Section 174Part 7 — Exempted CompaniesAmended
Prohibited enterprises
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Amended by LG39/S3
An exempted company shall not carry on a trade or business in the Islands with any person, except in furtherance of the business of the exempted company carried on outside of the Islands, unless that exempted company holds a licence to carry on business in the Islands under any applicable law.
Nothing in this section shall be construed so as to preve nt an exempted company effecting and concluding contracts in the Islands and exercising in the Islands all its powers necessary for the carrying on of its business outside the Islands.
An exempted company that holds a licence to carry on business in th e Islands under any applicable law, shall from the date of issue of such licence, continue for all purposes as if incorporated and registered as an ordinary resident company under and subject to this Act the provisions of which shall apply to the company a nd to persons and matters associated with the company as if the company were incorporated and registered under this Act except as provided in section 7(1)(a), 8(1) and
, 13( 1)(a), 26(3) , 30(3), 31(1), 41(2), 42, 50(2) , 166 , 169 , 175 or 252(2) .