143. Incorporation of prescribed types of Company

(1) A Company may be incorporated as, or an existing Company may be converted into, a type of Company that is specified in this Part or prescribed under the Rules, if such a type of Company is desirable in the interests of the AIFC.

(2) The Rules may:

1. (a) prescribe any of the following:
2. (i) the types of Companies;

(ii) the circumstances in which such a Company may be incorporated, or an existing Company may be converted into, including any requirements for approval by another regulatory authority;

(iii) any requirements or restrictions in relation to such a Company’s Articles of Association or its constitution generally;

(iv) forms and procedures for the incorporation and administration of such a Company; or

1. (b) extend, exclude, waive or modify the application of provisions of these Regulations, the Rules or any other Legislation Administered by the Registrar, with the exception of Part 1 (General), Part 2 (Appointment and role of Registrar) and Chapters 1 (Powers of inspection and investigation) and 3 (General Contraventions) of Part 14 (Powers and remedies) of these Regulations, if the Board of Directors of the AFSA considers it necessary or desirable to facilitate the incorporation of, conversion to, and management and Functions of, such a Company.

(3) Except as otherwise provided by the Rules, these Regulations apply to a Company established under this section.