Section 32Part 2 — Constitution and Incorporation of Companies and Associations
Company with power to issue bearer shares not to hold land in the Islands
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A company which is empowered by any law or by its articles of association to issue bearer shares, certificates or coupons, has no power to hold land in the Islands: Provided that the Minister charged with responsibility for Financial Services may, at that Minister’ s discretion, in the case of an exempt company so empowered that has never issued bearer shares, certificates or coupons, exempt that company in writing from subsection (1) for as long as it does not issue beare r shares, certificates or coupons.
If a company is in breach of subsection (1), section 185(2),
and
shall apply, mutatis mutandis , to the company as if it were a foreign company which had failed to comply with Part 9 . ( 3 ) In this section — “ hol d land ” means to be the proprietor of a legal or beneficial interest in or claim to, or over immovable property whether freehold or leasehold and includes being the proprietor of a legal or beneficial interest in the equity capital of a company which holds land; and “ equity capital ” with respect to a company includes shares, stock and scrip whether registered, inscribed or bearer which (other than by way of a fixed and predetermined right to interest and repayment of subscribed capital at par) entitles the owner to any variable right of participation in the profits of the company whether by way of dividend, bonus or conversion, or to share in the distribution of the assets of the company upon a winding up.