Article 12 — Shareholders

12.1 A Special Purpose Company may have any one or more of the following types of Shareholders:
(a) a nominee holding the shares in the Special Purpose Company on trust for discretionary purposes;
(b) the Initiator or other participants in the Transaction;
(c) another Special Purpose Company.
12.2 For the purposes of Article 12.1(a) a nominee may be either:
(a) a body corporate incorporated in the QFC; or
(b) a body corporate incorporated outside the QFC, if the QFC Authority has confirmed in writing that it does not object to the proposed Person acting as a nominee.
12.3 A Special Purpose Company may not register a transfer of shares in the Special Purpose Company until the QFC Authority has confirmed in writing that it does not object to such transfer.
12.4 The QFC Authority may provide by way of Rules for the manner in which a Special Purpose Company shall apply to it for the confirmation required under Article 12.3.
12.5 For the purposes of Article 19 of the QFC Companies Regulations, a Special Purpose Company shall ensure that it takes reasonable measures to obtain and maintain up-to-date details of its Beneficial Owners.
Amended (as from 19th October 2017).