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5.   Formalities

Revised Laws of Saint Lucia (2021)

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5.   Formalities

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    (1)   Articles of incorporation shall follow the prescribed form and set out, in respect of the proposed company —

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      (a)     its proposed name;

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      (b)     the classes and any maximum number of shares that the company is authorised to issue, and

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        (i)     if there will be 2 or more classes of shares, the rights, privileges, restrictions and conditions attaching to each class of shares, and

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        (ii)     if a class of shares can be issued in series, the authority given to the directors to fix the number of shares in, or to determine the designation of, and the rights, privileges, restrictions and conditions attaching to, the shares of each series;

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      (c)     if the right to transfer shares of the company is to be restricted, a statement that the right to transfer shares is restricted and the nature of those restrictions;

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      (d)     the number of directors, or subject to section 71(a) the minimum and maximum number of directors;

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      (e)     any restrictions on the business that the company may carry on.

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    (2)   The articles may set out any provisions permitted by this Act or bye-law permitted to be set out in the bye-laws of the company.

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    (3)   Where the right to transfer any shares is restricted, a notification to that effect shall be given on each share certificate issued in respect of those shares.

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