Article 115 - Transfer of incorporation from QFC to another jurisdiction
Company may, if it is authorised by:
Special Resolution of the shareholders; and
CRO in the manner prescribed in rules made by the QFC Authority
apply to the appropriate official or public body of a foreign jurisdiction to transfer its incorporation to the foreign jurisdiction and request that the
Company be continued as a Non-QFC Company.
Company shall not apply under Article 115(1) unless the laws of the foreign jurisdiction provide that the Non-QFC Company will:
(A) continue to have all the property, rights and privileges and is subject to all the liabilities, disabilities and debts that it had before the continuation; and
(B) remain a party in any legal proceedings commenced in any jurisdiction in which it was a party before the continuation.
Company ceases to be a Company within the meaning of this Regulation when the Company is continued as a Non-QFC Company and when the Non-QFC Company files with the CRO a copy of the certificate or instrument of continuation certified by the appropriate official of the foreign jurisdiction.
(4) When the
CRO receives the foreign jurisdiction's certificate or instrument of continuation, the CRO must strike the name of the Company off the index of names maintained by the CRO.