Watson Farley & Williams assisted the Liberian International Ship and Corporate Registry in developing revisions to the Liberian Business Corporation Act and the Limited Liability Company Act.
The legislation was revised in an effort to continue to make those laws more liberal, customer-friendly and reflective of the corporate laws and standards of the State of Delaware and other US states. The revisions include, among other matters: Adoption of non-statutory law of Delaware and other U.S. states with substantially similar legislative provisions to interpret the BCA and the adoption of non-statutory law of Delaware to interpret the LLC Act; Eliminating the requirement of two officer’s signature on filing documents; Enabling acknowledgement of filing documents outside Liberia without notarization and apostille; Codifying practices of electronic submission of filing documents, provision of shareholders’ and directors’ consent via electronic transmission, etc.; and Introducing a variety of provisions applicable to public companies.
LISCR, a private US owned and globally operated company, administers Liberia’s ship and corporate registries. With a fleet of over 4,600 vessels and 180 million gross tons, the Liberian Registry is the world’s second largest registry and represents over 12% of the world’s ocean going fleet.
The WFW New York corporate team advising LISCR on the revisions was led by Partner Steven Hollander (Picture), supported by Partner Will Vogel and Associate Danny Berger.
Law Firms: Watson Farley & Williams;
Clients: Liberian Registry;