It is anticipated that there may be further amendments to deal with more complicated issues in the near future. The Amendment Act updates and modernizes certain existing provisions of the Companies Act. Some of the changes have been made in the light of experience, others have the primary purpose of simplifying the requirements for the administration of companies. In some cases, new provisions have been introduced to facilitate the operations of certain types of companies. Register of Directors and Officers A change of major significance is that directors of Bermuda companies are no longer required to hold a qualifying share.
Directors are, however, entitled to attend and be heard at any general meeting.
It should be noted, however, that a company continues to be subject to the requirement that it must have at least three shareholders. A company is now obliged to maintain a register of directors and officers. Such register must include the name and address of each director and officer. The register of directors is open for public inspection in the same manner as a register of shareholders. Another change of major significance is that it is no longer necessary that a proxy be given to a person who is himself a shareholder of the company.