TRANSFER OF ADMINISTRATION. In the event of transfer of the administration of the Company, Form-A-Co reserves the right to charge a fee for the transfer in accordance with its then current fee schedule. Information Sheet on the Responsibilities of Directors of Gibraltar Companies and Client Responsibilities Gibraltar corporate law places onerous responsibilities on the directors of companies that must be adhered to. It is important that clients, when providing directorships to their own companies, know and understand what is legally required of them. The below is a list of the main responsibilities but there are others so the list must not be considered as exhaustive. Form-A-Co would be pleased to assist by providing guidance to clients on request. To ensure that proper books of account are maintained and that formal annual accounts are prepared and filed with The Registrar of Companies. NB: Form-A-Co can provide book-keeping and accountancy services upon request.) To ensure that current information is provided at all times to allow the company secretaries to maintain statutory registers, including registers of shareholders, directors and company secretaries, and registers of legal charges against the assets of the company. (NB: Form-A-Co provides company secretarial services which include the creation and maintenance of the statutory registers, however, it is imperative that the directors keep Form-A-Co appraised of any changes that require to be recorded in the registers, such as the transfer of shares and the resignation and appointment of directors, etc.) To ensure that the company does not carry on business whilst insolvent. To ensure that the company fully complies with all local laws (including employment laws) and that it operates and carries on its business in a legal and ethical manner according to current codes of best practice. To ensure the currency of their business knowledge and, in particular, to be completely familiar with the terms of the company’s Memorandum & Articles of Association (or other Constitution of the company). To ensure the company complies with local taxation laws and fulfils its taxation liabilities and responsibilities.
Appears in 2 contracts
Sources: Incorporating Management Agreement, Incorporating Management Agreement