Company Act revisions

Watson Farley & Williams has assisted the Liberian International Ship and Corporate Registry in developing revisions to the Liberian Business Corporation Act (BCA) and the Limited Liability Company (LLC) Act. The legislation was revised in an effort to continue to make those laws more liberal, customer friendly and reflective of the corporate laws and standards of the state of Delaware and other US states. The revisions include, among other matters, adoption of non-statutory law of Delaware and other US states with substantially similar legislative provisions to interpret the BCA and adoption of non-statutory law of Delaware to interpret the LLC Act; eliminating the requirement of two officer’s signature on filing documents; enabling acknowledgement of filing documents outside Liberia without notarization and apostille; codifying practices of electronic submission of filing documents, provision of shareholders’ and directors’ consent via electronic transmission, etc; and introducing a variety of provisions applicable to public companies.