BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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VIRGIN ISLANDS No. 16 of 2004 THE BVI BUSINESS COMPANIES ACT, 2004 Based on the BVI Business Companies Act, 2004 (No. 16 of 2004) and amendments made by the BVI Business Companies (Amendment) Act, 2005 (No. 26 of 2005) (“26/2005”), both as revised under the Statute Revision Act, 2005 (No. 25 of 2005), and amendments subsequently made by the BVI Business Companies Act, 2006 (No. 12 of 2006) (“12/2006”) and the BVI Business Companies (Amendment of Schedules) Order, 2006 (Statutory Instrument No. 84 of 2006) (“S.I. 84/2006”). Important This is an unofficial version of the BVI Business Companies Act as amended and then revised under the Statute Revision Act, 2005 (No. 25 of 2005) and then subsequently amended. Whilst every effort has been made to ensure correctness, no responsibility is assumed for any errors which may appear. December 2006
Page 1: BRITISH VIRGIN ISLANDS THE BVI BUSI
Page 5 and 6: ii Division 3 - Company Names 17. R
Page 7 and 8: iv PART IV MEMBERS 78. Meaning of
Page 9 and 10: vi PART VII SEGREGATED PORTFOLIO CO
Page 11 and 12: viii PART XA MEMBERS’ REMEDIES 18
Page 13 and 14: x 230. Registers ..................
Page 15 and 16: 2 PART I PRELIMINARY PROVISIONS 1.
Page 17 and 18: “guarantee member” has the mean
Page 19 and 20: 6 “voluntary liquidator” means
Page 21 and 22: 8 (3) For the purposes of this sect
Page 23 and 24: 10 (i) issue bearer shares, (ii) co
Page 25 and 26: 12 (b) a restated memorandum or art
Page 27 and 28: 14 permitted abbreviation thereof.
Page 29 and 30: 16 (ii) is so similar to the name u
Page 31 and 32: 26/2005 (c) been dissolved under th
Page 33 and 34: 20 31. (1) A company or a guarantor
Page 35 and 36: 22 (b) may issue shares subject to
Page 37 and 38: 24 par value of the original shares
Page 39 and 40: 26 may be necessary or expedient to
Page 41 and 42: 28 (3) The written notice of call r
Page 43 and 44: 30 (i) the direct or indirect trans
Page 45 and 46: 32 60. (1) The directors of a compa
Page 47 and 48: 34 63. The purchase, redemption or
Page 49 and 50: 36 (a) firstly, in meeting the cost
Page 51 and 52: share in a company 38 (a) that is h
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40 (ii) redeemed, purchased or othe
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42 (a) forthwith give the registere
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subsection (1) 44 (5) A notice of r
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46 (b) passed as a written resoluti
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48 person or by proxy, members enti
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Service of notice on members. (4) (
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52 (2) Unless the last registered a
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54 address or, if the registered ag
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56 (ii) the reason for his ceasing
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58 100. (1) A director of a company
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60 Division 3 - General Provisions
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62 (2) An act of an attorney appoin
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64 (4) Where the directors of a com
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66 sole member/director of the comp
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68 (2) A director of a company that
Page 83 and 84:
70 (5) Subject to section 125(1), t
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72 (3) The inadvertent failure to g
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74 criminal proceedings, the person
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76 segregated portfolio in accordan
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78 (2) Segregated portfolio shares
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80 (7) The directors of a segregate
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82 146. (1) Where a liability of a
Page 97 and 98:
26/2005 unconditionally; 84 (b) dis
Page 99 and 100:
86 (b) the distribution of the segr
Page 101 and 102:
88 (3) In exercising his functions
Page 103 and 104:
90 (4) Nothing in subsection (3) sh
Page 105 and 106:
92 (c) provide for modifications to
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liable on summary conviction to a f
Page 109 and 110:
96 (2) Charges created on or after
Page 111 and 112:
Division 2 to be adopted by the con
Page 113 and 114:
100 (c) the terms and conditions of
Page 115 and 116:
102 or agent thereof, is released o
Page 117 and 118:
104 value of the assets of the comp
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106 (b) determine whether approval
Page 121 and 122:
108 action is submitted to a vote,
Page 123 and 124:
110 (12) Only subsections (1) and (
Page 125 and 126:
112 181. (1) An application by a fo
Page 127 and 128:
114 (b) the assets, rights, obligat
Page 129 and 130:
116 PART XA MEMBERS’ REMEDIES 184
Page 131 and 132:
118 (b) that the company shall not
Page 133 and 134:
120 proceeding or a claim or disput
Page 135 and 136:
122 (3) A notice of a change in the
Page 137 and 138:
124 (5) A foreign company that cont
Page 139 and 140:
126 (c) a notice containing such ad
Page 141 and 142:
128 existence of the company; (c) i
Page 143 and 144:
130 (c) the person to be appointed
Page 145 and 146:
132 (2) A transfer, including a pri
Page 147 and 148:
134 208. (1) A voluntary liquidator
Page 149 and 150:
94(4), or 136 (ii) fails to file an
Page 151 and 152:
138 (4) In this section and section
Page 153 and 154:
140 been disposed of, an amount equ
Page 155 and 156:
142 the Court may make any order it
Page 157 and 158:
144 PART XIV ADMINISTRATION AND GEN
Page 159 and 160:
146 (5) For the purposes of subsect
Page 161 and 162:
148 236. (1) The fees and penalties
Page 163 and 164:
150 securities of a land owning com
Page 165 and 166:
152 SCHEDULE 1 [Section 236] Fees a
Page 167 and 168:
154 COLUMN 1 COLUMN 2 COLUMN 3 Sect
Page 169 and 170:
S.I. 84/2006 156 COLUMN 1 COLUMN 2
Page 171 and 172:
158 5. Subject to paragraphs 7 and
Page 173 and 174:
160 10. (1) Subject to paragraphs 1
Page 175 and 176:
1. In this Schedule, 162 SCHEDULE 2
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164 (a) the date that the company w
Page 179 and 180:
166 (b) the company is re-registere
Page 181 and 182:
168 (2) The company number allotted
Page 183 and 184:
170 new memorandum and articles”)
Page 185 and 186:
172 (h) a statement of the designat
Page 187 and 188:
174 (5) The company is under no obl
Page 189 and 190:
176 (b) to combine the shares, incl
Page 191 and 192:
178 reduces the capital of the comp
Page 193 and 194:
180 32. There shall be paid to the
Page 195 and 196:
182 36. (1) Where an existing beare
Page 197 and 198:
184 (e) such other documents as may
Page 199 and 200:
186 (i) the words “within the mea
Page 201 and 202:
188 50. (1) A licence granted under
Page 203 and 204:
190 55. Part IX of the Internationa
Page 205 and 206:
192 (6) Where the Court makes an or
Page 207 and 208:
194 PART VIII MISCELLANEOUS PROVISI
Page 209 and 210:
NO. ENACTMENT EXTENT OF AMENDMENT O
Page 211 and 212:
Page 213 and 214:
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