St. Lucia International Business Companies Act - Lexadin

Saint Lucia International Business Companies Act, 1999 Page 14(iii) shares that may have more or less than one vote per share;(iv) shares that may be voted only on certain matters or only upon the occurrence of certainevents; or(v) shares that may be voted only when held by persons who meet specified requirements;(c)(d)(e)(f)(g)(h)(i)(j)(k)issue common shares, preferred shares, limited shares or redeemable shares;issue shares that entitle participation only in certain assets;issue options, warrants or rights or instruments of a similar nature to acquire any securities ofthe international business company;issue securities that, at the option of the holder thereof or of the international business companyor upon the happening of a specified event, are convertible into, or exchangeable for,other securities in the international business company or any property owned or to be ownedby the international business company;purchase, redeem or otherwise acquire and hold its own shares;guarantee a liability or obligation of any person and to secure any of its obligations by mortgage,pledge or other charge, of any of its assets for that purpose;protect the assets of the international business company for the benefit of the internationalbusiness company, its creditors and its members, and at the discretion of the directors, forany person having a direct or indirect interest in the international business company;issue shares in any one or more currencies, so long as a mechanism for calculating exchangerates into dollars is provided in its articles; andsubject to sections 12 and 38 maintain offices or branches or a presence in any form whatsoever,in any jurisdiction.(2) For the purposes of subsection (1), notwithstanding any other provision of this Act, or any other law inforce in Saint Lucia or any rule of law to the contrary, the directors may cause the internationalbusiness company to transfer any of its assets in trust to one or more trustees, or to any person andwith respect to the transfer, the directors may provide that the international business company, itscreditors, its members, or any person having a direct or indirect interest in the international businesscompany, may be the beneficiaries, creditors, members, certificate holders, partners or holders of anyother similar interest.Validity of acts of company15. (1) An act of an international business company or a transfer of property by or to an international businesscompany is not invalid by reason only of the fact that the international business company was with outcapacity or power to perform the act, or to transfer or receive the property, but the lack of capacity orpower may be pleaded in the following cases(a)(b)in proceedings by a member against the international business company to prohibit the performanceof any act or the transfer of property by or to the international business company; orin proceedings by the international business company whether acting directly or through areceiver, trustee, or other legal representative, or through members in a derivative action,against the incumbent or former directors of the international business company for loss ordamage due to their unauthorised act.