BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Existing
bearer shares.
181
35. (1) Every existing bearer share of a grandfathered bearer share company
shall, on or before the transition date
(a) be deposited with a custodian who has agreed to hold the share; or
(b) be converted to, or exchanged for, a registered share.
(2) Subparagraph (1) does not apply to a bearer share that, before the
transition date
(a) is cancelled; or
(b) is redeemed, purchased or otherwise acquired by the company
as a treasury share.
(3) An existing bearer share in a grandfathered bearer share company is
deemed not to have been deposited with a custodian for the purposes
of subparagraph (1) until the registered agent of the company has
received
(a) in the case of a bearer share deposited with an authorised
custodian, notification of the deposit from the authorised custodian
in accordance with section 72(1); or
(b) in the case of a bearer share deposited with a recognised
custodian, the proof of the deposit of the share and the notice
required to be sent by section 71(3).
(4) The Court may, on the application of the company or of a person
interested in a bearer share, extend the period specified in
subparagraph (1) by such further period or periods not exceeding one
year in total as it considers fit.
(5) On an existing bearer share being deposited with a custodian in
accordance with subparagraphs (1)(a) and (3), it shall for all purposes
of this Division cease to be regarded as an existing bearer share and
shall thereafter be treated as if it had been issued after the effective
date.
(6) Section 70(1) shall not have effect with respect to an existing bearer
share until after the transition date.
AE/ET/Pub./bg/03.2007