Companies (Jersey) Law 1991: significant upcoming amendments
On 21 May 2014, the States of Jersey adopted the Companies (Amendment No. 11) Jersey Law 2014 (‘Amendment 11’), representing the most significant amendment to Jersey’s company law in recent years. The changes include many innovations that are expected to be of considerable interest to those who already use, or in the future will use, Jersey companies in their structures.
It is anticipated that Amendment 11 will come into force in September 2014 after it is sanctioned by the Privy Council.
Highlights include shareholder resolutions: introducing new rules that enable different thresholds to be specified for different resolutions. For instance, a company could provide that certain special resolutions need to be passed by a higher-than-usual majority (or unanimously). We expect this flexibility to be of interest in many cases, including joint venture arrangements and where robust minority shareholder protections are required. This new regime applies to written resolutions as well as to resolutions proposed at shareholder meetings…
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This update discusses various Cayman Islands laws, including the Directors Registration and Licensing Law 2014 and the Exempted Limited Partnership Law 2014.