Part IIncorporation of Companies

1 Registration of Memorandum

(1)Any five or more persons associated for any lawful purpose may form an incorporated company with limited liability by registering a memorandum of association at the General Registry.

(2)There shall be paid upon registration a filing duty of £2.

2 Limited Liability

The liability of members of a company formed under this Act may be limited by shares to the amount, if any, unpaid on the shares respectively held by them.

Part IIManagement and Accounts

3 Registered Office in the Island

Every company shall have a registered office situated within the Isle of Man, where all process may be served.

4 Annual Summary of Capital

Every company shall file an annual summary of its capital and list of directors at the General Registry in Douglas.

Part IIIGeneral

5 Citation

This Act may be cited as the Isle of Man Companies Act.