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SHARE REGISTRANTS Registrant's duty. 126.
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(1) Shares of a corporation that are registered in the name of a person, in this Part called a "registrant", or his nominee and not beneficially owned by the registrant may not be voted unless the registrant forthwith after receipt thereof sends to the beneficial owner ( a ) a copy of the notice of the meeting, financi...
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(2) A registrant may not vote or appoint a proxy holder to vote shares registered in his name or in the name of his nominee that he does not beneficially own unless he receives voting instructions from the beneficial owner of the shares. (3) A registrant must vote or appoint a proxy holder to vote any shares referred ...
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222 69 (4) If requested by a beneficial owner of shares of a corporation, the registrant of those shares must appoint the beneficial owner or a nominee of the beneficial owner as proxy holder for those shares. (5) The failure of a registrant to comply with this sec- tion does not render void any meeting of shareholder...
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DIVISION F: CORPORATE RECORDS REGISTERED OFFICE 128. (1) A corporation must at all times have a Registered office. registered office in Antigua and Barbuda. (2) The directors of the corporation may change the address of the registered office. 129. (1) At the time of sending articles of incorpora- Notice of address...
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(2) A corporation shall, within fifteen days of any change of the address of its registered office, send to the Director a notice in the prescribed form of the change, which the Direc- tor must file. REGISTERS AND RECORDS 130. (1) A corporation shall prepare and maintain r;;;;f;t;:.
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at its registered office records containing ( a ) the articles and the by-laws, and all amend- ments thereto, and a copy of any unanimous shareholder agreement and amendments thereto; (6) minutes of meetings and resolutions of shareholders; and 7 0 CAP. 222) International Business Corporations LAWS OF ANTIGUA AND BARB...
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( 2 ) A corporation shall maintain a register of shareholders showing ( a ) the name and the latest known address of each person who is a registered shareholder; ( 6 ) a statement of the shares held by each registered shareholder; ( c ) the date on which each person was entered on the register as a shareholder and the ...
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(3) A corporation that issues debt obligations shall main- tain a register of debenture-holders showing (a) the name and the latest known address of each the debt obligations, herein called a holder of debenture-holder; (6) the principal of the debt obligations held by each debenture-holder; (6) the amount or the highe...
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(4) A corporation that grants conversion privileges, options, or rights to acquire shares of the corporation shall maintain a register showing the name and the latest known address of each person to whom the privileges, options or rights have been granted and such other particulars in respect thereof as are prescribed....
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222 7 1 (5) A corporation may appoint an agent to maintain the registers required by this section to be maintained by the corporation; but the registers must be maintained at the registered office of the corporation or at some other place in Antigua and Barbuda designated by the directors of the corporation. RECORDS O...
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Trust Instrument, notice of a trust, express, implied or con- structive, must not (a) be entered by a corporation in any of the registers maintained by it pursuant to section 130, or (b) be received by the Director. (2) No liabilities are affected by anything done in pur- suance of subsection (3), (4) or (5); and the ...
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(3) A personal representative of the estate of a deceased person who was registered in a register of a corporation as a shareholder or debenture-holder may become registered as the holder of the share or debt obligation as personal representative of that estate.
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(4) A personal representative of the estate of a deceased person who was beneficially entitled to a share or debt obliga- tion of the corporation that is registered in a register of the corporation may, with the consent of the corporation and of the registered shareholder or debenture holder, become the registered shar...
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(5) When a personal representative of an estate of a deceased person is registered pursuant to subsection (3) or (4) as a holder of a share or debt obligation of a corpora- tion, the personal representative is, in respect of that share or debt obligation, subject to the same liabilities and no more that he would be sub...
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ACCOUNTS, MINUTES AND O T H E R RECORDS 132. (1) In addition to the records described in sec- tion 130, a corporation shall prepare and maintain adequate accounting records and records containing minutes of meetings and resolutions of the directors and any commit- tees of the directors.
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(2) In the case of a banking, trust or insurance cor- poration, the records required under subsection (1) shall be kept at the registered office of the corporation or at some other place in Antigua and Barbuda designated by the direc- tors; and those records must at all reasonable times be available for inspection by t...
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(3) When any accounting records of a corporation, refer- red to in subsection (2), are kept outside Antigua and Barbuda, such accounting records as are adequate to enable the directors to ascertain the financial position of the cor- poration with reasonable accuracy on a quarterly basis must be kept by the corporation ...
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(4) For the purposes of paragraph (b) of subsection (1) of section 130 and of this section, when an existing off-shore company is continued under .this Act, "records" includes similar registers and other records required by law to be main- tained by that company before it was continued under this Act. FORM O F RECORDS...
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FORM O F RECORDS Records form. 133. All records required by this Act to be prepared and maintained (a) may be in a bound or loose-leaf form or in a photographic film form, or (b) may be entered or recorded (i) by any system of mechanical or electronic data processing, or (ii) by any other information storage device L...
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CARE OF RECORDS 134. A corporation and its agents shall take Duty of care for records. reasonable precautions ( a ) to prevent loss or destruction of, (b) to prevent falsification of entries in, and (c) to facilitate detection and correction of inac- curacies in, the records required by this Act to be prepared and ma...
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ACCESS TO RECORDS 135. ( 1 ) The directors and shareholders of a corpora- tion and their agents and legal representative may, during the usual business hours of the corporation, examine the records of the corporation referred to in section 130 and may take extracts therefrom free of charge.
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(2) A shareholder of a corporation is, upon request and without charge, entitled to one copy of the articles and by- laws of the corporation and any unanimous shareholder agreement, and to one copy of any amendments to any of those documents.
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( 3 ) The creditors of a corporation and their agents and legal representatives may, during the usual business hours of the corporation and upon payment of a reasonable fee, examine the records referred to in paragraphs (a) and (c) of subsection ( 1 ) of section 130 and subsections (3) and (4) of that section, other th...
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to records. 74 CAP. 222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA DIVISION G: TRANSFER O F SECURITIES Transferring securities. 136. (1) The securities of a corporation may be transferred by a written instrument of transfer signed by the transferor and naming the transferee. The transfer of a...
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(2) Where an instrument of transfer is prescribed in the by-laws of a corporation, that instrument must be used to transfer the securities of the corporation. (3) Subject to subsection (2), no particular form of words are necessary to transfer securities, if words are used that show with reasonable certainty that the ...
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(4) Subject to subsection (5) and to any other Act, the beneficial ownership of the securities of a corporation passes to a transferee (a) on the delivery to him of the instrument of transfer signed by the transferor and of the transferor's certificate, or ( b ) on the delivery to him of an instrument of transfer signe...
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(5) If the transferor concerned is not registered with the corporation in respect of the securities, subsection (4) has effect as if references to the transfer signed by the transferor included a reference to transfers signed by the per- son so registered and all holders of the securities intermediate between the perso...
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(6) Notwithstanding subsection (4) or (5), a corpora- tion and in the case of debt obligations the trustee of the covering trust deed are not bound or entitled to treat the transferee of securities as the owner of them until the transfer to him has been registered or until the court orders the registration of the trans...
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222 7 5 tion is not to be treated as having notice of the transferee's interest thereunder or of the fact that the transfer has been made. ( 7 ) This section applies notwithstanding anything con- tained in the articles or by-laws of a corporation and not- withstanding anything contained in any trust deed or debt oblig...
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137. ( 1 ) No restriction or condition in a trust deed covering a debt obligation of a corporation, or in the debt obligation, limits the right of any person to transfer the obliga- tion held by him.
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(2) A transfer of the securities of a corporation made by ( a ) the personal representative of the holder of the securities, (b) a trustee in bankruptcy, (c) a receiver appointed by or for the benefit of the holders of any debt obligations, (6) a receiver or other person appointed by the court to administer the estate ...
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(3) This section applies in respect of a corporation not- withstanding anything contained in the articles or by-laws of the corporation, and notwithstanding anything contained in any trust deed or debt obligations or any contract or instrument relating to the securities of the corporation. 138. ( 1 ) A corporation mu...
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222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA transfer that is signed by the holder of the security and accompanied with delivery to the corporation of the security. (2) The certification consists of a statement signed on behalf of the corporation and written or endorsed on the transfer to the e...
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(3) The certification by a corporation of any transfer of a security of the corporation (a) is a representation by the corporation to any person acting on the faith of the certification that there have been produced to the corporation such documents as on the face of them show a prima facie title to the security in the...
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(4) Where any person acts on the faith of a false cer- tification by a corporation made fraudulently or negligently, the corporation is liable to compensate him for any loss he incurs in consequence of his so acting.
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(5) A corporation that has certified a transfer of a security of the corporation is liable to compensate any per- son for loss that he incurs in consequence of the corporation subsequently releasing, otherwise than on surrender of the certification of the transfer of the security, possession of the security in respect ...
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(6) For the purposes of this section, (a) a transfer is deemed to be certified by a cor- .poration if (i) the person issuing the certification is a person authorised to issue certifications of transfers on the corporation's behalf, and (ii) the certification is signed by a person authorised to issue certifications of t...
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222 7 7 and (b) a certification is deemed to be signed by a per- son if it purports to be authenticated by his signature or initials, whether handwritten or not, unless the signature or initials were placed on the certification neither by that person nor any person authorised to use the signature or initials for the pu...
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the allotment of any of its securities, and within two months after the date on which a transfer of any of its securities is presented to the corporation for registration, complete the security and have it ready for delivery to the allottee or transferee.
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(2) When a corporation on which a notice is served requiring the corporation to make good any default in com- plying with subsection ( 1 ) fails to make good the default within seven days after the service of the notice, the court may, on the application of the person entitled to have the security delivered to him, mak...
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(3) For the purposes of this section "transfer" means a transfer in proper form duly signed by the transferor and transferee and otherwise valid, and does not include a transfer that the corporation is for any reason entitled to refuse to register and does not register. 140. (1) Notwithstanding anything in the articl...
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by-laws of a corporation or in any debt obligations, trust deed or other contract or instrument, the corporation shall not register a transfer of any security of the corporation unless a transfer in proper form and duly signed by the transferor and transferee has been delivered to the corporation; but nothing in this s...
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222) International Business Corporations person to whom the ownership of any such security has been transmitted by operation of law. (2) O n the application of the transferor of any security of a corporation, other than a bearer security, the corpora- tion must enter in its register of shareholders or debenture- holde...
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(3) Notwithstanding anything in the articles or by-laws of a corporation or in any debt obligation, trust deed or other contract or instrument, a corporation must register the trustee in bankruptcy or the personal representative of a holder of a security of the corporation as holder of the security of the bankrupt or, ...
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Effect of certificate. 141. ( 1 ) A certificate issued by a corporation and signed on its behalf stating that any securities of the cor- poration are held by any person is prima facie proof of the title of that person to the securities.
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(2) The registration of a person as a shareholder or debenture-holder of a corporation, or the issue of a security to him, constitutes a representation by the corporation that the person so registered, or the person named in the security as entitled to the shares or debt obligations mentioned therein, is entitled to th...
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, (3) It is no defence for a corporation to show for the purposes of subsection (2) that a registration or the issue of a security or other document was procured by fraud or by the presentation to it of a forged document. LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. 222 79 (4) Subsections (2)...
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DIVISION H: FINANCIAL REPORTS BY CORPORATIONS COMPARATIVE FINANCIAL STATEMENTS 142. (1) Subject to this section and to section 143, Annual financial returns.
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the directors of a corporation if required by the articles of incorporation or by-laws must place before the shareholders at every annual meeting of the shareholders of the corporation: (a) comparative financial statements, as prescribed, relating separately to (i) the period that began on the date the corpor- tion cam...
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(2) T h e financial statements required by sub- paragraph (ii) of paragraph (a) of subsection (1) may be omit- ted if the reason for the omission is set out in the financial statements, or in a note thereto, to be placed before the shareholders at an annual meeting. (3) The Director may in any particular case adjust t...
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80 CAP. 222) International Business Corporations LAWS OF AN'I'IGUA AND BARBUDA Exemption for information. Consolidated financial returns. 143.
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Consolidated financial returns. 143. Upon the application of a corporation for authorisation to omit from its financial statements any prescribed item, or to dispense :~ith the publication of any particular prescribed financial statement, the Director may, if he reasonably believes that disclosure of the information ...
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144. (1) A corporation must keep at its registered office a c o w of the financial statements of each of its sub- sidiaries whose accounts are consolidated in the financial statements of the corporation. . , (2) Shareholders of a corporation and their agents and legal representatives may, upon request therefor, exam...
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(3) A corporation may, within fifteen days of a request to examine statements under subsection (2), apply to the court for an order barring the right of any person to examine those statements; and the court may, if it is satisfied that the examination would be detrimental to the corporation or a subsidiary body corpora...
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(4) A corporation must give the Director and the per- son asking to examine statements under subsection (2) notice of any application under subsection (3); and the Director and that person may appear and be heard in person or by counsel. Approval of directors. 145. (1) The directors of a corporation must approve the...
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(2) A corporation shall not issue, publish or circulate copies of the financial statements referred to in section 142 unless the financial statements are LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. 222 8 1 ( a ) approved and signed in accordance with subsec- tion ( I ) , and ( 6 ) accompanied...
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annual meeting of the shareholders of a corporation or before the signing of a resolution under paragraph ( b ) of subsec- tion ( 1 ) of section 119 in lieu of its annual meeting, the cor- poration must send a copy of the documents referred to in section 142 to each shareholder, except to a shareholder who has informed...
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who is in good standing as a member of an association of chartered or public accountants or other similar body ap- proved by the Director as a reputable accounting body is eligible for appointment as an auditor of a corporation. 148. (1) Subject to subsection (6), a person is not Disqualifying auditor. eligible to b...
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(2) For the purposes of this section, whether or not an individual is independent is a question of fact to be deter- mined having regard to all the circumstances.
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(3) A person is presumed not to be independent of a corporation if he or his business partner ( a ) is a business partner, a director, an officer or an employee of the corporation or any of its affiliates, or a business partner of any director, officer or employee or any such corporation or its affiliates, ( 6 ) benefi...
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222) International Business Corporations (c) has been a receiver, receiver-manager, liquidator or trustee in bankruptcy of the corporation or any of its affiliates within two years of his proposed appointment as auditor of the corporation. (4) An auditor who becomes disqualified under this sec- tion must, subject to s...
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(5) An interested person may apply to a court for an order declaring an auditor disqualified under this section and the office of auditor vacant. (6) An interested person may apply to the court for an order exempting an auditor from disqualification under this section; and the court may, if it is satisfied that an exe...
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Appointment of auditor. 149. (1) Subject to section 150, the shareholders of a corporation must, by ordinary resolution, at the first an- nual meeting of shareholders and at each succeeding annual meeting, appoint an auditor to hold office until the close of the next annual meeting. (2) An auditor appointed under se...
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(3) Notwithstanding subsection (I), if an auditor is not appointed at a meeting of shareholders, the incumbent auditor continues in office until his successor is appointed. (4) The remuneration of an auditor may be fixed by ordinary resolution of the shareholders or, if not so fixed, it may be fixed by the directors. ...
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(2) A resolution under subsection (1) is valid only until the next succeeding annual meeting of shareholders. LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP. 222 83 ( 3 ) A resolution under subsection (1) is not valid unless it is consented to by all the shareholders, including shareholders not ...
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1 5 ( 1 ) An auditor of a corporation ceases to hold Cessation of office. office when ( a ) he dies or resigns, or ( b ) he is removed pursuant to section 152. ( 2 ) A resignation of an auditor becomes effective at the time a written resignation is sent to the corporation or at the time specified in the resignation, ...
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ordinary resolution at a special meeting remove an auditor other than an auditor appointed by a court order under section 154. ( 2 ) A vacancy created by the removal of an auditor may be filled at the meeting at which the auditor is removed or, if the vacancy is not so filled, it may be filled under section 153. 153....
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( 2 ) If there is not a quorum of directors, the directors then in office must, within twenty-one days after a vacancy in the office of auditor occurs, call a special meeting of shareholders to fill the vacancy; and if they fail to call a meeting or if there are no directors, the meeting may be called by any shareholde...
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84 CAP. 222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (4) An auditor appointed to fill a vacancy holds office for the unexpired term of his predecessor. Court appointed auditor. 154. ( 1 ) If a corporation does not have an auditor, the court may, upon the application of a shareholder or the D...
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Auditor rights to notice. Required attendance. (2) Subsection ( 1 ) does not apply if the shareholders have resolved under section 150 not to appoint an auditor. 155. The auditor of a corporation is entitled to receive notice of every meeting of the shareholders of the corpora- tion and, at the expense of the corpo...
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156. (1) If a shareholder of a corporation, whether or not he is entitled to vote at the meeting, or a director of a corporation, gives written notice to the auditor of the corporation, not less than ten days before a meeting of the shareholders of the corporation, to attend the meeting, the auditor shall attend the m...
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(2) A shareholder or director who sends a notice refer- red to in subsection ( 1 ) shall, concurrently, send a copy of the notice to the corporation. (3) Subsection ( 1 ) applies mutatis mutandis to any former auditor of the corporation. Right to comment. 157.
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Right to comment. 157. ( 1 ) An auditor who ( a ) resigns, ( b ) receives a notice or otherwise learns of a meeting of shareholders called for the purpose of remov- ing him from office, (c) receives a notice or otherwise learns of a meeting of directors or shareholders at which another person is to be appointed to fi...
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222 8 5 because of the resignation or removal of the incumbent auditor or because his term of office has expired or is about to expire, or (6) receives a notice or otherwise learns of a meeting of shareholders at which a resolution referred to in section 149 is to be proposed, may submit to the corporation a written st...
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(2) When it receives a statement referred to in subsec- tion (I), the corporation must forthwith send a copy of the statement to every shareholder entitled to receive notice of any meeting referred to in section 152 and to the Director.
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(3) No person may accept appointment, consent to be appointed or be appointed as auditor of a corporation if he is replacing an auditor who has resigned, been removed or whose term of office has expired or is about to expire, until that person has requested and received from the former auditor a written statement of th...
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(4) Notwithstanding subsection (3)' a person otherwise qualified may accept appointment or consent to be appointed as auditor of a corporation if, within fifteen days after mak- ing the request referred to in that subsection, he does not receive a reply to it. 158. (1) An auditor of a corporation must make the Examin...
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examination that is in his opinion necessary to enable him to report in the prescribed manner on the financial statements required by this Act to be placed before the shareholders, except such financial statements or parts thereof that relate to the immediately preceding financial year referred to in subparagraph (ii) ...
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(2) Notwithstanding section 159, an auditor of a cor- poration may reasonably rely upon the report of an auditor of a body corporate or an unincorporated business the accounts of which are included in whole or in part in the financial statements of the corporation. LAWS OF ANTIGUA AND BARBUDA CAP. 222) International ...
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(4) Subsection ( 2 ) applies whether or not the financial statements of the holding corporation reported upon by the auditor are in consolidated form.
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(5) The present or former directors, officers, employees or agents of a corporation must, upon the demand of the auditor of the corporation, furnish to the auditor (a) such information and explanations, and ( b ) such access to records, documents, books, accounts and vouchers of the corporation or any of its subsidiari...
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( 6 ) Upon the demand of an auditor of a corporation, the directors of the corporation must ( a ) obtain from the present or former directors, officers, employees or agents of any subsidiary of the corporation the information and explanations that the directors, officers, employees and agents are reasonably able to fur...
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159. (1) A director or an officer of a corporation shall forthwith notify the corporation's auditor of any error or mis-statement of which the director or officer becomes aware in a financial statement that the auditor or a former auditor of the corporation has reported upon.
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( 2 ) When the auditor or a former auditor of a corpora- tion is notified or becomes aware of an error or mis-statement in a financial statement upon which he has reported to the corporation and, in his opinion, the error or mis-statement Detected error. LAWS OF ANTIGUA AND BARBUDA International Business Corporations ...
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( 3 ) When under subsection ( 2 ) the auditor or a former auditor of a corporation informs the directors of an error or mis-statement in a financial statement of the corporation, the directors shall ( a ) prepare and issue revised financial statements, or ( 6 ) otherwise inform the shareholders of the error or mls-stat...
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action for defamation based on any act done or not done or any statement made by him in good faith in connection with any matter he is authorised or required to do under this Act. DIVISION I: FUNDAMENTAL CHANGES ALTERING ARTICLES 161. (1) Subject to sections 162 and 1 6 3 , the articles \ of a corporation may, by spe...
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( a ) to change its name; ( 6 ) to add, change or remove any restriction upon the business that the corporation can carry on; (6) to change any maximum number of shares that the corporation is authorised to issue; (d) to create new classes of shares; ( e ) to change the designation of all or any of its shares, and add,...
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222) International Business corporation^ LAWS OF ANTIGUA AND BARBUDA @) to divide a class of shares, whether issued or unissued, into a series of shares and fix the number of shares in each series and the rights, privileges, restric- tions and conditions attached thereto; ( h ) to authorise the directors to divide any ...
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(2) The directors of a corporation may, if authorised by the shareholders in the special resolution effecting an amendment under this section, revoke the resolution before it is acted upon without further approval of the shareholders. (3) A provision in the articles of a corporation that restricts in whole or in part ...
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Proposal to amend articles. 162. (1) Subject to subsection (Z), a director or a shareholder of a cor~oration who is entitled to vote at an annual meeting of shareholders may make a proposal to amend the articles of the corporation. LAWS OF ANTIGUA AND BARBUDA International Business Corporations (CAP.
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222 89 (2) Notice of a meeting of shareholders at which a pro- posal to amend the articles is to be considered must set out the proposed amendment and, if applicable, must state that a dissenting shareholder is entitled to be paid the fair value of his shares in accordance with section 191; but failure to make that sta...
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to subsection (2), of a series are, unless the articles other- wise provide in the case of an amendment described in paragraph (a) or (b), entitled to vote separately, as a class or series, upon a resolution to amend the articles (a) to increase or decrease any maximum number of authorised shares of that class, or incr...
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222) International Business Corporations LAWS OF ANTIGUA AND BARBUDA (e) to create a new class of shares equal or superior to the shares of that class; (f) to make any class of shares having rights or privileges inferior to the shares of that class equal or superior to shares of that class; (g) to effect an exchange or...
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(2) The holders of a series of shares of a class are entitled to vote separately as a series under subsection (1) only if the series is affected by an amendment in a manner different from other shares of the same class. (3) Subsection (1) applies whether or not shares of a class or series otherwise carry the right to ...
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(4) A proposed amendment to the articles referred to in subsection (1) is adopted when the holders of the shares of each class or series entitled to vote separately thereon as a class or series have approved the amendment by a special resolution. Delivery of articles. 164. (1) Subject to any revocation under subsec-...
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(2) If an amendment effects or requires a reduction of stated capital, subsections (3) and (4) of section 44 apply. Certificate of amendment. 165. (1) Upon receipt of articles of amendment from a corporation, the Director must issue to the corporation a certificate of amendment in accordance with section 327.
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(2) An amendment to the articles of a corporation becomes effective on the date shown in the certificate issued by the Director in respect of that corporation; and the articles of the corporation are amended accordingly. (3) No amendment to the articles affects LAWS OF ANTIGUA AND BARBUDA International Business Corpor...
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222 9 1 ( a ) an existing cause of action or claim or liability to prosecution in favour of or against the corporation or its directors or officers, or ( b ) any civil, criminal or administrative action or proceeding to which a corporation or any of its direc- tors or officers is a party. 166. ( 1 ) The directors of ...
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( 2 ) Re-stated articles of incorporation in the prescribed form must be sent to the Director. ( 3 ) Upon receipt of re-stated articles of incorporation, the Director must issue a re-stated certificate of incorpora- tion in accordance with section 327. (4) Re-stated articles of incorporation are effective on the date...
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