4.1. Shareholders and Shares

4.1.1. A Special Purpose Company must have at least 1 Shareholder.

4.1.2. Subject to subrule 4.1.3, a Person must not be a Shareholder of a Special Purpose Company unless:

1. (a) the Person is the Initiator or another participant in the Transaction; or
2. (b) the Person is another Special Purpose Company; or
3. (c) the Person is a Nominee holding Shares in the Special Purpose Company on trust for discretionary purposes, and the beneficiaries are wholly or mainly Persons mentioned in paragraph (a).

4.1.3. Any Company service provider or law or accounting firm that is applying for the incorporation of the Special Purpose Company in accordance with subrule 3.1.1 may also be the Shareholder of such Special Purpose Company, provided that such Special Purpose Company is not permitted to conduct any business before all of the issued Shares of such Special Purpose Company have been transferred to one or more Persons that are permitted to be Shareholders of a Special Purpose Company in accordance with subrule 4.1.2.

4.1.4. Part 6 (Class rights) of the AIFC Companies Regulations does not apply to a Special Purpose Company.