BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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63. The purchase, redemption or other acquisition by a company of one or
more of its own shares is deemed not to be a distribution where
(a) the company redeems the share or shares under and in
accordance with section 62;
(b) the company redeems the share or shares pursuant to a right of
a shareholder to have his shares redeemed or to have his
shares exchanged for money or other property of the company;
or
(c) the company purchases, redeems or otherwise acquires the
share or shares by virtue of the provisions of section 179.
64. (1) A company may hold shares that have been purchased, redeemed or
otherwise acquired under section 59 as treasury shares if
(a) the memorandum or articles of the company do not prohibit it
from holding treasury shares;
(b) the directors resolve that shares to be purchased, redeemed or
otherwise acquired shall be held as treasury shares; and
(c) the number of shares purchased, redeemed or otherwise
acquired, when aggregated with shares of the same class already
held by the company as treasury shares, does not exceed fifty
per cent of the shares of that class previously issued by the
company, excluding shares that have been cancelled.
(2) All the rights and obligations attaching to a treasury share are
suspended and shall not be exercised by or against the company while it
holds the share as a treasury share.
65. Treasury shares may be transferred by the company and the provisions of
this Act and the memorandum and articles that apply to the issue of shares
apply to the transfer of treasury shares.
66. (1) A mortgage or charge of shares of a company shall be in writing signed
by, or with the authority of, the holder of the bearer share or the registered
holder of the registered share to which the mortgage or charge relates.
(2) A mortgage or charge of a bearer share is not valid and enforceable
unless the certificate for the share is deposited with a custodian.
(3) A mortgage or charge of shares of a company need not be in any
specific form but it shall clearly indicate
AE/ET/Pub./bg/03.2007
Purchases,
redemptions
or other
acquisitions
deemed not
to be a
distribution.
26/2005
Treasury shares.
26/2005
Transfer of
treasury
shares.
26/2005
Mortgages and
charges of
shares.