Section 11Part 3 — REGISTRATION OF BUSINESS ENTITIES
Reconstruction, etc., of registered company
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Where a reconstruction of any registered company has occurred or where any registered company makes an arrangement or enters into an agreement for —
the sale or other disposal of its business by amalgamation or otherwise; or
the purchase or other acquisition of the business of any other company carrying on business in the Islands, such company shall, within three months after the occurrence of such reconstruction or the implementation of such arrangement or agreement, inform the Board in writing thereof.
Where any particulars or information are received under this section, the Board, having regard to the nature of such particulars or information and notwithstanding the fact that the company concerned is a licensed company, may direct that company in writing to apply for another licence within such time and in such form as the Board may determine.
The issue of a directive under subsection (2) shall not affect the validity of any licence subsisting at the date of such directive and which was granted to the company to which such directive is issued.
Every licence to which subsection (3) refers shall have effect until —
it is revoked by the Board under this Law; or
another licence is granted to the company concerned upon an application made pursuant to a directive under subsection (2), and thereafter the licence referred to in subsection (3) shall cease to have effect.