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Cayman Islands Legislative Amendment Updates

There have been important legislative updates to the Companies Act (2018 Revision) (“Companies Act”), the Limited Liability Companies Act (2018 Revision) (“LLC Act”) and the Limited Liability Partnerships Act, 2017 (“LLP Act”), that the Cayman Islands government recently passed.

Companies – Register of Members

Section 40 of the Companies Act requires companies to keep a register of members with the names and addresses of the members of the company and, in the situation of a company having a capital divided into shares, a statement of the shares held by each member. According to the amendments, the register of members must also list the number and category of shares held by each member and whether each category of shares held by a member carries voting rights under the articles of association of the company, and if so, whether such voting rights are conditional. A company that was incorporated or registered as at 8 August 2019 must comply on or before 7 February 2020.

Companies - Filing Deadlines

According to the amendments, the deadline to notify the Registrar of Companies of any change in directors, officers or managers including a change of the name of such directors, officers or managers has changed from sixty to thirty days.

Companies – List of Directors and Managers Available for Inspection on Request

As of 1 October 2019, lists of the current names of directors and alternate directors of a company incorporated in the Cayman Islands and of managers of a Cayman limited liability company will be available on request for an administrative fee of approximately US$60. Each request must be made in person and will be overseen by the Cayman General Registry.

If you would like further information please contact:

Jon Mclean
Partner
Tel:(+1 345) 814 7930
jon.mclean@stuartslaw.com

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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