Section 185Part 9 — Overseas Companies
Power of certain foreign companies to hold land
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An overseas company shall not have power to hold land in the Islands except where it is a foreign company which has delivered to the Registrar documents, particulars and fees specified in section 184 .
If an overseas company which is not a foreign company holds land in the Islands or if a foreign company ceases to carry on, or have a place of business in the I slands or ceases to be a foreign company or fails to comply with this Part, the Cabinet may, whenever it appears to it to be necessary in the public interest, order the overseas company to transfer any lands held by, vested in or belonging to it to a perso n capable of holding such lands and of being registered as proprietor thereof under the Registered Land Act ( 2018 Revision ) .
If an overseas company fails to comply with an order under subsection (2), the Registrar may apply to the Court for an order th at the land shall vest in the Minister charged with responsibility for Finance for the benefit of the Islands and be subject to the disposition of the Cabinet, and the Court may order accordingly.
An order under subsection (2), and any order or proceed ings required by the Court to be served in respect of an application under subsection (3) shall be served by personal service on a person, if any, whose name and address has been delivered by the company to the Registrar under paragraph (e) of section 184( 1): Provided that, in the event any such order or proceedings may not be served by such personal service, it or they may be served by —
personal service on the attorney holding a power of attorney whereunder that person is authorised to accept service of orders and proceedings of the Court;
sending it by registered post to the overseas company at its usual or last known postal address in the Islands;
leaving it at the last known place of business of the overseas company in the Islands;
publi cation in three consecutive issues of the Gazette;
publication in three consecutive issues of a newspaper published and circulating in the Islands; or
displaying it in a prominent position on the lands and causing it to be kept so displayed for one month.
In this section — “ hold land ” bears the meaning ascribed to that expression in section 32(3).