BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

26/2005
26/2005
26/2005
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(a) unless the memorandum or articles provide otherwise, by the
members; or
(b) where permitted by the memorandum or articles, by the
directors.
(3) A director is appointed for such term as may be specified in the
resolution appointing him.
(4) Unless the memorandum or articles of a company provide otherwise,
the directors of a company may appoint one or more directors to fill a
vacancy on the board.
(5) For the purposes of subsection (4),
(a) there is a vacancy on the board if a director dies or otherwise
ceases to hold office as a director prior to the expiration of his
term of office; and
(b) the directors may not appoint a director for a term exceeding
the term that remained when the person who has ceased to be
a director left or otherwise ceased to hold office.
(6) A director holds office until his successor takes office or until his
earlier death, resignation or removal.
(7) Where a company has only one member who is an individual and that
member is also the sole director of the company, notwithstanding
anything contained in the memorandum or articles, that sole
member/director may, by instrument in writing, nominate a person who
is not disqualified from being a director of the company under section
111(1) as a reserve director of the company to act in the place of the
sole director in the event of his death.
(8) The nomination of a person as a reserve director of the company
ceases to have effect if
(a) before the death of the sole member/director who nominated
him,
(i) he resigns as reserve director, or
(ii) the sole member/director revokes the nomination in writing;
or
(b) the sole member/director who nominated him ceases to be the
AE/ET/Pub./bg/03.2007