Official Seal

Republic of New Lemuria 

 Business Corporation Ordinance 1991

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Table of Contents

Part I. General Provisions Section

1.) Short Title
2.) Interpretation
3.) Application of the Ordinance
4.) Form of Instruments; Filing/s
5.) Certificates or Certified Copies as Evidence
6.) Fees on Filing Articles of Incorporation; Other doc/s
7.) Annual Registration Fee
8.) Waiver of Notice
9.) Notice to Shareholders of Bearer Shares
10.) Construction

Part II. Corporate Purposes and Powers

11.) Purposes
12.) General Powers
13.) Guarantee Authorized by Shareholders
14.) Defense of Ultra Vires
15.) Effect of Incorporation; Corporation as Proper Party to Action
16.) Liability of Directors, Officers and Shareholders

Part III. Service of Process; Registered Agent

17.) Registered Agent for Service of Process
18.) Minister of Finance or His Appointee as Agent for Service of Process
19.) Records and Certificates of Minister of Finance
20.) Limitation on Effect of Part

Part IV. Formation of Corporation; Corporate Names

21.) Incorporators
22.) Corporate Name
23.) Index of Names of Corporations
24.) Reservation of Name
25.) Contents of Articles of Incorporation
26.) Powers and Rights of Bondholders
27.) Execution and Filing of Articles of Incorporation
28.) Effect of Filing Articles of Incorporation
29.) Organization Meeting
30.) Bylaws

Part V. Corporate Finance

31.) Classes and Series of Shares
32.) Restriction on Transfer of Shares
33.) Subscription for Shares
34.) Consideration for Shares
35.) Payment for Shares
36.) Compensation for Formation, Reorganization, & Financing
37.) Determination of Stated Capital
38.) Form and Content of Certificates
39.) Dividends in Cash, Stock or Other Property
40.) Share Dividends
41.) Purchase or Redemption by Corporation of its Own shares
42.) Reacquired Shares
43.) Reduction of Stated Capital by Action of the Board

Part VI. Directors and Management

44.) Management of Business of Corporation
45.) Qualification of Directors
46.) Number of Directors
47.) Election and Term of Directors
48.) Classification of Directors
49.) Newly created Directorships and Vacancies
50.) Removal of Directors
51.) Quorum; action by the Board
52.) Meetings of the Board
53.) Executive and Other Committees
54.) Director Conflicts of Interest
55.) Loans to Directors
56.) Indemnification of Directors and Officers
57.) Standard of Care to be Observed by Directors and Officers
58.) Officers
59.) Removal Officers

Part VII. Shareholders

60.) Meetings of Shareholders
61.) Notice of Meetings of Shareholders
62.) Waiver of Notice
63.) Action by Shareholders Without a Meeting
64.) Fixing Record Date
65.) Proxies
66.) Quorum of Shareholders
67.) Vote of Shareholders Required
68.) Greater Requirement as to Quorum and Vote of Shareholders
69.) List of Shareholders at Meetings
70.) Qualification of Voters
71.) Voting Trusts
72.) Agreement among Shareholders as to Voting
73.) Conduct of Shareholder's Meetings
74.) Preemptive Rights
75.) Shareholder's Derivative Actions

Part VIII. Corporate Records and Reports

76.) Requirement for Keeping Books of Account, Minutes and Records of Shareholders
77.) Shareholders' Right to Inspect Books and Records
78.) Directors' Right of Inspection
79.) Enforcement of Right of Inspection
80.) Annual and Interim Reports

Part IX. Amendments to Articles of Incorporation

81.) Right to Amend Articles of Incorporation
82.) Reduction of Stated Capital by Amendment
83.) Procedure for Amendment
84.) Class Voting on Amendments
85.) Articles of Amendment
86.) Effectiveness of Amendment
87.) Right of Dissenting Shareholders to Payment
88.) Restated Articles of Incorporation

Part X. Merger or Consolidation

89.) Definitions
90.) Merger or Consolidation of Domestic Corporations
91.) Merger of Subsidiary Corporations
92.) Effect of Merger or Consolidation
93.) Merger or Consolidation of Domestic and Foreign Corporations
94.) Sale, Lease, Exchange or Other Disposition of Assets
95.) Right of Dissenting Shareholder to Receive Payment for Shares
96.) Procedure to Enforce Shareholder's Right to Receive Payment for Shares

Part XI. Dissolution

97.) Manner of Effecting Dissolution
98.) Judicial Dissolution
99.) Dissolution on Failure to Pay Annual Registration Fee or Appoint or Maintain Registered Agent
100.) Winding up Affairs of Corporation After Dissolution
101.) Settlement of Claims Against Corporation

Part XII. Transfer of Domicile to The Republic of New Lemuria

102.) Definitions
103.) When transfer of Domicile is Permitted
104.) Application to Transfer Domicile
105.) Contents of Application to Transfer Domicile
106.) Documentation to be submitted
107.) Who may execute application
108.) Transfer of Domicile to the Republic of New Lemuria
109.) Prior Obligations and Liabilities
110.) Applicable Law
111.) Departure
112.) Certificate of Departure
113.) Effective Date of Departure
114.) Jurisdiction of Courts After Departure

Part XIII. Tax Exemption

115.) Exemption
116.) Dividends and Distributions

Part XIV. Miscellaneous

117.) Savings Provision
118.) Penalty for Default

Continue to Part I. General Provisions Section
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