Virgin Islands Amendments to certificate of incorporation

• Category: Corporations - Public - Limited Partnerships
• State: Multi-State
• Control #: US-CC-10-173
• Format: Word; Rich Text

Description

10-173 10-173 . . . Amendment of Articles of Incorporation to provide that corporation be governed by Section 203 of Delaware General Corporation Law, (b) increase number of stockholders required to call special stockholder's meeting from 15% of outstanding shares to a majority, (c) require that stockholders may take action only at a meeting of stockholders, (d) provide that Board of Directors shall have power to fill interim vacancies on Board, (e) provide that stock issuances resulting in a person holding more than 5% of voting power of corporation may be made without stockholder approval, but only if (i) issuance or sale is to a person not affiliated with corporation and (ii) issuance or sale is approved by majority of Non-employee Directors, (f) give Board authority to enter into severance arrangements that are contingent upon a change of control, merger or acquisition of corporation only if (i) such arrangement is approved by majority of Non-employee Directors and (ii) payments to any individual pursuant to such arrangement are limited to maximum amount which does not result in "excess parachute payments" under Section 280G of Internal Revenue Code of 1986, and (g) change stockholder approval requirement for certain amendments of Articles of Incorporation from 75% of outstanding shares to majority of outstanding shares The Virgin Islands Amendments to Certificate of Incorporation refer to the legal procedures and requirements for making changes or modifications to a company's certificate of incorporation in the United States Virgin Islands. The certificate of incorporation is a crucial document that outlines the essential details of a corporation's existence and governance. When it becomes necessary to update or revise certain provisions within the certificate, amendments need to be filed with the Office of the Lieutenant Governor of the Virgin Islands. These amendments ensure that the corporation operates in compliance with current laws and reflects any desired changes in its structure or governance. There are several types of amendments that can be made to the certificate of incorporation in the Virgin Islands, such as: 1. Name Change: A company may decide to change its legal name due to rebranding or a shift in its business focus. This type of amendment requires filing the appropriate documentation, including a resolution passed by the board of directors and shareholder approval. 2. Registered Agent or Registered Office Change: A corporation must maintain a registered agent and a registered office within the Virgin Islands. If there is a need to change the registered agent or office address, an amendment must be filed to reflect this change with the Office of the Lieutenant Governor. 3. Increase or Decrease of Authorized Shares: If a corporation wishes to increase or decrease the number of authorized shares available, an amendment must be filed with the appropriate supporting documentation, such as a resolution from the board of directors and shareholder approval. 4. Change of Par Value: Par value refers to the assigned nominal value of each share in a corporation. If a company decides to change the par value of its shares, an amendment needs to be filed accordingly. 5. Change in Directors or Officers: In situations where there are changes to the board of directors or officers, an amendment should be filed to reflect these changes accurately. This ensures the corporation maintains accurate records of its current leadership. 6. Alteration of Capital Structure: If there is a need to change the capital structure of a corporation, for example, converting preferred shares to common shares or vice versa, a corresponding amendment must be filed. Overall, the Virgin Islands Amendments to Certificate of Incorporation provide a legal framework for corporations in the United States Virgin Islands to modify their certificate of incorporation as needed. These amendments ensure the accuracy of corporate records and allow companies to adapt to evolving business needs while complying with the laws and regulations of the Virgin Islands.

The Virgin Islands Amendments to Certificate of Incorporation refer to the legal procedures and requirements for making changes or modifications to a company's certificate of incorporation in the United States Virgin Islands. The certificate of incorporation is a crucial document that outlines the essential details of a corporation's existence and governance. When it becomes necessary to update or revise certain provisions within the certificate, amendments need to be filed with the Office of the Lieutenant Governor of the Virgin Islands. These amendments ensure that the corporation operates in compliance with current laws and reflects any desired changes in its structure or governance. There are several types of amendments that can be made to the certificate of incorporation in the Virgin Islands, such as: 1. Name Change: A company may decide to change its legal name due to rebranding or a shift in its business focus. This type of amendment requires filing the appropriate documentation, including a resolution passed by the board of directors and shareholder approval. 2. Registered Agent or Registered Office Change: A corporation must maintain a registered agent and a registered office within the Virgin Islands. If there is a need to change the registered agent or office address, an amendment must be filed to reflect this change with the Office of the Lieutenant Governor. 3. Increase or Decrease of Authorized Shares: If a corporation wishes to increase or decrease the number of authorized shares available, an amendment must be filed with the appropriate supporting documentation, such as a resolution from the board of directors and shareholder approval. 4. Change of Par Value: Par value refers to the assigned nominal value of each share in a corporation. If a company decides to change the par value of its shares, an amendment needs to be filed accordingly. 5. Change in Directors or Officers: In situations where there are changes to the board of directors or officers, an amendment should be filed to reflect these changes accurately. This ensures the corporation maintains accurate records of its current leadership. 6. Alteration of Capital Structure: If there is a need to change the capital structure of a corporation, for example, converting preferred shares to common shares or vice versa, a corresponding amendment must be filed. Overall, the Virgin Islands Amendments to Certificate of Incorporation provide a legal framework for corporations in the United States Virgin Islands to modify their certificate of incorporation as needed. These amendments ensure the accuracy of corporate records and allow companies to adapt to evolving business needs while complying with the laws and regulations of the Virgin Islands.