s.2Definitions
2
Section 2Part 0 —

Definitions

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a corporation whose main objects are charitable and which has been certified as such by the Cabinet;
includes a partnership, a foreign corporation, a chartered corporation, a mutual fund and a company incorporated under the Companies Act (2022 Revision) but does not include a corporation sole or a charitable corporation;
with respect to a corporation includes all shares, stock and scrip whether registered or inscribed which, other than by way of a fixed and predetermined right to interest and repayment of subscribed capital at par, entitles the owner to any variable right of participation in the corporation's profit, whether by way of dividend, bonus, conversion or distribution upon winding-up;
means immovable property in, on, under or over land in the Cayman Islands including all structures built into or adhering to such land, but does not include tenant's fixtures, or removable fixtures or power plants installed for the purpose of trade, industry, agriculture or animal husbandry;
means every legal or beneficial interest in landed property other than such interest held by a legal or equitable mortgagee or chargee by way of bona fide security for the payment of money or money's worth;
means a corporation, other than a charitable corporation and such other corporations as the Cabinet may by notice published in the Gazette for the time being specify, which —
is the legal or beneficial owner of any land holding; or
is the legal or beneficial owner of any equity capital of a land holding corporation;
means every legal or beneficial interest in, or claim to or over immovable property whether freehold or leasehold provided that in the case of leasehold property, the original lease was for a term exceeding thirty years;
in relation to landed property, means the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion;
has the same meaning as given in section 2 of the Mutual Funds Act (2021 Revision);
includes a limited partnership established pursuant to the Partnership Act (2013 Revision) and a general or limited partnership established pursuant to the laws of any other jurisdiction;
includes an interest in a partnership, stock and all other subdivisions of equity capital;
includes, in addition to a transfer of shares, every dealing or transaction, whether by the issue of shares, the placement of shares, the grant or take up of any rights, the exchange of shares, the conversion of shares, the grant or exercise of an option or other means howsoever whereby equity capital undergoes a change of beneficial ownership or proportion of ownership or a change occurs in the entitlement or potential entitlement of any person to a share in the distribution of a corporation's profit or capital.

Defined Terms

charitable corporationcorporationequity capitalimmovable propertyland holdingland holding corporationlanded propertymarket valuemutual fundpartnershipsharetransfer

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