Share Pledge Agreement Mauritius

A pledge of shares is considered validly established if a transfer proving the privilege is registered in the register of pledges of the Mauritian company whose shares are pledged. For the purposes of the Commercial Code, the “counter” is considered to be constituted when (i) the shares and share certificates (if any) are delivered with (ii) a form for the transfer of the shares to the creditor or securities agent or to a person of his choice. A pledge, on the other hand, usually takes the form of a pledge of shares or an account privilege. With regard to the creation and validity of security rights, a fixed and/or floating fee in accordance with our Civil Code and notwithstanding the contractual date of a fixed and/or floating fee will only be deemed to be (i) validly created and perfected and (ii) effective only from the moment the tax is duly registered with the Registrar General (RG) and registered with the Conservator of the Mortgages of Mauritius (CM). 9. Except with the consent of all parties, all proceedings of each court and all proceedings to establish the existence or scope of a civil right or civil obligation before another authority, including notification of the decision of the court or any other authority, shall be conducted publicly. The most common types of collateral entered into in Mauritius are either a charge on the assets of the debtor, i.e. the Mauritian entity, or a pledge on the shares of the Mauritian entity granted by its shareholders or through the bank accounts of the Mauritian entity. In the event of a pledge, the secured creditor or guarantee agent may exercise any of its rights under the pledge of the account, including the right to designate a beneficiary of the pledged assets in accordance with the terms of the account privilege and/or the right to appropriate, transfer or set off all or part of the funds in the pledged accounts.

in or for the payment or settlement of secured liabilities/debts in accordance with the pledge. iii. as an incident of lease, lease, mortgage, charge, sale, lien or contract; One. Proceedings before the Court of Appeal of the Public Authorities may be conducted in public only if the court decides otherwise with the consent of the parties to an appeal; Based on the execution services provided under the share lien, the lien or security guard may exercise any of its rights under the share lien, including the right to appropriate the pledged assets in whole or in part, in or upon payment or settlement of secured liabilities/debts in accordance with the share lien by performing and dating (if any) certain services required for the purposes of performance and the right to appoint a beneficiary of the pledged assets in accordance with the terms of the share lien. Any fixed and/or variable fee registered and registered under applicable law shall prevail over any other royalties that are subsequently registered and registered for the same assets and/or an unsecured charge upon performance and in the event of insolvency. A pledge cannot be registered and registered under Mauritian law and is therefore considered unsecured and unclassified from a secure and/or preponderant point of view, in particular in the event of the insolvency of the Mauritian debtor. A deposit can only be registered; However, this does not guarantee priority. Most lenders therefore prefer to charge a commission rather than a pledge in order to take precedence over the other unsecured creditors of the Mauritian debtor, especially if the royalty has been duly registered and registered with the RG and CM in Mauritius. Another factor that can influence the choice of lenders is whether a non-Mauritian company provides the guarantee. In the event that a non-Mauritian company provides a guarantee for its assets in Mauritius, e.B. a bank account in Mauritius, it is recommended to charge a deposit and not a fee.

As mentioned above, an undertaking cannot be signed with the CM in Mauritius, but can only be registered with the RG and registration alone does not give priority. A commission may be registered and registered whereby the secured creditor prevails over all claims against the company in the event of insolvency (applicable to Mauritian companies) in accordance with the Mauritian insolvency law. In the case of a non-Mauritian fee debtor, such a purpose of registration and registration of a fee document for the secured creditor or security agent would be superfluous. Although a commission gives priority to the secured lender, the execution of a lien is easier than the execution of a commission, especially if it is a floating charge that should be agreed upon before execution. Mauritian law, which regulates fixed and/or variable fees, legally confers on the security holder the right to respect (or reasonably) either through a sales authority or through the appointment of an insolvency administrator, assets that exist and have been expressly designated in the fixed and/or variable fee instrument in the event of a debtor`s default. Once these assets are encumbered by a fixed commission, the debtor is prohibited from trading and selling these assets without the consent of the security holder, which would otherwise result in a criminal offence under Mauritius law. With respect to floating charges regulated by the laws of Mauritius, the assets do not need to be specified in the deed of charge and the debtor may continue to use/exchange the assets until an execution event occurs and the floating charge then becomes a fixed fee. As regards enforcement, the agreement/instrument by which the tax is created provides in practice for the circumstances in which a levy and the security created become enforceable.

An account pledge is effectively created and legally perfected immediately after the parties have entered into the account lien and subject to the creation, execution and delivery of certain mandatory creation and development services at the time of conclusion. . 4. The President of the Supreme Court may establish rules relating to the practice and procedure of the Supreme Court with regard to the jurisdiction and powers conferred on him by or under this section (including rules on the time limit within which applications may be submitted to that court). To ensure that our website works well for all users, the SEC monitors the frequency of requests for content SEC.gov to ensure that automated searches do not interfere with other people`s ability to access SEC.gov content. We reserve the right to block IP addresses that make excessive requests. Current policies limit users to a total of no more than 10 requests per second, regardless of the number of computers used to send requests. . (2) The Assembly shall be composed of persons elected in accordance with the First Schedule, which provides for the election of 70 members. 2. The Court of Appeal shall have jurisdiction and competence to rule on appeals in civil matters and the Court of Criminal Appeal shall have jurisdiction and competence to rule on appeals in criminal matters conferred on it by this Constitution or by any other law.

. (۲) There is a Commission for the Prerogative of Mercy (referred to in this section as the “Commission”), consisting of a Chairperson and at least 2 other members appointed by the Chairperson at his or her own discretion. One. a fund called “Rodrigues Capital Fund”, which consists of funds that can be determined for development purposes;. 2. This Section shall apply to the following officials and authorities. 3. No one may be appointed as an ombudsman if he is a member of the Assembly or of a local authority or if he applies to be elected to the Assembly or to a local authority, and no person holding the office of ombudsman shall exercise the functions of another public office.

f. for the removal of a person from Mauritius to be tried outside Mauritius for a criminal offence or to be detained outside Mauritius in execution of a court sentence for an offence for which he has been convicted; or. 5. Provision should be made for a judge of the Supreme Court to apply, before the date of nomination of candidates for universal suffrage, for such a request or declaration relating to universal suffrage, and no appeal may be brought against the judge`s decision. a. to have influenced or influenced the validity of the election of that person to the Assembly or of anything undertaken by the Assembly or such member; 6. If a person has been sentenced to death for a criminal offence (and not by a court martial), a report from the judge who presided over the trial on the case (or, if a report cannot be obtained from that judge, a report from the Chief Justice on the case) and other information from the minutes of the case or elsewhere, which may be requested by the Commission or made available to the Commission, shall be discussed at a meeting of the Commission, which shall then advise the President on whether or not to exercise the powers conferred on him by paragraph 1 in that case. 3. If, within a reasonable time after the submission of the report, no action is taken which the Ombudsman deems appropriate and appropriate, the Ombudsman may, if he deems it appropriate, after considering the observations made by or on behalf of a department, authority, body or person concerned, send a copy of the report and recommendations to the Prime Minister and any Minister concerned; and may then submit to the Assembly a new report on such matter as it deems appropriate […].