Dominica: Law on International Business Companies

Translation of the Law on registration, activities and legislative requirements of international trading companies in the Commonwealth of Dominica (The IBC Act), dated June 26, 1996, as amended. Volume 72 pages.

Qualifier articles:

Entry

1. Short title and entry into force.

2. Interpretation.


Part I

The Constitution IBC

3. Register.

4. Restrictions on registration.

5. Requirements for International Business Companies.

6. The consequences of non-compliance requirements of Article 5.

7. Personal Responsibility.

8. The objectives or tasks of the enterprise.

9. Rights.

10. Validity of the Companies Act.

11. The name of the company.

12. Memorandum.

13. Charter.

14. Register.

15. Certificate of registration.

16. Changes in the memorandum of association and articles of association.

17. Copies of the memorandum and articles of association for members.


Part II

Capital and Dividends

18. The shares to be fully paid.

19. Shares with a nominal value.

20. The consideration for the shares.

21. Fractional shares.

22. Capital and growth.

23. Shares issued in parts.

24. Increase or reduction of share capital.

25. The division and combination of actions.

26. Characteristics of the shares.

27. The share certificates.

28. The register of shareholders.

29. Changes to the register of shareholders.

30. Transfer of registered shares.

31. The transfer of bearer shares.

32. The arrest of shares (other.) The foreign state

33. Purchase of own shares

34. Cancellation of own shares.

35. Increase or reduction of capital.

36. Dividends.

37. Increase the value of assets.


Part III

Registered office and registered agent

38. Registered office.

39. Registration Agent and register the registration agents.

40. Change of registered office or registered agent.

41. The penalty for violation of Articles 38 and 39 (1) to (4).


Part IV

Directors, employees, agents and liquidators

42. The Office of the Director.

43. The election, the life, the removal of directors.

44. Number of Directors.

45. Powers of Directors.

46. \u200b\u200bThe salaries of directors.

47. Board of Directors.

48. Meetings of directors.

49. Notice of a meeting of directors, etc.

50. The quorum for a meeting of the directors.

51. Consent of Directors.

52. The Deputy Director.

53. Employees and agents.

54. A measure of care.

55. The credibility of the records and reports.

56. Conflict of interest.

57. Indemnification company.

58. Insurance.


Part V

Protection of members and creditors

59. Assembly members.

60. Notice of meetings of members.

61. The quorum for a meeting of members.

62. The voting members.

63. The consent of the members.

64. Service of notice, etc. members.

65. Presentation of procedural documents, etc. company.

66. Books and records that are necessary to conduct.

67. Check the books and records.

68. Contracts generally.

69. The contracts before signing.

70. Contracts for the payment or transfer, etc. property.

71. Simple and bills of exchange.

72. Power of attorney.

73. Certification or certification documents.

74. Company without members.


Part VI

Merger, consolidation, sale of assets, forced

repayment arrangements and foreclosures

75. Interpretation of the parts.

76. The merger and consolidation.

77. A merger with a subsidiary.

78. The result of a merger or consolidation.

79. The merger or consolidation with a foreign company.

80. The liquidation of assets.

81. Redemption of shares.

82. Arrangement.

83. The right of redemption.


Part VII

Extension

84. Renewals.

85. Temporary reg