(1) Subject to any limitations in its memorandum or articles, an international business company may—
(a) amend its memorandum or articles by a resolution of members, or where permitted by its memorandum or articles or by this Act, by a resolution of directors;
(b) amend its memorandum and articles to state that it shall engage in business as an incorporated cell company or an incorporated cell.
(2) An international business company that amends its memorandum or articles shall submit a copy of the amendment to the Registrar, accompanied by the prescribed filing fee, and the Registrar must retain and register the copy of the amendment.
(3) An amendment to the memorandum or articles has effect from the time the amendment is registered by the Registrar.
(4) An international business company that wilfully contravenes subsection (2) is liable to a penalty of $50 for each day or part thereof during which the contravention continues, and a director who knowingly permits the contravention is liable to a like penalty.
(Amended by Act 43 of 2006)