Constitutions of 1975 and of 1989/Constitution of 1989/Law relating to the keeping of registers in the field of powers of Attorney, Registration of companies and shipping

by Roy of Sealand

Law relating to the keeping of registers in the field of powers of Attorney, Registration of companies and shipping

§ 1.⁠All persons and institutions entrusted with activities under public law by the Sovereign of the Principality of Sealand have to be recorded in a special register, whereby the extent of the authorization has to be specified in detail. All persons and institutions will be recorded in the same register of Powers of Attorney (Register A) with detailed specification of the authorization, who are authorized for a natural or an artificial person of the Principality of Sealand.

§ 2.⁠All Companies having limited liability and Corporations will be recorded in the public Register of Companies (Register B). Only such registered companies and corporations are considered as having their domicile in the Principality of Sealand.

§ 3.⁠The minimum issued share capital of a private limited liability company is Sealand Dollar 40,000.

§ 4.⁠All companies incorporated in Register B have to deposit with the State Bank of Sealand a sum equal to 10 % of its issued capital. This deposit will earn interest at the rate of 4 % per annum and will be refunded to the Company or its liquidator upon issolution but such money will be available for creditors (if any) on such dissolution.

§ 5.⁠Before any company can be incorporated in the Principality of Sealand it is necessary for it to register in Register B, and founders to satisfy the Registrar of Companies as to its articles of association, and that it owns the designated capital, and to prove its compliance with § 4 of this law.

§ 6.⁠The Registrar of Companies or such person as may be authorized by him from time to time shall have the right to audit and examine the balance sheet and profit and loss account of the company and its Directors shall not later than 8 months after the end of each year, of each company file with the Registrar a statement of the business status and business activity, and of the assets of such company and also a balance sheet and profit and loss account and such accounts shall form the basis of assessment of the companies taxes.

§ 7.⁠If any company registered in Register B fails to file its balance sheet and profit and loss account within eight months of its due date, or if the company becomes insolvent and does not pay its debts or its taxes, or if for any other reason the Registrar of Companies is of the opinion that it is just and equitable that the company should be dissolved, he shall have the right so to dissolve the company and appoint a liquidator to collect in the company's assets and pay its debts in such priority as may from time to time apply to Sealand companies. But so that all moneys due to the State of Sealand shall be paid in priority to all other debts. Any surplus after paying all costs and expenses of liquidation will be refunded to the shareholders in the company.

§ 8.⁠On request of the audit company, persons registered in Register B have to insure their material assets with an Insurance Company of Sealand founded for this reason.

§ 9.⁠This law comes into force the day this document is signed by the Sovereign.

17th May 1976, Roy of Sealand