BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Scope of this
Division.
Company may
disapply this
Division.
183
(b) sections 164, 165, 166 and 168 apply with respect to the charge
as if it was a relevant charge; 30
(c) section 167 does not apply with respect to the charge,
notwithstanding that it is a charge created prior to the
commencement date.
PART VI
TRANSITIONAL PROVISIONS APPLYING TO CAPCOS
RE-REGISTERED UNDER THIS SCHEDULE
Division 1 – CapCos automatically re-registered under Part III
39. This Division applies to a CapCo that is automatically re-registered under Part
III of this Schedule whether, immediately prior to its re-registration, the
company was a private company or a public company.
40. (1) A company to which this Division applies may elect to disapply this
Division, other than paragraph 44, by filing
(a) a memorandum that, subject to subparagraphs (2), (3), and (4),
complies with section 9 and articles that comply with this Act (“the
new memorandum and articles”);
(b) a notice in, and containing the information specified in, the approved
form;
(c) where the new memorandum does not prohibit the company from
issuing bearer shares, converting registered shares to bearer
shares and exchanging registered shares for bearer shares, a
declaration that, as at the date of the notice
(i) all the bearer shares in the company in issue have been
delivered to a custodian, 31
(ii) there are no bearer shares in the company in issue;
(d) a certified copy of the resolution of the members of the company
authorising the application, and 32
30 The word “and” should follow the word “charges;”.
31 The word “and” should follow the word “custodian,”.
32 The comma should be replaced by a semi-colon.
AE/ET/Pub./bg/03.2007