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The memorandum and articles of association can only be amended by a special resolution, [19] which under Cayman Islands law normally means a two-thirds majority, although this can be increased under the articles of association. [20] The company's memorandum and articles may be supplemented by a shareholders' agreement.
Cayman Islands bankruptcy law is principally codified in five statutes and ... the company has passed a special resolution requiring the company to be wound up by the ...
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
For example, in the United Kingdom under the Companies Act 1985, an extraordinary resolution was a resolution passed by not less than 75% of the members, whereas a special resolution was a resolution passed by the same majority, but having given the members not less than 21 days' notice of the intention to put the resolution to a vote. [1]
In some settings, this is known as a special general meeting or an emergency general meeting. In the United Kingdom, the directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (section 656 of the Companies Act 2006 ).
The Special Resolution requires a 60, 70 or 80% of the vote as stipulated by the constitution of the company. Shareholders other than partners may vote. The matters which require the Ordinary and Special Resolution to be passed are enumerated in company or Corporate Law. Special Resolutions covering some topics may be a statutory requirement.
The Exempted Limited Partnership Law, 2014 (Law 5 of 2014) is a statute of the Cayman Islands. It was passed on 2 July 2014. It was passed on 2 July 2014. Section 50 of the Law repeals the Exempted Limited Partnership Law, 2013 .
Harney Westwood & Riegels (or Harneys) is a global offshore law firm that provides advice on British Virgin Islands, Cayman Islands, Cyprus, Luxembourg, Bermuda and Anguilla law to an international client base that includes law firms, financial institutions, investment funds, and private individuals. They have locations in major financial ...