International Business Companies

Cap. 270 · Revised Edition 2020 · 160 sections

s. 1Short title
s. 2Interpretation
s. 3Incorporation
s. 4Restrictions on incorporation
s. 5Requirements of International Business Companies
s. 6Effect of failure to satisfy requirements of section 5
s. 7Personal liability
s. 8Business objects or purposes
s. 9Powers
s. 10Validity of acts of company
s. 11Name
s. 12Memorandum
s. 13Articles
s. 14Registration
s. 15Certificate of incorporation
s. 16Amendment of Memorandum and Articles
s. 17Copies of Memorandum and Articles to members
s. 18Shares to be fully paid
s. 19Kind of consideration for shares
s. 20Forfeiture of shares
s. 21Amount of consideration for shares
s. 22Fractional shares
s. 23Authorised capital in several currencies
s. 24Capital and surplus accounts
s. 25Dividend of shares
s. 26Increase or reduction of authorised capital
s. 27Division and combination of shares
s. 28Conversion of shares with par value into shares without par value and vice versa
s. 29Character of a share
s. 30Share certificates
s. 31Share register
s. 32Rectification of share register
s. 33Transfer of registered shares
s. 34Bearer shares prohibited
s. 35Seizure
s. 36Acquisition of own shares
s. 37Treasury shares disabled
s. 38Increase or reduction of capital
s. 39Dividends
s. 40Appreciation of assets
s. 41Mortgages and charges of shares
s. 42Registered office
s. 43Registered agent
s. 44Change of registered office or registered agent
s. 45Register of registered agents
s. 46Penalty for contravention of sections 42 and 43
s. 47Management by directors
s. 48Election, term and removal of directors
s. 49Register of directors
s. 50Number of directors
s. 51Powers of directors
s. 52Emoluments of directors
s. 53Committees of directors
s. 54Meetings of directors
s. 55Notice of meetings of directors
s. 56Quorum for meetings of directors
s. 57Consents of directors
s. 58Alternates for directors
s. 59Officers and agents
s. 60Standard of care
s. 61Reliance on records and reports
s. 62Conflicts of interests
s. 63Indemnification
s. 64Insurance
s. 65Meetings of members
s. 66Notice of meetings of members
s. 67Quorum for meetings of members
s. 68Voting by members
s. 69Voting trusts
s. 70Consents of members
s. 71Service of notice on members
s. 72Service of process, etc., on company
s. 73Books, records and common seal
s. 74Inspection of books and records
s. 75Contracts generally
s. 76Contracts before incorporation
s. 77Contracts for payment or transfer
s. 78Optional register of mortgages and charges
s. 79Notes and bills of exchange
s. 80Power of attorney
s. 81Authentication or attestation
s. 82Company without members
s. 82ARegister of beneficial owners
s. 82BInspection of register of beneficial owners
s. 82CRectification of register of beneficial owners
s. 82DCompany’s duty to seek beneficial ownership information
s. 82EUpdating of beneficial ownership information
s. 83Interpretation in this Part
s. 84Merger and consolidation
s. 85Merger with subsidiary
s. 86Effect of merger or consolidation
s. 87Merger or consolidation with foreign company
s. 88Disposition of assets
s. 89Redemption of minority shares
s. 90Arrangements
s. 91Rights of dissenters
s. 92Continuation
s. 93Provisional registration
s. 94Certificate of continuation
s. 95Effect of continuation
s. 96Continuation under foreign law
s. 97Compulsory winding-up and dissolution
s. 98Voluntary winding-up and dissolution
s. 99Powers of directors in a winding-up and dissolution
s. 100Duties of liquidator
s. 101Powers of liquidator
s. 102Procedure on winding-up and dissolution
s. 103Rescission of winding-up and dissolution
s. 104Winding-up and dissolution of company unable to pay its claims, etc
s. 105Winding-up and dissolution by the court
s. 106Receivers and managers
s. 107Striking off
s. 108Restoration to register
s. 109Effect of striking off
s. 110Appointment of official liquidator
s. 111Dissolution of company struck off
s. 112Security for Registrar’s costs
s. 113Fees
s. 114Licence fees
s. 115Penalties to be paid to Registrar
s. 116Recovery of penalties, etc
s. 117Company struck off liable for fees, etc
s. 118Fees, etc., to be paid into Consolidated Revenue Fund
s. 119Fees payable to Registrar
s. 120Repealed
s. 121Repealed
s. 122Repealed
s. 123Repealed
s. 124Repealed
s. 125Repealed
s. 126Repealed
s. 127Repealed
s. 128Repealed
s. 129Repealed
s. 130Income tax and other taxes payable
s. 131Appointment of Registrar, etc., and regulations
s. 132Optional registration of registers
s. 133Optional registration of mortgages and charges
s. 133AProduction of registers
s. 134Exchange Control
s. 135Form of certificate
s. 136Certificate of good standing
s. 137Inspection of documents
s. 138Language in documents
s. 139Repealed
s. 140Jurisdiction
s. 141Declaration by court
s. 142Judge in Chambers
s. 143General penalty, savings and transitional provisions
s. 144Alteration of fees and penalties
s. 145Regulations in general
s. 145AApplication of the Income and Business Tax Act and the International Financial Services Commission Act
s. 146Interpretation in this Part
s. 147Application for registration as a Limited Duration Company
s. 148Registration procedure
s. 149Maximum duration
s. 150Contents of the Articles of Association
s. 151Winding-up
s. 152Cancellation of registration
s. 153Compliance with Economic Substance Act