ELECTRONIC MONEY INSTITUTIONS IN ARUBA
A license is required
The European Central Bank defines e-money as follows (a non-legal definition): “E-money can be defined as any amount of monetary value represented by a claim issued on a prepaid basis, stored in an electronic medium (for example, a card or computer) and accepted as a means of payment by undertakings other than the issuer, predominantly for small-value transactions (for example, the settlement of modest transactions over the Internet and of parking or telephone charges and payment for public transport services).” (Electronic Money Institutions. Current trends, regulatory issues and future prospects. Legal Working Paper Series, No. 7/2008).
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
Articles determine the nature of the company
A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the external powers (who represents the company in law), determine the method of decision-making, etc. As indicated above: the articles of association are somewhat comparable with the constitution or the state regulations of a country. The articles of association are therefore essential to the proper functioning …
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ANTI-MONEY LAUNDERING LAWS IN CURACAO
Money laundering is prohibited
Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering.
The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions.
The National Ordinance on Identification of clients when Rendering Services (NOIS) requires any service provider who is acting in the course of a profession or business, to establish the identity of a customer before providing any “financial” service.
Generally, these Ordinances apply when services are conducted in or from Curaçao. If a foreign financial institution does …
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IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)
2nd degree director as director of a foreign corporate director
It appears from the 2011 ruling referred to by the Supreme Court that Section 2:11 of the Dutch Civil Code is applicable to the joint and several liability of a director of a Dutch legal entity being a director of another Dutch legal entity. The Supreme Court confirmed this doctrine again in clear wording in its decision of 21 June 2013.
The conclusion is as follows:
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ASSET PROTECTION IN CURACAO
Curaçao: a jurisdiction not to be missed
A Curaçao private foundation or a trust is often used for asset protection and privacy purposes. The Curaçao private foundation and the Curaçao trust must be set up by a notarial deed executed before a civil law notary in Curaçao. Both the private foundation and the trust are a very flexible solution for asset protection and privacy purposes. A private foundation, for instance, can be easily implemented in international holding structures through Curaçao and is very suitable for family asset protection. By means of a letter of wishes or provisions in the articles …
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SERVICE OF PROCESS
A bailiff must be engaged
What is the procedure for the service of foreign proceedings under the procedural laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba for a company having its registered address in one of those territories, for instance Curaçao?
Under Curaçao procedural law, the service of proceedings on a Curaçao legal person will be done by means of a bailiff’s notification. This notification shall be served (i) on the person or residence of the president of the management board of the company or (ii) on the business and/or registered address of the company.
Curaçao procedural …
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THE CURACAO TRUST
Can be used as protected or segregated cell company
On 1 January 2012, new legislation entered into force according to which it is now possible to set up a trust (Curacao Trust) similar to the trust in Anglo-Saxon common law jurisdictions. The introduction of the Curacao Trust serves as an important instrument which could be used within financial transactions in the Caribbean as a significant part of these transactions are initiated from common law jurisdictions.
The Curacao Trust can be used for different purposes, such as, for example:
CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
Internationaal JITIC-kampioenschap
Vandaag zijn 14 jeugdige tennisspelers voor ruim een week naar Santo Domingo vertrokken om mee te doen aan het regionale JITIC-kampioenschap (Junior International Tennis Championships). Het tennistoernooi vindt plaats van 3 tot 9 augustus 2013. Aan dit internationale tennistoernooi nemen verschillende landen in de regio deel. De host van het toernooi is de Dominicaanse tennisbond Federacion Dominicana de Tenis.
De jeugdtennissers hebben een intensief trainingsprogramma gevolgd onder auspiciën van de Tennis Federatie Curaçao. Ze zijn getraind door Roy Bottse, de voorzitter van de TFC, en coach Jason Engelhardt.
De deelnemers van Curaçao:
Jongens tot 14 jaar: Aydan Gomez …
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THIS BLOG IS ARCHIVED BY THE LIBRARY OF CONGRESS
Blogs of today can be studied for years to come
I’m thrilled to learn from Robert Ambrogi’s blog that “Karel’s Legal Blog” has been archived in the Library of Congress:
On the Internet there is no rule against perpetuities. To the contrary our perpetuation seems assured. Latest case in point: the new Legal Blawgs Web Archive from the Library of Congress. Yes, just as the LOC is archiving all of our tweets, turns out it is also archiving a selection of legal blog posts, and has been doing so since March 1, 2007. (…)
The LOC describes …
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LITIGATION IS A SKILLED PROFESSION (part 8)
New legislation
Finally, note that rather simple examples have been taken here. However, many suits are complicated with regard to their subject matter. In this connection disputes about complicated take-over issues, disputes between investors and an investment fund, disputes with a contractor or architect about a building or disputes about intellectual property come to mind. All these types of dispute require from advocates much more knowledge of and experience with litigation. It is not that each advocate must be an expert in all those areas but he should at least have experts in his team.
Only a few aspects of …
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LITIGATION IS A SKILLED PROFESSION (part 7)
Injunctive relief
Apart from seizures it is also possible to consider an application for interim injunctive relief (voorlopige voorziening). The Judge for Interim Relief can render so-called provisional relief, for instance order a building freeze or order the counterparty to pay an advance on the compensation. Such a provision is called provisional because it is a measure in the interests of maintaining order to which the court dealing with the principal case is not bound. So it may well be the case that the provisional judgment of the Judge for Interim Relief differs fundamentally from the judgment of the court …
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LITIGATION IS A SKILLED PROFESSION (part 6)
Proceedings in various jurisdictions
Sometimes cases which are strongly interrelated to each other are brought before different courts. For instance you instigate proceedings with the court in Curacao and your counterparty instigates proceedings at the same time against you before the court in Aruba or in Sint Maarten. If the merits of the case involve the same dispute it would hardly be efficient if litigation would take place before two different courts. In that case there would also be a risk that contradictory judgments would be delivered. The Code of Civil Procedure provides for an arrangement with regard to referral …
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