The Virgin Islands Resolution of Meeting of LLC Members to Sell or Transfer Stock is a legal document that outlines the procedure for the sale or transfer of stock within a Limited Liability Company (LLC) based in the Virgin Islands. This resolution is crucial to ensure that all members are in agreement and comply with the laws and regulations of the jurisdiction. The purpose of the resolution is to provide a formal authorization for the LLC members to proceed with the sale or transfer of stock. It serves as a binding agreement that is recognized and enforceable by law. There are various types of Virgin Islands Resolution of Meeting of LLC Members to Sell or Transfer Stock, each addressing specific circumstances and requirements. Some of the most common types include: 1. General Resolution: This type of resolution is used when all members of the LLC agree to sell or transfer stock. It authorizes the designated individuals or entities to execute the transactions on behalf of the LLC. 2. Unanimous Resolution: In cases where all members must be in complete agreement before a stock sale or transfer can occur, a unanimous resolution is required. It ensures that every member has provided their explicit consent, leaving no room for dissent. 3. Contingent Resolution: A contingent resolution is employed when specific conditions or contingencies must be met before a stock sale or transfer can take place. These conditions might include legal requirements, regulatory approval, or the occurrence of certain events. 4. Special Resolution: A special resolution is drafted when a stock sale or transfer involves significant changes to the LLC's structure or ownership. It requires a higher majority vote or consent threshold, typically above two-thirds of the members. 5. Emergency Resolution: In urgent situations where immediate action is required, an emergency resolution may be utilized. This type of resolution is used to expedite the stock sale or transfer process and bypass normal voting or notice requirements. Regardless of the type of resolution used, it is essential to include specific details such as the names of the LLC members involved, the number of shares being sold or transferred, the purchase price or terms of the transaction if applicable, and any conditions or limitations imposed. It is advisable to consult with legal professionals experienced in the Virgin Islands corporate law to ensure compliance with all applicable regulations and to draft a resolution that meets the specific needs and requirements of the LLC.
Virgin Islands Resolution of Meeting of LLC Members to Sell or Transfer Stock
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How to fill out Virgin Islands Resolution Of Meeting Of LLC Members To Sell Or Transfer Stock?
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FAQ
Paragraph 34A of Schedule 2 to the Business Companies Act, 2004 (BCA) statutorily amended the memorandum and articles of association of all BVI companies to prohibit the issue of bearer shares after 31 December 2009 (the Transition Date).
How to Transfer Shares in a UK Company?The name of the company and its Company Registration number.Quantity of shares to be sold.Class(es) of shares to be sold.Transferor name and address (existing shareholder)Transferee name and contact address (new shareholder)Amount on each unit that is paid or unpaid.More items...?
Companies incorporated in the British Virgin Islands are generally only required to have one director in place at any given time.
BVI Company Articles of AssociationThe memorandum, when submitted for registration, must be accompanied by articles prescribing regulations for the company. The articles must be subscribed by the registered agent named in the memorandum in the presence of another person who must sign his name as a witness.
Although BVI legislation still permits existence of bearer shares, they have entirely lost their original meaning. Anonymity of the owner of bearer shares and quick ownership transfer (only by giving over the certificate itself) have been eliminated.
The normal authorised share capital of a BVI company is 50,000 shares with all of the shares having a par value, this being the maximum share capital for the minimum duty payable upon incorporation and annually thereafter. The share capital may be expressed in any currency.
For example, you can still use immobile bearer shares in Panama, but the government will impose a punitive 20% withholding tax on the distribution of dividends. In recent years, the only country in the world that still allowed mobile bearer shares was the island nation of the Marshall Islands.
Today, most jurisdictions have outlawed bearer shares, but many OECD countries only did so recently. The U.K. and Switzerland banned them last year; Luxembourg and Ireland in 2014.
(1) Registered shares are transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee. (2) The instrument of transfer shall also be signed by the transferee if registration as a holder of the share imposes a liability to the company on the transferee.
Bearer shares are unregistered equity securities owned by the possessor of the physical share documents. The issuing company pays out dividends to owners of the physical coupons.
