Examples of Guernsey Companies Law in a sentence
The Guernsey Companies Law does not limit the power of Directors to issue shares or impose any pre-emption rights on the issue of new shares.
The Company is a non-cellular company limited by shares, registered and incorporated in Guernsey under the Guernsey Companies Law on 30 December 2014 with registration number 59596.
The Company has been constituted as a protected cell company under the Guernsey Companies Law.
However, a court could determine that such agreements are not enforceable.Further, because the Guernsey Companies Law is relatively newly enacted law, it has not yet been tested in the courts and there can be no assurance that foreign jurisdictions will apply the same principles.
Assets not attributable to the UK Agricultural Land Cell, or any other particular Cell, will constitute the non-Cellular Assets of the Company for the purposes of the Guernsey Companies Law.
The Company will, as far as reasonably practicable and taking into account the requirements of the Guernsey Companies Law, the reasonable costs of the Company and its working capital requirements, distribute by way of dividend payments all cash income that it receives from the Master Fund.
Assets attributable to any Cell will constitute the Cellular Assets of such Cell for the purposes of the Guernsey Companies Law.
The Company, which is domiciled in Guernsey, operates under the Guernsey Companies Law and ordinances made thereunder.
Instead, distributions may be made out of a company’s assets, provided the directors approving the distribution are satisfied on reasonable grounds that the company satisfies the solvency test laid down in the Guernsey Companies Law.
As the Guernsey Companies Law does not contain an equivalent to section 551 of the Companies Act, provision is made in the New MXC Articles to replicate the position under the Companies Act whereby directors must not exercise any power to issue shares unless they are authorised to do so by ordinary resolution in a general meeting.