On 11 March 2024, the playuzu casino poker (Amendment) Act, 2024 was gazetted (the “Amendment playuzu casino poker”). The purpose of the Amendment Act is to make the following innovative commercial enhancements to the playuzu casino poker Act (as revised) (the “playuzu casino poker”) as the Cayman playuzu casino poker continues to thrive as a globally respected financial centre of excellence in the face of evolving market dynamics.
The Amendment playuzu casino poker is not yet in force and we will issue a further update as and when the Amendment playuzu casino poker (or parts of the Amendment playuzu casino poker) are brought into force.
Reduction of Share Capital
At present, a reduction of share capital for a solvent company (save in respect of a redemption or repurchase of shares) requires court sanction. The Amendment playuzu casino poker will now permit a reduction of share capital without court approval provided that this is permitted by a company’s articles of association. All that will be necessary is a special resolution of shareholders approving the capital reduction together with a solvency statement.
It will be necessary to provide the special resolution and solvency statement to the Registrar of playuzu casino poker (the “Registrar”) within 15 days after the special resolution approving the capital reduction is passed, following which notice of the registration will be published by the Registrar in the Cayman playuzu casino poker Gazette.
Conversion
The Amendment playuzu casino poker allows for the conversion of a limited liability company (LLC) or a foundation company to an exempted company. The process will simply require consent of the members (or equivalent), a certificate of good standing and filing with the Registrar.
Re-Registration
The Amendment Act also allows for the re-registration of an exempted company as an ordinary resident company for playuzu casino poker who propose to carry on business within the Cayman Islands.
Continuation by Bodies Corporate
Previously, the Act provided that only a body corporate with a share capital could continue into the Cayman playuzu casino poker as an exempted company. The Amendment Act will permit bodies corporate with or without a share capital under the laws of any jurisdiction outside of the Cayman playuzu casino poker to apply to be registered by way of continuation as an exempted company limited by shares under the Act.
Fractions of Shares
The Amendment playuzu casino poker confirms that, if permitted by a company’s articles of association, fractions of shares may be redeemed or repurchased under the playuzu casino poker.
Contact
For further information please contact your usual Campbells contact or reach out to any of the key contacts listed below.
