BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Duties of
authorised
custodian holding
bearer share.
No. 12 of 2001
Transfer of
bearer
shares.
39
send to the registered agent proof, in such form as may be approved,
of the delivery or deposit of the share and a notice in the approved
form containing the information specified in paragraphs (a), (b) and (c)
of subsection (1).
72. (1) An authorised custodian shall, within fourteen days o the receipt of a
bearer share in a company that is delivered to it, other than by the
registered agent of the company, or deposited with it, send notification to the
registered agent of the company that it is the custodian of the share.
(2) An authorised custodian who holds a bearer share
(a) shall keep the notice provided to it under section 71(1), any
notice filed under section 75(1), any notice sent to the
registered agent under section 76(1) or (4) and a record of the
location of the bearer share
(i) in the case of an authorised custodian approved under
section 50A(1) of the Financial Services Commission Act at
its principal office in the Virgin Islands or at such other
office in the Virgin Islands as may be approved by the
Commission in writing, or
(ii) in the case of an authorised custodian approved under
section 50A(2) of the Financial Services Commission Act, at
such office as may be approved by the Commission in
writing; and
(b) whether the bearer share is kept inside or outside the Virgin
Islands, shall ensure that the bearer share remains at all times
within its custody and control.
(3) Where an authorised custodian desires to cease acting as custodian in
respect of a bearer share in a company, it shall give the registered
agent of the company, the beneficial owner and any person who has an
interest in that share not less than sixty days notice of its intention to
cease acting as custodian in respect of the share.
73. (1) An authorised custodian holding a bearer share in a company shall not
transfer possession of that share to any person other than
(a) another authorised custodian who has agreed to hold the share,
(b) the company where the bearer share is to be, or has been
(i) converted to, or exchanged for, a registered share,
AE/ET/Pub./bg/03.2007