Registration procedure

(1) The Registrar shall register an International Business Company which applies pursuant to this Part to be registered as a limited duration company if– (a) the company includes in its memorandum of association a provision which limits the duration of the company to any period up to a maximum of fifty years from the date of its first registration as a limited duration company; and (b) the company’s name includes at its end the expression “Limited Duration Company” or the abbreviation “L.D.C.”; or (c) the company was already registered as a company prior to the application for such registration and the company has supplied the Registrar with– (i) a certified copy of a special resolution of the duly altering its memorandum of association to limit the duration of the company to any period up to a maximum of fifty years from the date of such first registration as a limited duration company; and (ii) a certified copy of a special resolution of the company altering its memorandum of association pursuant to section 11(3), so as to change its name including the expression or the abbreviations “L.D.C.” at the end thereof. (2) On registering an International Business Company as a limited duration company under this Part, the Registrar shall– (a) in the case of an International Business Company referred to in sub-section (1)(a) and (b), certify on its certificate of incorporation issued pursuant to section 15, or on the of by way of continuation issued pursuant to section 92(1)(d) or 93 (3)(b), that the company is registered as a limited duration company; and (b) in the case of an International Business Company referred to in sub-section (1)(c), certify under his hand and seal of office that the company is registered as a limited duration company; stating therein the date of such registration and the duration of the life of the International Business Companies[CAP. 270 135 (3) A special resolution passed for the purposes of sub- section (1)(c) (ii) shall have no effect until and unless the company is registered as a limited duration company.