Anguilla

INTERIM REVISED STATUTES OF ANGUILLA 2000

CHAPTER 1

COMPANIES ACT

Showing the Law as at 16 October 2000

Published by Authority

Printed in

The Attorney General’s Chambers

ANGUILLA

COMPANIES ACT

TABLE OF CONTENTS

Part 1

INTERPRETATION

1.     Definitions

2.     Meaning of “affiliated”, “control”, “holding” and “subsidiary”

3.     Meaning of “distribution” to public

4.     Meaning of “offer” to public

Part 2

INCORPORATION AND OPERATION OF COMPANIES

Division 1

Incorporation of Companies

5.     Incorporators

6.     Types of companies

7.     Formalities

8.     Required votes

9.     Certificate of incorporation

10.     Effective date of incorporation

11.     Corporate name

12.     Prohibited, refused and reserved names

13.     Name change required

14.     Revoking and assigning names

15.     Publication of name and registered office

16.     Pre-incorporation contracts

Division 2

Corporate Capacity and Powers

17.     Capacity and powers

18.     Restriction of powers

19.     Validity of acts

20.     Notice not presumed

21.     No disclaimer allowed

22.     Effect of articles and by-laws

23.     Contracts of company

24.     Bills and notes

25.     Power of attorney

26.     Company seals

27.     Company without shareholders

Division 3

Share Capital

28.     Nature of shares

29.     When only one class of shares

30.     Share classes

31.     Share issue

32.     Consideration

33.     Stated capital accounts

34.     Open-ended mutual company

35.     Series shares

36.     Pre-emptive rights

37.     Conversion privileges

38.     Reserve shares

39.     Company holding own shares

40.     Acquisition of own shares

41.     Other acquisition of own shares

42.     Redeemable shares

43.     Donated shares

44.     Voting shares held in itself

45.     Stated capital reduction

46.     Stated capital adjustment

47.     Cancellation of shares

48.     Presumption regarding own shares

49.     Changing share class

50.     Effect of purchase contract

51.     Commission for share purchase

52.     Prohibited dividend

53.     Payment of dividend

54.     Illicit financial assistance by company

55.     Permitted financial assistance

56.     Enforcement of illicit contracts

57.     Immunity of shareholders

58.     Lien on shares

Division 4

Management of Companies

59.     Duty of directors to manage company

60.     Number of directors

61.     Restricted powers

62.     Power to make by-laws

63.     By-law powers

64.     Organizational meeting

65.     Individuals not qualified to act as directors

66.     Director’s disqualification order

67.     No share qualification required

68.     Election of directors

69.     Alternate directors

70.     Cumulative voting

71.     Termination of office

72.     Removal of directors

73.     Right of director to notice

74.     Filling vacancy among directors

75.     Number of directors changed

76.     Notice of change of directors

77.     Directors’ meetings

78.     Waiver of notice of directors’ meeting

79.     Adjourned directors’ meeting

80.     Company with one director

81.     Telephone participation in meeting

82.     Delegation of directors’ powers

83.     Validity of acts

84.     Resolution in lieu of meeting

85.     Directors’ liability for share issue

86.     Directors’ liability for other acts

87.     Contribution by directors

88.     Recovery by directors

89.     Director’s defence to liability

90.     Time limit on liability

91.     Interests in contracts to be disclosed

92.     Declaration of interest in contract

93.     Avoidance of nullity of contract

94.     Setting aside contract

95.     Designation of officers, etc.

96.     Borrowing powers

97.     Duty of care of directors and officers

98.     Dissenting to resolutions

99.     Indemnifying directors and others

100.     Indemnity for derivative action

101.     Right to indemnity

102.     Insurance of directors, etc.

103.     Court approval of indemnity

104.     Remuneration

Division 5

Shareholders of Companies

105.     Place of meetings

106.     Shareholders’ meetings

107.     Record date of shareholders

108.     Statutory record date

109.     Notice of record date

110.     Notice of shareholders’ meeting

111.     Special business

112.     Shareholders’ meetings

113.     List of shareholders

114.     Examination of list

115.     Quorum at meetings

116.     Right to vote share

117.     Representation of other body

118.     Joint shareholders

119.     Voting method at meeting

120.     Resolution in writing

121.     Requisitioned shareholders’ meetings

122.     Controverted elections and appointments

123.     Pooling agreements

124.     Unanimous shareholder agreements

125.     Shareholder approval of extraordinary transactions

Division 6

Financial Disclosure

126.     Company to keep accounting records

127.     Accounting records kept outside Anguilla

128.     Annual financial statements, etc.

129.     Exemption for information

130.     Consolidated financial statements

131.     Directors’ approval of financial statements

132.     Copies of document to be sent to shareholders

133.     Registrar’s copies

134.     Eligibility for appointment as auditor

135.     Ineligibility for appointment as auditor

136.     Effect of ineligibility

137.     Appointment of auditor

138.     When auditor ceases to hold office

139.     Removal of auditor

140.     Filling auditor vacancy

141.     Court appointed auditor

142.     Auditor’s right to notice

143.     Required attendance of auditor

144.     Right of auditor to comment

145.     Examination by auditor

146.     Duty to furnish information to auditor

147.     Error in statements detected

148.     Privilege of auditor

Division 7

Corporate Records

149.     Registered office

150.     Registered agent

151.     Registered agent ceasing to act for company

152.     Records of company

153.     Trust notices

154.     Records of minutes and resolutions

155.     Form of records

156.     Duty to care for records

157.     Access to records

158.     Annual returns

Division 8

Fundamental Company Changes

159.     Proposed compromise with creditors

160.     Reorganisation and amalgamation

161.     Shares of dissenting shareholders

162.     Fundamental amendment to articles

163.     Filing of articles and certificate

Division 9

Merger and Consolidation

164.     Interpretation

165.     Merger and consolidation with Anguilla company

166.     Plan of merger or consolidation

167.     Approval of plan of merger or consolidation

168.     Merger with subsidiaries

169.     Registration of articles of merger or consolidation

170.     Effect of merger or consolidation

171.     Merger or consolidation with foreign company

Part 3

PROTECTION OF CREDITORS AND INVESTORS

Division 1

Registration of Charges

172.     Registration of charges

Division 2

Trust Deeds and Debentures

173.     Trust deed required

174.     Kinds of debentures

175.     Cover of trust deed

176.     Exception to sections 173 to 175

177.     Contents of trust deed

Division 3

Prospectuses

178.     Interpretation

179.     Publication of prospectus

180.     Certificate of attorney

181.     Contents of prospectus

182.     Minimum subscription

183.     Continuous offering of shares

184.     Civil liability for misstatements

185.     Liability of experts

Part 4

OTHER TYPES OF COMPANIES, FOREIGN COMPANIES AND CORPORATE MOBILITY

Division 1

Companies Not for Profit

186.     Companies not for profit

Division 2

Companies Limited by Guarantee and Hybrid Companies

187.     Other companies permitted

Division 3

Foreign Companies

188.     Registration of foreign company

189.     Certificate of registration

190.     Alteration of constituting instrument

191.     Annual return

192.     Requirements of prospectus

193.     Removal from Register

Division 4

Private Companies

194.     Private companies

195.     Exemptions

Division 5

Corporate Mobility

196.     Continuance under this Act

197.     Certificate of continuance

198.     Preservation of company

199.     Shares of continued company

200.     Continuance in foreign jurisdiction

201.     Certificate of discontinuance

202.     Company may continue as an international business company

203.     Jurisdiction of Court

Part 5

INSOLVENCY AND WINDING UP

204.     Revival of company by Registrar

205.     Revival of company by Court

206.     Dissolution before commencing business

207.     Dissolution where no property or liabilities

208.     Effect of articles of dissolution

209.     Proposing liquidation

210.     Filing intent to dissolve

211.     Court supervised liquidation

212.     Revocation of intent to dissolve

213.     Right to dissolve

214.     Court ordered dissolution

215.     Court ordered dissolution: other circumstances

216.     Court supervision of voluntary liquidation

217.     Dissolution by Court

218.     Court powers

219.     Company to cease business

220.     Appointment of liquidator

221.     Duties of liquidator

222.     Powers of liquidator

223.     Final accounts of liquidator

224.     Money distribution

225.     Custody of records

226.     Continuation of actions

227.     Whereabouts of claimants unknown

228.     Property to vest in Crown

229.     Disclaimer of property by Crown

230.     Company limited by shares and guarantee

Part 6

ADMINISTRATION AND GENERAL

Division 1

Functions of the Registrar

231.     Responsibility of Registrar

232.     Immunity

233.     Register of Companies

234.     Sending notices, etc. to directors or shareholders

235.     Presumption of receipt

236.     Undelivered documents

237.     Waiver of notice

238.     Certificate by company

239.     Evidentiary value

240.     Registrar’s certificate as to certain facts

241.     Striking off Register

242.     Liability to continue

243.     Service on company

244.     Reservation of name

245.     Prohibited names

246.     Refusal of articles

247.     Use of names of dissolved companies

248.     Name of amalgamated company

Division 2

Investigation of Companies

249.     Definition

250.     Investigation order

251.     Contents of order and copies of reports

252.     Inspector’s powers

253.     Hearing in camera

254.     Incriminating evidence

255.     Privilege absolute

256.     Summons regarding ownership interest

257.     Attorney-client privilege

258.     Inquiries by Court

Division 3

Enforcement

259.     Definition

260.     Restraining or compliance order

261.     Derivative actions

262.     Costs of derivative action

263.     Powers of Court when leave granted under section 261

264.     Compromise, settlement or withdrawal of derivative action

265.     Personal actions by members

266.     Prejudiced members

267.     Representative actions

Division 4

Regulations

268.     Regulations

269.     Approval of certificates and other documents by the Registrar

Division 5

Offences and Penalties

270.     False and misleading reports, returns, etc.

271.     Punishment of offences

272.     Other offences

273.     Order to comply

274.     Limitation on prosecutions

275.     Civil remedies unaffected

Division 6

Miscellaneous

276.     Security for costs

Part 7

TRANSITIONAL PROVISIONS

Former-Act Companies

277.     Former-Act company

278.     Effect of corporate instrument

279.     Continuance as company

280.     Amending instrument

281.     Articles of continuance

282.     Certificate of continuance

283.     Preservation of company

284.     Previous shares

285.     Continuance not applied for in time

286.     Effect of earlier references

287.     Shares with nominal or par value

288.     Stated capital accounts

289.     Citation

290.     Repeal

SCHEDULE: Offences and Penalties

Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
31/08/2006
Anguilla Financial Services Commission issued a letter regarding  compliance of company managers and trust companies with the Anti-Money Laundering Regulations.
24/08/2006
Anguilla Financial Services Commission has published the Notice of Revocation of the licence of Stewart Trust Limited, formerly known as Sterling Trust (Anguilla) Limited.