BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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(b) may issue shares subject to terms that negate, modify or
add to the rights specified in subsection (1).
35. Subject to its memorandum and articles, a company may issue a class of
shares in one or more series.
36. (1) Without limiting section 34(2)(b), shares in a company may
(a) be redeemable;
(b) confer no rights, or preferential rights, to distributions;
(c) confer special, limited or conditional rights, including voting
rights;
(d) confer no voting rights;
(e) participate only in certain assets of the company.
(2) Subject to its memorandum and articles, a company may issue bonus
shares, partly paid shares and nil paid shares.
37. (1) Subject to the memorandum and articles of a company,
(a) a share may be issued with or without a par value; and
(b) a share with a par value may be issued in any currency.
(2) The par value of a par value share may be a fraction of the smallest
denomination of the currency in which it is issued.
38. (1) Unless expressly authorised to do so by its memorandum in accordance
with section 9(2)(b), a company has no power to, and shall not,
(a) issue a bearer share;
(b) convert a registered share to a bearer share; or
(c) exchange a registered share for a bearer share.
(2) Notwithstanding any provision to the contrary in its memorandum or
articles, a company may, at any time, convert a bearer share to a
registered share or exchange a bearer share for a registered share.
AE/ET/Pub./bg/03.2007
Series of shares.
26/2005
12/2006
Types of shares.
26/2005
Par value and no
par value shares.
Bearer shares.