(LINK) Video of Q & A Session on Liberian Corporate Law Amendments

F. Humera Ahmed, Vice President of Legal & Business Development of the Liberian Registry joins Steven Hollander, Partner from Watson Farley & Williams for Liberian Corporate Law Amendments with the Liberian Registry.

Recently the Republic of Liberia revised it Business Corporation Act (the BCA) and its Limited liability Company Act (the LLC Act) as an ongoing effort to make these laws more customer-friendly.

The Law firm of Watson Farley & Williams (WFW) led by Steven Hollander supported by Partner Will Vogel & Associate Danny Berger assisted LISCR in developing these revisions.

Key points of this Law revision include:

• Adoption of non-statutory law of Delaware and other U.S. states with substantially similar legislative provisions to interpret the BCA and the adoption of non-statutory law of Delaware to interpret the LLC Act;
• Eliminating the requirement of two officer’s signature on filing documents;
• Enabling acknowledgement of filing documents outside Liberia without notarization and apostille;
• Codifying practices of electronic submission of filing documents, provision of shareholders’ and directors’ consent via electronic transmission, etc.;
• Introducing definitions of "beneficial owner," "nominee," "ultimate effective control," and "ultimate ownership" in order to comply with the OECD standards;
• Introducing the deadline for conversion of disabled bearer shares (31 December 2020); and
• Introducing a variety of provisions applicable to public companies.

Official Press Release