BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Other
records to be
maintained
by company.
Financial
records.
Form of
records.
No. 5 of 2001
records within fourteen days of the change of location.
57
(4) A company that contravenes subsection (1), (2) or (3) commits an
offence and is liable on summary conviction to a fine of $10,000.
97. (1) A company shall keep the following records at the office of its
registered agent or at such other place or places, within or outside the Virgin
Islands, as the directors may determine:
(a) minutes of meetings and resolutions of members and of classes
of members maintained in accordance with section 102; and
(b) minutes of meetings and resolutions of directors and committees
of directors maintained in accordance with section 102.
(2) Where any records specified under section (1) are kept at a place other
than at the office of the company’s registered agent, the company shall
provide the registered agent with a written record of the physical
address of the place or places at which the records are kept.
(3) Where the place at which any records specified under subsection (1) is
changed, the company shall provide the registered agent with the
physical address of the new location of the records within fourteen days
of the change of location.
(4) A company that contravenes this section commits an offence and is
liable on summary conviction to a fine of $10,000.
98. (1) A company shall keep records that
(a) are sufficient to show and explain the company’s transactions;
and
(b) will, at any time, enable the financial position of the company
to be determined with reasonable accuracy.
(2) A company that contravenes this section commits an offence and is
liable on summary conviction to a fine of $10,000.
99. The records required to be kept by a company under this Act shall be kept
(a) in written form; or
(b) either wholly or partly as electronic records complying with the
requirements of the Electronic Transactions Act.
AE/ET/Pub./bg/03.2007