Nevis Business Corporation Ordinance 1984 - Intax Info

of the restriction. Any restriction which absolutely prohibits the transfer of shares shall be null and void.
(2) Restrictions on the transfer of shares include those which:
(i)
(ii)
Obligate the holder of the restricted shares to offer to the corporation or to any other
holders of securities of the corporation or to any person or to any combination of the
foregoing, a prior opportunity, to be exercised within a reasonable time, to acquire
the restricted shares: or
Obligate the corporation or any holder of shares of the corporation or any other
person or any combination of the foregoing, to purchase at a specified price the
shares which are the subject of an agreement respecting the purchase and sale of the
restricted securities.
(3) Any transfer restriction adopted under this section shall be noted on the face or the back of the stock
certificate.
(4) Any person becoming entitled by operation of law or otherwise to a share or shares in consequence of
the death, insanity or bankruptcy of any shareholder of a corporation incorporated under this Ordinance may be
registered as a shareholder upon such evidence being produced as may reasonably be required by the directors.
An application by any such person to be registered as a shareholder shall for all purposes be deemed a transfer
of shares of the deceased, insane or bankrupt shareholder and the directors shall treat it as such.
Subscription for shares
33.(1) A subscription for shares of a corporation to be organized shall be irrevocable for a period of six
months from its date unless otherwise provided by the terms of the subscription agreement or unless all of the
subscribers consent to the revocation of such subscription.
(2) A subscription, whether made before or after the formation of a corporation, shall not be enforceable
unless in writing and signed by the subscriber.
(3) Unless otherwise provided in the subscription agreement, subscriptions for shares, whether made
before or after the organization of a corporation, shall be paid in full at such time, or in such installments and at
such times, as shall be determined by the board of directors. Any call made by the board of directors for
payment on subscriptions shall be uniform as to all shares of the class or as to all shares of the same series, as
the case may be.
(4) In case of default in the payment of any installment or call when such payment is due, the corporation
may proceed to collect the amount due in the same manner as any debt due the corporation. The bylaws may
prescribe a penalty for failure to pay installments or calls that may become due, but no penalty working a
forfeiture of a subscription, or of the amounts paid thereon, shall be declared as against any subscriber unless the
amount due thereon shall remain unpaid for a period of thirty days after written demand has been made therefor.
If mailed, such written demand shall be deemed to be made when sent by registered mail addressed to the
subscriber at his last post office address known to the corporation. In the event of the sale of any shares by
reason of any forfeiture, the excess of proceeds realized over the amount due and unpaid on such shares shall be
paid to the delinquent subscriber or to his legal representative. If no prospective purchaser offers a cash price
sufficient to pay the full balance owed by the delinquent subscriber plus the expenses incidental to such sale, the
shares subscribed for shall be cancelled and restored to the status of authorized but unissued shares and all
previous payments thereon shall be forfeited to the corporation and transferred to surplus.
(5) Subscriptions for shares of stock are transferable unless otherwise provided in a subscription
agreement.
Consideration for shares.
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