The other two statutes relate to the incorporation of non-resident companies as part of the Territory's financial services industry.
In exception circumstances the courts are prepared to "pierce the corporate veil" and treat the assets of the company as belonging to the members (or, conversely, treat the company's obligations as the obligations of the members), but the circumstances in which this will be done are rare and exceptional.
Directors owe strict duties of good faith to exercise their powers for a proper purpose and in the best interests of the company.
Resolutions may be passed by the members formally or informally pursuant to the Duomatic principle.
Accordingly, minority shareholders who are prejudiced in this have to rely upon the common law exceptions to the rule set in Foss v Harbottle,[20] or seek a winding-up of the company on just and equitable grounds.
[21] Accordingly, where a director acts in breach of their duty, then the proper claimant in any action is the company itself.
The rights of other stakeholders, such as employees, customers and wider society are given comparatively little protection.
This reflects the offshore nature of most Cayman Islands companies, and the different social and economic environments in which they operate.
Shareholder voting in Anguillan companies is predicated by the normal basis of majority-control.
Companies are not required to file financing statements in Anguilla when borrowing money.
Registration of a security interest either requires an original document or a "wet-ink" certified true copy.
There are no restrictions prohibiting Anguillan companies of any type from giving financial assistance for the acquisition of their own shares or membership interests, and no requirement to go through a "whitewash" procedure.
By contrast, there are no real statutory reorganisational processes at present which apply to CACs.
There are also no powers conferred upon the liquidator specifically relating to challenging transactions entered into the "twilight" period which prejudice the general body of creditors, but there is limited scope to seek redress for such transactions outside of the insolvency regime under the Fraudulent Dispositions Act (Cap F.60).
Any disposition of property by the company after the commencement of winding-up is void unless the court otherwise orders.
The FSC's ambit extends to companies (and any other entities) which are engaged in regulated business.