Virgin Islands security ownership refers to the proportion of shares or securities held by individuals who serve as directors, nominees, or officers of companies based in the Virgin Islands. This ownership can be categorized into two types: sole ownership and shared ownership. 1. Sole Ownership: In this type of ownership, a director, nominee, or officer of a Virgin Islands company holds shares or securities solely in their name, without any co-owners. The key individuals holding sole ownership can include: — Directors: Persons appointed to oversee the affairs of the company and make decisions on behalf of shareholders. — Nominees: Individuals acting as representatives or stand-ins for beneficial owners of shares, often used for privacy or legal purposes. — Officers: Executives responsible for managing the day-to-day operations of the company, such as the CEO, CFO, or COO. 2. Shared Ownership: Unlike sole ownership, shared ownership involves multiple individuals jointly holding shares or securities. This type of ownership can be further divided into: — Co-ownership: This refers to shares or securities held by two or more individuals who jointly enjoy the rights and responsibilities associated with ownership. Co-owners can include directors, nominees, or officers. — Partnership Ownership: In some cases, Virgin Islands companies may have partnerships among directors, nominees, or officers. This entails a formal agreement outlining the rights and obligations of each partner regarding the shares or securities held. Keywords: Virgin Islands, security ownership, directors, nominees, officers, sole ownership, shared ownership, co-ownership, partnership.
Virgin Islands Security ownership of directors, nominees and officers showing sole and shared ownership
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The alternate may be another director or any other person of that director's choosing once they are not disqualified as set out above. Once appointed and in the absence of the appointing director, the alternate is entitled to attend meetings and to vote in place of the director who appointed him.
Under BVI law, shareholders are not entitled to intervene directly in decisions made or actions that may be taken by the directors. The directors of the business company are required to comply with their common law duties as well as specific duties which are imposed on the directors under the BC Act.
An alternate director is an individual who is appointed to attend a board meeting on behalf of the director of a company where the principal director would be otherwise unable to attend.
When acting in place of a director, an alternate director does not serve as a representative or proxy of the original director, but serves as if they had been personally appointed as a director.
The alternate may be another director or any other person of that director's choosing once they are not disqualified as set out above. Once appointed and in the absence of the appointing director, the alternate is entitled to attend meetings and to vote in place of the director who appointed him.
All companies are required to have at least one director, although that director does not have to be a natural person. There is no requirement for directors to be a BVI resident or citizen.