In its continuing effort to keep the BVI Business Companies Act (the “Act”) at the forefront of offshore company law legislation, the BVI Government, in direct consultation with the private sector, has introduced several updates to the Act as follows:
To allow weighted voting by directors whereby certain directors may have more than one vote, if specifically provided for in the memorandum or articles of association of the company. While the default is one director, one vote, the flexibility of allowing this default provision to be varied may be desirable in certain types of companies, notably joint venture companies. Read more.
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