Insurance Act No.54 of 2005 - Vanuatu Financial Services ...

PART 6 – SHARE CAPITAL AND SHAREHOLDING50 Shares and debenturesAn insurer must not, without the prior approval of the Commission or otherwise than inaccordance with the conditions that the Commission determines:(a)(b)(c)(d)(e)(f)issue or convert any shares which confer preferential rights to distributions of capital orincome; orconvert any of its shares of a particular class into another class; orconvert any of its shares into debentures; orissue any debentures; orreduce its stated capital; orissue bearer shares.51 Registration of shares in name of nominee(1) An insurer must not, without the Commission’s prior approval, knowingly:(a)(b)allot or issue any of its shares to, or register any of its shares in the name of, aperson other than the intended beneficial shareholder; orregister a transfer of any of its shares to a person other than the intendedbeneficial shareholder.(2) Subsection (1) does not apply to the allotment, issue or registration of shares:(a)(b)(c)to or in the name of an executor, administrator, trustee, guardian or liquidator; orfor a period of not more than 6 months, to or in the name of a company controlledby an insurer or an insurer’s employee, if it is necessary to do this to facilitatedelivery to the purchaser or to protect the rights of the beneficiary of those shares;orto or in the name of a person acting as a depository institution, if the personconcerned is able, on request, to disclose the name of the beneficial shareholderon whose behalf the shares are held.45