精選優(yōu)質(zhì)文檔傾情為你奉上精選優(yōu)質(zhì)文檔傾情為你奉上專心專注專業(yè)專心專注專業(yè)精選優(yōu)質(zhì)文檔傾情為你奉上專心專注專業(yè)VIRGINISLANDSNO.16OF2004THEBVIBUSINESSCOMPANIESACT,2004中瑞國(guó)際—企業(yè)全方位解決方案提供商專業(yè)提供企業(yè)注冊(cè)、管理、策劃、上市、開(kāi)戶、做賬、報(bào)稅、審計(jì)、年檢、年審、年報(bào)、配對(duì)、報(bào)關(guān)、更名、代名、培訓(xùn)、認(rèn)證、代理、加盟、合作、商標(biāo)、專利、書(shū)號(hào)、刊號(hào)、公證、融資、重組、并購(gòu)、包裝、簽證、投資、移民等一站式顧問(wèn)服務(wù)。全面為中小企業(yè)樹(shù)立國(guó)際形象，創(chuàng)立國(guó)際品牌，為企業(yè)拓展國(guó)際市場(chǎng)提供操作平臺(tái)。為了令客商迅速了解中瑞國(guó)際所提供的服務(wù)，中瑞國(guó)際對(duì)每一項(xiàng)服務(wù)撰寫(xiě)、提供說(shuō)明書(shū)。中瑞國(guó)際已致力確保說(shuō)明書(shū)內(nèi)容的正確性，如有錯(cuò)漏，中瑞國(guó)際不承擔(dān)任何責(zé)任。此資料屬中瑞國(guó)際所有，如有引載，請(qǐng)注明出處。中瑞國(guó)際對(duì)此說(shuō)明書(shū)保留最終解釋權(quán)。如有任何疑問(wèn)，歡迎隨時(shí)垂詢400-889-7020，深圳0755-作進(jìn)一步咨詢。NO.16OF2004VIRGINISLANDSBVIBUSINESSCOMPANIESACT,2004ARRANGEMENTOFSECTIONSSectionPARTIPRELIMINARYPROVISIONS..5.16.

Shorttitleandcommencement.Interpretation.Meaningof“company”and“foreigncompany”.Meaningof“subsidiary”and“holdingcompany”.PARTIIINCORPORATION,CAPACITYANDPOWERSDivision1-IncorporationTypesofcompany.Applicationtoincorporateacompany.Incorporationofacompany.Registrationofcompanyasrestrictedpurposescompany.Division2–MemorandumandArticlesMemorandum.Additionalmatterstobestatedinmemorandumofrestrictedpurposescompany.Effectofmemorandumandarticles.Amendmentofmemorandumandarticles.Filingofnoticeofamendmentofmemorandumorarticles.Amendmentofmemorandumwithrespecttorestrictedpurposes.Restatedmemorandumorarticles.Provisionofcopiesofmemorandumandarticlestomembers.-2-Division3–CompanyNames4.

Requiredpartofcompanyname.Restrictionsoncompanynames.Companynumberascompanyname.Foreigncharactername.Companymaychangename.Registrarmaydirectchangeofname.Effectofchangeofname.Re-useofcompanynames.Reservationofname.Useofcompanyname.Division4–CapacityandPowersSeparatelegalpersonality.Capacityandpowers.Validityofactsofcompany.Personalliability.Dealingsbetweencompanyandotherpersons.Constructivenotice.PARTIIISHARESDivision1-GeneralLegalnatureofshares.Rightsattachingtosharesandclassesofshares.Seriesofshares.Typesofshares.Parvalueandnoparvalueshares.Bearershares.Fractionalshares.Changeinnumberofsharescompanyauthorisedtoissue.Registerofmembers.Registerofmembersasevidenceoflegaltitle.Rectificationofregisterofmembers.Sharecertificates.-3-Division2-IssueofShares5.76.77.

Issueofshares.Pre-emptiverights.Considerationforshares.Sharesissuedforconsiderationotherthanmoney.Consenttoissueofshares.Timeofissue.Forfeitureofshares.Division3-TransferofSharesTransferabilityofshares.Transferofsharesbyoperationoflaw.Methodoftransferofregisteredshare.Transferofbearershare.Division4-DistributionsMeaningofsolvencytestanddistribution.Distributions.Recoveryofdistributionmadewhencompanydidnotsatisfysolvencytest.Companymayacquireitsownshares.Processforacquisitionofownshares.Offertooneormoreshareholders.Sharesredeemedotherwisethanatoptionofcompany.Acquisitionsdeemednottobeadistribution.Treasuryshares.Reissueoftreasuryshares.Mortgagesandchargesofshares.Division5-ImmobilisationofBearerSharesInterpretationforthisDivision.Meaningofdisabledbearershare.Issueofbearersharesandconversionofregisteredshares.Bearersharesnotheldbycustodiandisabled.Informationconcerningbeneficialownerofbearershare.Dutiesofauthorisedcustodianholdingbearershare.Transferofbearershares.Procedureonapersonceasingtobeacustodian.Transferofbeneficialownershipof,orinterestin,bearershare.Notificationofpersonhavingrighttoentitlementscarriedbybearershare.Regulations.-4-PARTIVMEMBERS02.103.

Meaningof“shareholder”and“guaranteemember”.Companytohaveoneormoremembers.Liabilityofmembers.Members’resolutions.Meetingsofmembers.Noticeofmeetingsofmembers.Quorumformeetingsofmembers.Votingtrusts.Courtmaycallmeetingofmembers.Proceedingsatmeetingsofmembers.Writtenresolutions.Serviceofnoticeonmembers.PARTVCOMPANYADMINISTRATIONDivision1–RegisteredOfficeandRegisteredAgentRegisteredoffice.Registeredagent.Changeofregisteredofficeorregisteredagent.Resignationofregisteredagent.Registeredagentceasingtobeeligibletoact.RegisterofApprovedRegisteredAgents.Division2–CompanyRecordsDocumentstobekeptatofficeofregisteredagent.Otherrecordstobemaintainedbycompany.Financialrecords.Formofrecords.Inspectionofrecords.Serviceofprocess,etc.oncompany.Books,recordsandcommonseal.Division3-GeneralProvisionsContractsgenerally.-5-028.129.130.

Contractsbeforeincorporation.Notesandbillsofexchange.Powerofattorney.Authenticationorattestation.Companywithoutmembers.PARTVIDIRECTORSDivision1–ManagementbyDirectorsManagementbydirectors.Committeesofdirectors.Division2–Appointment,RemovalandResignationofDirectorsPersonsdisqualifiedforappointmentasdirector.Consenttoactasdirector.Appointmentofdirectors.Removalofdirectors.Resignationofdirector.Liabilityofformerdirectors.Validityofactsofdirector.Registerofdirectors.Emolumentsofdirectors.Division3-DutiesofDirectorsandConflictsDutiesofdirectors.Powerstobeexercisedforproperpurpose.Standardofcare.Relianceonrecordsandreports.Disclosureofinterest.Avoidancebycompanyoftransactionsinwhichdirectorisinterested.Division4–ProceedingsofDirectorsandMiscellaneousProvisionsMeetingsofdirectors.Noticeofmeetingofdirectors.Quorumformeetingsofdirectors.Consentsofdirectors.Alternatesfordirectors.-6-131.132.133.

Agents.Indemnification.Insurance.

PARTVIISEGREGATEDPORTFOLIOCOMPANIESDivision1–ApprovalandRegistration37.

InterpretationforthisPart.Incorporationorregistrationassegregatedportfoliocompany.ApplicationforapprovalofCommission.Commissionmayapproveapplication.Division2-AttributesandRequirementsofSegregatedPortfolioCompanies47.148.149.

Segregatedportfolios.Segregatedportfolioshares.Generalshares.Segregatedportfoliodistributionsanddividends.Companytoactonbehalfofportfolios.Assets.Creditorsofasegregatedportfoliocompany.Segregationofassets.Segregationofliabilities.Generalliabilitiesandassets.Financialstatements.Transferofsegregatedportfolioassetsfromsegregatedportfoliocompany.Division3–Liquidation,PortfolioLiquidationOrdersandAdministration56.157.158.

Meaningof“l(fā)iquidator”.Liquidationofsegregatedportfoliocompany.Portfolioliquidationorders.Applicationforportfolioliquidationorder.Conductofportfolioliquidation.Distributionofsegregatedportfolioassets.Dischargeandvariationofportfolioliquidationorders.Remunerationofportfolioliquidator.AdministrationofsegregatedportfoliounderInsolvencyAct.-7-Division4–GeneralProvisions159.

Regulations.

PARTVIIIREGISTRATIONOFCHARGES84.

InterpretationforthisPart.Creationofchargesbyacompany.Companytokeepregisterofcharges.Registrationofcharges.Variationofregisteredcharge.Chargeceasingtoaffectcompany’sproperty.Priorityofrelevantcharges.Priorityofothercharges.Exceptionstosections166and167.PARTIXMERGER,CONSOLIDATION,SALEOFASSETS,FORCEDREDEMPTIONS,ARRANGEMENTSANDDISSENTERSInterpretationforpurposesofthisPart.Approvalofmergerandconsolidation.Registrationofmergerandconsolidation.Mergerwithsubsidiary.Effectofmergerorconsolidation.Mergerorconsolidationwithforeigncompany.Dispositionofassets.Redemptionofminorityshares.Arrangements.Arrangementwherecompanyinvoluntaryliquidation.Rightsofdissenters.PARTXCONTINUATIONForeigncompanymaycontinueunderthisAct.ApplicationtocontinueunderthisAct.Continuation.Effectofcontinuation.Continuationunderforeignlaw.-8-PARTXIFOREIGNCOMPANIES00009.210.211.

Meaningof“carryingonbusiness”.Registrationofforeigncompany.Registration.Registrationofchangesinparticulars.Foreigncompanytohaveregisteredagent.Controlovernamesofforeigncompanies.Useofnamebyforeigncompany.Annualreturn.ForeigncompanyceasingtocarryonbusinessintheVirginIslands.ServiceofdocumentsonaforeigncompanyregisteredunderthisPart.Validityoftransactionsnotaffected.TransitionalprovisionsforthisPart.PARTXIILIQUIDATION,STRIKING-OFFANDDISSOLUTIONDivision1-LiquidationApplicationofthisPart.Declarationofsolvency.Appointmentofliquidator.Appointmentofvoluntaryliquidatoroflongterminsurancecompanyorotherregulatedperson.Controlofvoluntaryliquidationofregulatedperson.Durationofliquidation.Circumstancesinwhichliquidatormaynotbeappointed.Noticeandadvertisementofliquidation.Effectofappointmentofvoluntaryliquidator.Dutiesofvoluntaryliquidator.Powersofvoluntaryliquidator.Completionofliquidation.Division2–LiquidationwhereCompanyInsolventCompanyinvoluntaryliquidationunabletopayitsdebts.Liquidatortocallmeetingofcreditors.InsolvencyActtoapply.-9-Division3–StrikingOffandDissolution42.243.

InterpretationforthisDivision.StrikingcompanyoffRegister.Appeal.Effectofstrikingoff.DissolutionofcompanystruckofftheRegister.RestorationofnameofcompanytoRegisterbyRegistrar.RestorationofnametoRegisterbyCourt.AppointmentofOfficialReceiverasliquidatorofcompanystruckoff.Propertyofdissolvedcompany.Disclaimer.PARTXIIIINVESTIGATIONOFCOMPANIESDefinitionof“inspector”.Investigationorder.Court’spowers.Inspector’spowers.Hearingincamera.Incriminatingevidence.Absoluteprivilege.PARTXIVADMINISTRATIONANDGENERALRegistrarofCorporateAffairs.Registers.Optionalregistrationofregistersofmembersanddirectors.Filingofdocuments.InspectionofRegistersanddocumentsfiled.Formofcertificate.Certificateofgoodstanding.FeesandpenaltiestobepaidtoRegistrar.Recoveryofpenalties,etc.Companystruckoffliableforfees,etc.FeespayabletoRegistrar.CompaniesRegulations.ApprovalofformsbyCommission.Exemptionsfromtax.Offenceprovisions.-10-PARTXVTRANSITIONALANDMISCELLANEOUSPROVISIONS50.251.

LimitedLiabilityCompanies.Jurisdiction.DeclarationbyCourt.JudgeinChambers.Transitionalprovisions.AmendmentofSchedules.Repealsandamendments.ActbindingonCrown.SCHEDULES1.2.3.

FeesandPenaltiesTransitionalProvisionsRepealsandAmendments

-11-No.16of2004

BVIBusinessCompanies

VirginIslandsAct2004IAssentTHOMASMACANGovernor24thDecember,2004VIRGINISLANDSNO.16of2004AnActtoprovidefortheincorporation,managementandoperationofdifferenttypesofcompanies,fortherelationshipsbetweencompaniesandtheirdirectorsandmembersandtoprovideforconnectedandconsequentialmatters.[Gazetted29thDecember,2004]ENACTEDbytheLegislatureoftheVirginIslandsasfollows:PARTIPRELIMINARYPROVISIONSShorttitleandcommencement.Interpretation.

1.2.

(1)ThisActmaybecitedastheBVIBusinessCompaniesAct,2004.(2)TheprovisionsofthisActcomeintooperationon1stJanuary2005.InthisAct,unlessthecontextotherwiserequires,“approvedform”meansaformapprovedbytheCommissioninaccordancewithsection241;“articles”meanstheoriginal,amendedorrestatedarticlesofassociationofacompany;-12-“asset”includesmoney,goods,thingsinaction,landandeverydescriptionofpropertywhereversituatedandobligationsandeverydescriptionofinterest,whetherpresentorfutureorvestedorcontingent,arisingoutof,orincidentalto,property;“bearershare”meansasharerepresentedbyacertificatewhichstatesthatthebearerofthecertificateistheowneroftheshareandincludesasharewarranttobearer;“board”,inrelationtoacompany,means(a)

theboardofdirectors,committeeofmanagement,councilorothergoverningauthorityofthecompany,or(b)ifthecompanyhasonlyonedirector,thatdirector;“class”,inrelationtoshares,meansaclassofshareseachofwhichhastherights,privileges,limitationsandconditionsspecifiedforthatclassinthememorandum;“Commission”meanstheFinancialServicesCommissionestablishedundertheFinancialServicesCommissionAct,2001;“company”hasthemeaningspecifiedinsection3(1);“companynumber”meansthenumberallottedtothecompanybytheRegistrar

No.12of2001(a)

onitsincorporationundersection7(1),(b)onitscontinuationundersection182,or(c)

onitsre-registrationunderSchedule2;

Schedule2“continued”meanscontinuedundersection182;“Court”meanstheHighCourt;“custodian”hasthemeaningspecifiedinsection67;“director”,inrelationtoacompany,aforeigncompanyandanyotherbodycorporate,includesapersonoccupyingoractinginthepositionofdirectorbywhatevernamecalled;“distribution”hasthemeaningspecifiedinsection56;-13-“document”meansadocumentinanyformandincludes(a)

anywritingorprintingonanymaterial,(b)anyrecordofinformationordata,howevercompiled,andwhetherstoredinpaper,electronic,magneticoranynon-paperbasedformandanystoragemediumordevice,includingdiscsandtapes,(c)

booksanddrawings,and(d)aphotograph,film,tape,negative,facsimileorothermediuminwhichoneormorevisualimagesareembodiedsoastobecapable(withorwithouttheaidofequipment)ofbeingreproduced,andwithoutlimitingthegeneralityoftheforegoing,includesanycourtapplication,orderandotherlegalprocessandanynotice;“dollar”or“$”meansthelawfulcurrencyforthetimebeingoftheUnitedStatesofAmerica;“file”,inrelationtoadocument,meanstofilethedocumentwiththeRegistrar;“foreigncompany”hasthemeaningspecifiedinsection3(2);Cap.285Cap.291No.5of2003

“formerAct”meanstheCompaniesActortheInternationalBusinessCompaniesAct;“formerActcompany”meansacompanyincorporated,continuedorregisteredunderaformerAct,butexcludesacompanyincorporatedoutsidetheVirginIslandsregisteredunderPartIXoftheCompaniesAct;“guaranteemember”hasthemeaningspecifiedinsection78;“InsolvencyActliquidator”meansaliquidatorappointedundertheInsolvencyAct;“l(fā)imitedcompany”meansacompanyofatypespecifiedinsection5(a),(b)or(c);“member”,inrelationtoacompany,meansapersonwhois(a)

ashareholder,

-14-(b)aguaranteemember,or(c)

amemberofanunlimitedcompanywhoisnotashareholder;“memorandum”meanstheoriginal,amendedorrestatedmemorandumofassociationofacompany;“OfficialReceiver”meanstheOfficialReceiverappointedundersection488oftheInsolvencyAct;“prescribed”meansprescribedbytheRegulations;“register”,inrelationtoanactdonebytheRegistrar,meanstoregisterintheRegisterofCompanies,theRegisterofForeignCompaniesortheRegisterofCharges,asappropriate;“RegisterofCharges”meanstheRegisterofChargesmaintainedbytheRegistrarinaccordancewithsection230(1)(c);“RegisterofCompanies”meanstheRegisterofCompaniesmaintainedbytheRegistrarinaccordancewithsection230(1)(a);“RegisterofForeignCompanies”meanstheRegisterofForeignCompaniesmaintainedbytheRegistrarinaccordancewithsection230(1)(b);“registeredagent”means

No.5of2003(a)

inrelationtoacompany,thepersonwhoisthecompany’sregisteredagentinaccordancewithsection91(2),or(b)inrelationtoaforeigncompany,thepersonwhoisthecompany’sregisteredagentinaccordancewithsection189(1);“registeredoffice”hasthemeaningspecifiedinsection90(2);“Registrar”meanstheRegistrarofCorporateAffairsappointedundersection229,and“DeputyRegistrar”and“AssistantRegistrar”shallbeconstruedaccordingly;“regulatedperson”hasthemeaningspecifiedintheInsolvencyAct;“Regulations”meanstheCompaniesRegulationsmadeundersection240;-15-

No.5of2003“resolution”,(a)

inrelationtothemembersofacompany,hasthemeaningspecifiedinsection81;and(b)inrelationtothedirectorsofacompany,hasthemeaningspecifiedinsection129;“restatedarticles”meansasingledocumentthatincorporatesthearticlestogetherwithallamendmentsmadetoit;“restatedmemorandum”meansasingledocumentthatincorporatesthememorandumtogetherwithallamendmentsmadetoit;“restrictedpurposescompany”meansacompanylimitedbysharesthatisregisteredonitsincorporationashavingrestrictedpurposesinaccordancewithsection8(1);“securities”meanssharesanddebtobligationsofeverykind,andincludesoptions,warrantsandrightstoacquiresharesordebtobligations;“segregatedportfoliocompany”meansacompanyincorporatedorregisteredasasegregatedportfoliocompanyunderPartVII;“series”,inrelationtoshares,meansadivisionofaclassofshares;“shareholder”hasthemeaningspecifiedinsection78;“solvencytest”hasthemeaningspecifiedinsection56;“treasuryshare”meansashareofacompanythatwaspreviouslyissuedbutwasrepurchased,redeemedorotherwiseacquiredbythecompanyandnotcancelled;“unlimitedcompany”meansacompanyofatypespecifiedinsection5(d)or(e);and“voluntaryliquidator”meansaliquidatorappointedundersection199,butdoesnotincludeanInsolvencyActliquidator.Meaningof

3.

(1)UnlessthisActexpresslyprovidesotherwise,“company”means“company”and“foreigncompany”.

(a)

aBVIbusinesscompanyincorporatedundersection7,-16-(b)acompanycontinuedasaBVIbusinesscompanyundersection182,or(c)

aformerActcompanyre-registeredasaBVIbusinesscompanyunderSchedule2,

Schedule2butexcludesadissolvedcompanyandacompanythathascontinuedasacompanyincorporatedunderthelawsofajurisdictionoutsidetheVirginIslandsinaccordancewithsection184.(2)InthisAct,“foreigncompany”meansabodycorporateincorporated,registeredorformedoutsidetheVirginIslandsbutexcludesacompanywithinthemeaningofsubsection(1).(3)TheRegulationsmayprescribetypesofbodies,associationsandentitiesthat,althoughnotabodycorporate,aretobetreatedasabodycorporateforthepurposesofsubsection(2).4.secondcompany),if“subsidiary”and“holding(a)thesecondcompany

company”.(i)

holdsamajorityofthevotingrightsinthefirstcompany,(ii)isamemberofthefirstcompanyandhastherighttoappointorremoveamajorityofitsboard,or(iii)isamemberofthefirstcompanyandcontrolsalone,orpursuanttoanagreementwithothermembers,amajorityofthevotingrightsinthefirstcompany;or(b)thefirstcompanyisasubsidiaryofacompanywhichisitselfasubsidiaryofthesecondcompany.(2)Acompanyistheholdingcompanyofanothercompanyifthatothercompanyisitssubsidiary.(3)Forthepurposesofsubsections(1)and(2),“company”includesaforeigncompanyandanyotherbodycorporate.-17-(1)Acompany(thefirstcompany)isasubsidiaryofanothercompany(the(1)Acompany(thefirstcompany)isasubsidiaryofanothercompany(theMeaningofPARTIIINCORPORATION,CAPACITYANDPOWERSDivision1-IncorporationTypesof

5.

AcompanymaybeincorporatedorcontinuedunderthisActascompany.(a)acompanylimitedbyshares;(b)acompanylimitedbyguaranteethatisnotauthorisedtoissueshares;(c)acompanylimitedbyguaranteethatisauthorisedtoissueshares;(d)anunlimitedcompanythatisnotauthorisedtoissueshares;or(e)anunlimitedcompanythatisauthorisedtoissueshares.Applicationtoincorporatea

6.(1)Subjecttosubsection(2),applicationmaybemadetotheRegistrarfortheincorporationofacompanybyfilingcompany.(a)amemorandumcomplyingwithsection9thatissignedbytheproposedregisteredagent,asincorporator;(b)articlesthataresignedbytheproposedregisteredagent,asincorporator;(c)adocumentintheapprovedformsignedbytheproposedregisteredagentsignifyinghisconsenttoactasregisteredagent;(d)ifthecompanyistobeincorporatedasasegregatedportfoliocompany,thewrittenapprovaloftheCommissiongivenundersection137(1);and(e)suchotherdocumentsasmaybeprescribed.(2)AnapplicationfortheincorporationofacompanymaybefiledonlybytheproposedregisteredagentandtheRegistrarshallnotacceptanapplicationfortheincorporationofacompanyfiledbyanyotherperson.(3)Forthepurposesofthissection,the“proposedregisteredagent”meansthepersonnamedinthememorandumasthefirstregisteredagentofthecompany.-18-7.incorporationhavebeencompliedwith,theRegistrarshall,uponreceiptoftheacompany.documentsfiledundersection6(1),(a)registerthedocuments;(b)allotauniquenumbertothecompany;and(c)issueacertificateofincorporationtothecompanyintheapprovedform.(2)Acertificateofincorporationissuedundersubsection(1)isconclusiveevidencethat(a)alltherequirementsofthisActastoincorporationhavebeencompliedwith;and(b)thecompanyisincorporatedonthedatespecifiedinthecertificateofincorporation.8.(1)Ifthememorandumofacompanylimitedbyshares,asfiledunderRegistrationofcompanyasrestricted(a)thecompanyshallberegisteredonincorporationashavingrestrictedpurposes;and(b)thecertificateofincorporationshallstatethatthecompanyisarestrictedpurposescompany.(2)Acompanythatisnotregisteredasarestrictedpurposescompanyonitsincorporationshallnotsubsequentlyberegisteredasarestrictedpurposescompany.Division2–MemorandumandArticles

purposescompany.9.

(1)Thememorandumofacompanyshallstate(a)thenameofthecompany;(b)whetherthecompanyis(i)acompanylimitedbyshares,(ii)acompanylimitedbyguaranteethatisnotauthorisedtoissueshares,-19-

Memorandum.(1)IfheissatisfiedthattherequirementsofthisActinrespectofIncorporationof(1)IfheissatisfiedthattherequirementsofthisActinrespectofIncorporationofsection6,containsthestatementsspecifiedinsection10(1)and(2),(iii)acompanylimitedbyguaranteethatisauthorisedtoissueshares,(iv)anunlimitedcompanythatisnotauthorisedtoissueshares,or(v)anunlimitedcompanythatisauthorisedtoissueshares;(c)theaddressofthefirstregisteredofficeofthecompany;(d)thenameofthefirstregisteredagentofthecompany;(e)inthecaseofacompanylimitedbysharesorotherwiseauthorisedtoissueshares(i)

themaximumnumberofsharesthatthecompanyisauthorisedtoissue,(ii)theclassesofsharesthatthecompanyisauthorisedtoissueand,ifthecompanyisauthorisedtoissuetwoormoreclassesofshares,therights,privileges,restrictionsandconditionsattachingtoeachclassofshares,(f)inthecaseofacompanylimitedbyguarantee,whetherornotitisauthorisedtoissueshares,theamountwhicheachguaranteememberofthecompanyisliabletocontributetothecompany’sassetsintheeventthatavoluntaryliquidatororanInsolvencyActliquidatorisappointedwhilstheisamember;and(g)inthecaseofasegregatedportfoliocompany,thatthecompanyisasegregatedportfoliocompany.(2)Inthecaseofacompanylimitedbysharesorotherwiseauthorisedtoissueshares,thememorandumshallalsostate,(a)ifthecompanyisprohibitedbythisoranyotherActfromissuingbearershares,thatthecompanyisnotauthorisedto(i)

issuebearershares,(ii)convertregisteredsharestobearershares,or(iii)exchangeregisteredsharesforbearershares;or(b)inanyothercase,eitherthatthecompanyis,orisnot,authorisedto(i)

issuebearershares,

-20-(ii)convertregisteredsharestobearershares,or(iii)exchangeregisteredsharesforbearershares.(3)Ifacompanyisauthorisedtoissuefractionalshares,thememorandumshallcontainastatementtothateffect.(4)Thememorandumofeverycompanyshallcontainastatementintheapprovedformspecifyingthelimitationsonthebusinessthatthecompanymaycarryon.10.

(1)ThememorandumofacompanylimitedbysharesmaystatethattheAdditionalcompanyisarestrictedpurposescompany.(2)Thememorandumofarestrictedpurposescompanyshallstatethepurposesofthecompany.

matterstobestatedinmemorandumofrestrictedpurposescompany.(3)Nothinginthissectionpreventsthememorandumorarticlesofacompanythatisnotarestrictedpurposescompanyfromlimitingthecapacity,rights,powersorprivilegesofthecompany.11.

(1)Thememorandumandarticlesofacompanyarebindingasbetween(a)thecompanyandeachmemberofthecompany;and

Effectofmemorandumandarticles.(b)eachmemberofthecompany.(2)Thecompany,theboard,eachdirectorandeachmemberofacompanyhastherights,powers,dutiesandobligationssetoutinthisActexcepttotheextentthattheyarenegatedormodified,aspermittedbythisAct,bythememorandumorthearticles.(3)ThememorandumandarticlesofacompanyhavenoeffecttotheextentthattheycontraveneorareinconsistentwiththisAct.12.(1)Subjecttosubsection(2)andsection14,themembersofacompanyAmendmentofmay,byresolution,amendthememorandumorarticlesofthecompany.memorandumandarticles.(2)Subjecttosubsection(3),thememorandumofacompanymayincludeoneormoreofthefollowingprovisions:(a)thatspecifiedprovisionsofthememorandumorarticlesmaynotbeamended;(b)thataresolutionpassedbyaspecifiedmajorityofmembers,greater-21-than50%,isrequiredtoamendthememorandumorarticlesorspecifiedprovisionsofthememorandumorarticles;and(c)thatthememorandumorarticles,orspecifiedprovisionsofthememorandumorarticles,maybeamendedonlyifcertainspecifiedconditionsaremet.(3)Subsection(2)doesnotapplytoanyprovisioninthememorandumofacompanythatisnotarestrictedpurposescompanythatrestrictsthepurposesofthatcompany.(4)Subjecttosubsection(5),thememorandumofacompanymayauthorisethedirectorstoamendthememorandumorarticlesofthecompany.(5)Notwithstandinganyprovisioninthememorandumorarticlestothecontrary,thedirectorsofacompanyshallnothavethepowertoamendthememorandumorarticles(a)torestricttherightsorpowersofthememberstoamendthememorandumorarticles,(b)tochangethepercentageofmembersrequiredtopassaresolutiontoamendthememorandumorarticles,or(c)incircumstanceswherethememorandumorarticlescannotbeamendedbythemembers,andanyresolutionofthedirectorsofacompanyisvoidandofnoeffecttotheextentthatitcontravenesthissubsection.Filingofnoticeofamendmentofmemorandumor

13.(1)Wherearesolutionispassedtoamendthememorandumorarticlesofacompany,thecompanyshallfileforregistrationarticles.(a)anoticeofamendmentintheapprovedform;or(b)arestatedmemorandumorarticlesincorporatingtheamendmentmade.(2)Anamendmenttothememorandumorarticleshaseffectfromthedatethatthenoticeofamendment,orrestatedmemorandumorarticlesincorporatingtheamendment,isregisteredbytheRegistrarorfromsuchotherdateasmaybeorder