St. Lucia International Business Companies Act - Lexadin

Saint Lucia International Business Companies Act, 1999 Page 16(3) Subject to any limitations in the memorandum or articles, treasury shares may be disposed of by aninternational business company on such terms and conditions as the directors may determine.Fractional shares20. Subject to any limitations in its memorandum or articles, an international business company, mayissue fractions of a share and unless and to the extent otherwise provided in the memorandum orarticles, a fractional share has the corresponding fractional liabilities, preferences, privileges, qualifications,restrictions, rights and other attributes of a whole share of the same class or series of shares.Authorised capital in several currencies21. The authorised capital of an international business company may be stated in more than one currencyin which case the par value of shares, if any, shall be expressed in the same currencies.Capital and surplus accounts22. (1) Upon the issue by an international business company of a share with par value, the consideration inrespect of the share constitutes capital to the extent of the par value and the excess constitutessurplus.(2) Subject to any limitations in the memorandum or articles, upon the issue by an international businesscompany of a share without par value, the consideration in respect of the share constitutes capital tothe extent designated by the directors and the excess constitutes surplus, except that the directorsmust designate as capital an amount of the consideration that is at least equal to the amount that theshare is entitled to as a preference, if any, in the assets of the international business company uponliquidation of the international business company.(3) Upon the disposition by an international business company of a treasury share, the consideration inrespect of the share is added to surplus.Dividend of shares23. (1) A share issued as a dividend by an international business company shall be treated for all purposes ashaving been issued for money equal to the surplus that is transferred to capital upon the issue of theshare.(2) In the case of dividend of authorised but unissued shares with par value, an amount equal to theaggregate par value of the shares shall be transferred from surplus to capital at the time of distribution.(3) In the case of a dividend of authorised but unissued shares without par value, the amount designatedby the directors shall be transferred from surplus to capital at the time of the distribution, except thatthe directors must designate as capital an amount that is at least equal to the amount that the sharesare entitled to as preference, if any, in the assets of the international business company upon liquidationof the international business company.(4) A division of the issued and outstanding shares of a class, or series of shares, into a larger number ofshares of the same class or series, having a proportionally smaller par value, does not constitute adividend of shares.