Offshore Banking with a Swiss Bank Account and Nevis LLC

PART XV
MISCELLANEOUS
Savings 125. This Ordinance shall not affect any cause of action, liability,
provisions penalty, or action or special proceeding which on the effective date
of this Ordinance is accrued, existing, incurred or pending, but the
same maybe asserted, enforced, prosecuted, or defended as if this
Ordinance had not been enacted.
Penalty for 126. Any person, natural or corporate, found in default of one or
default more provisions shall be liable upon summary conviction to a fine
not to exceed two thousand dollars.
127. (1) The Minister may appoint a person or persons to be
Deputy Registrar of Companies.
(2) The Deputy Registrar of Companies shall assist the
Registrar of Companies in the performance of his duties
under this Ordinance.
Certificate of 128. The Registrar of Companies shall, upon request by any
good standing registered agent, issue a certificate of good standing under his hand
and seal certifying that a company subject to this Ordinance is of
good standing if he is satisfied that:
(a) the name of the company is on the Register; and
(b) the company has paid all fees required under this
Ordinance; and
(c) the company is not in contravention of any of the
provisions of this Ordinance or is in the process of being
wound-up and dissolved.
Evidence of 129 (1) Every registered agent shall keep and maintain a record
beneficial owners of each bearer share certificate issued by any corporation
for which it acts as registered agent and such record shall
contain the following information:
(a) the name of the company issuing the bearer
share certificate
(b) the identification number of the bearer share
certificate
(c) the class of shares and number of shares
contained in the bearer share certificate
(d) the identity of the beneficial owner of the shares
contained in the bearer share certificate that is to
say : the name, address, date of birth , nationality
and such other details of identification as may from
time to time be prescribed by the Minister.
Provided that where the beneficial owner of the shares contained in
the bearer share certificate is a corporation, the evidence of identity
shall be evidence of the persons who are beneficial owners of that
corporation, except where the company is a publicly traded
company on a recognised stock exchange approved by the
Minister.
(2) The registered agent shall, where custody of the bearer
share certificate is transferred to another registered agent,
notify the Registrar within seven days of such transfer and
such notice shall include the particulars of the new
registered agent.
(3) A registered agent who fails or refuses to comply with
the provisions of this section shall be liable to a fine not
exceeding thirty thousand dollars or revocation of the
registered agent’s licence or to both.
(4) The Regulator for Nevis shall have the power under the
preceding section to levy fines against registered agents
who are in default and/or recommend the revocation of
their licences to the Minister.
PROVIDED:
(i) No such fine shall be levied or licence revoked unless
the registered agent in default is advised of its default and
given 30 days within which to remedy such default.
(ii) Any decision by the Regulator is subject to appeal in
writing by any registered agent affected by such decision to
the Financial Services Commission within 90 days of the
date of such decision.
(iii) Any decision of the Financial Services Commission is
subject to the appeal by any person dissatisfied with such
decision to the High Court within 90 days of the date of the
date of such decision.
(5) The preceding provisions shall apply to any other
person who may from time to time be authorized by the
Minister to act as a custodian of the bearer share
certificates.
(6) All corporations incorporated pursuant to the principal
Ordinance which have issued bearer share certificates prior
to the date of this amendment shall be required within 12
months from the date hereof to provide the registered agent
of such corporations with information as to the beneficial
owners of the shares contained in such certificates in
accordance with the provisions of section 1(d) above and a
full and detailed account of changes if any in beneficial
ownership of such shares since their issuance by the
corporation.
(7) The Registered Agent of each such corporation referred
to in subsection 6 shall notify the Registrar within 30 days
of the expiration of the 12 month period of which
corporations have failed and /or refuse to comply with the
provisions of sub-section 6 and upon such notification the
Registrar shall have power to strike such corporation from
the register.
PROVIDED that such a corporation can be restored to the register
within 12 months of the date of being struck upon satisfying the
Registrar that the required information has been provided to the
Registered Agent and upon paying the prescribed fee for
reinstatement on the register.
Passed by the Nevis Island Assembly on the 13th day of November 1984.