Restrictions on Beneficial Shareholders: an improper purpose?

Restrictions on Beneficial Shareholders: an improper purpose?

The corporate and commercial Bahamas law firm ParrisWhittaker regularly advises companies and shareholders on their rights and obligations in law and under Articles of Association. Following a recent case, the Court of Appeal in London, considered whether directors’ powers to impose restrictions on the beneficial shareholders were used for an improper purpose. What is the law? The legal system in The Bahamas is based on English common law, supplemented by local laws including the International Business Companies Act 2000. UK court rulings are important in terms of how the law is to be interpreted and we watch particularly closely how the Appeal Court interprets the law. At issue in this case was whether the directors’ powers to impose restrictions on the beneficial shareholders under statute and under the articles of association were used for an improper purpose.

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Restrictions on Beneficial Shareholders: an improper purpose?

08.01.2014

Restrictions on Beneficial Shareholders: an improper purpose?

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