BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Register of
directors.
26/2005
Annual return
for unlimited
company not
authorised to
issue shares.
26/2005
Emoluments of
directors.
Duties of
directors.
67
118. (1) A company shall keep a register to be known as a register of
directors containing
(a) the names and addresses of the persons who are directors of
the company or who have been nominated as reserve directors
of the company;
(b) the date on which each person whose name is entered in the
register was appointed as a director, or nominated as a
reserve director, of the company;
(c) the date on which each person named as a director ceased
to be a director of the company;
(ca) the date on which the nomination of any person nominated as a
reserve director ceased to have effect; and
(d) such other information as may be prescribed.
(2) The register of directors may be in such form as the directors
approve, but if it is in magnetic, electronic or other data storage
form, the company must be able to produce legible evidence of its
contents.
(3) The register of directors is prima facie evidence of any matters
directed or authorised by this Act to be contained therein.
118A. (1) An unlimited company that is not authorised to issue shares shall, on
or before 31 st March of each year, file an annual return in the approved form
of its directors made up to 31 st December of the previous year.
(2) An annual return filed under subsection (1) shall be certified as correct
by a director of the company or by its registered agent.
119. Subject to the memorandum or articles of a company, the directors of the
company may fix the emoluments of directors in respect of services to be
rendered in any capacity to the company.
Division 3 - Duties of Directors and Conflicts
120. (1) Subject to this section, a director of a company, in exercising his
powers or performing his duties, shall act honestly and in good faith and in
what the director believes to be in the best interests of the company.
AE/ET/Pub./bg/03.2007