articles of the company.
(2) A person acting on a declaration made by the Court as a result of an
application under subsection (1) shall be deemed, in so far as
AE/ET/Pub./bg/03.2007
Cap. 67
Offence
provisions.
Limited
Liability
Companies.
Jurisdiction.
Declaration by
Court.