Section 3Part 10 — Transition
Saving of rules of equity
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The rules of equity and of common law applicable to companies registered in the Islands, as modified by the Companies Act (2025 Revision) and any other Laws in force in the Islands applicable to such companies, shall apply to a limited liability company, except in so far as such rules and law or modifications thereto are inconsistent with the express provisions of this Act or the nature of a limited liability company such as —
not being a company limited by shares or by guarantee but with the liability of its members limited pursuant to the provisions of this Act ;
having certain characteristics of, and the flexibility to allocate profits and losses to its members in a manner akin to partners in, an exempted limited partnership; and
being managed by its members or by one or more managers that are not members, as provided in this Act .