Netherlands Antilles Business Law

Name: Netherlands Antilles Business Law | Legal, Accounting and Tax Aspects of Doing Business in The Netherlands Antilles
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Legal, Accounting and Tax Aspects of Doing Business in The Netherlands Antilles

Dennis E. Cijntje Berndsen-Herwijer(Herausgeber*in)

Kluwer Law International (Verlag)

Erschienen am 1. September 1999

624 Seiten

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Inhalt

Cover
Half Title Page
Title Page
Copyright Page
Dedication
Introduction and Acknowledgements
Table of Contents
Abbreviations
Preface
1 General: The Netherlands Antilles
1.1 THE DUTCH ISLANDS IN THE CARIBBEAN
1.1.1 Background and History
1.1.2 Curaçao
1.1.3 St. Eustatius
1.1.4 Aruba, Bonaire, St. Maarten, Saba
1.2 POLITICAL HISTORY
1.2.1 The West India Company
1.2.2 Under the Hague Authority
1.2.3 Autonomy Within the Kingdom
1.2.4 From Six Islands to Five Islands plus Aruba
1.3 ECONOMIC GROWTH AND SOCIAL CHANGES
1.3.1 A Colony in Distress
1.3.2 The Oil-Refinery
1.3.3 Financial Activities
1.4 CULTURE
2 The Political System of the Netherlands Antilles
2.1 INTRODUCTION
2.2 PARLIAMENT
2.2.1 Election and Composition
2.2.2 Powers
2.3 THE GOVERNOR
2.3.1 Position of the Governor
2.3.2 The Governor as Head of Government
2.3.3 The Governor as an Institution of the Kingdom
2.4 THE COUNCIL OF MINISTERS, THE MINISTERS AND MINISTERIAL RESPONSIBILITY
2.5 THE JUDICIARY
2.5.1 Composition and Powers
2.5.2 Judicial Review of Universally Binding Regulations by the Antillean Courts
2.6 SYSTEM OF GOVERNMENT IN THE ISLAND TERRITORIES
2.7 THE STATUTE FOR THE KINGDOM OF THE NETHERLANDS
2.8 RECENT CONSTITUTIONAL DEVELOPMENTS IN THE NETHERLANDS ANTILLES
3 The Judicial System and Legal Procedure
3.1 GENERAL INTRODUCTION
3.2 THE JUDICIAL SYSTEM IN THE NETHERLANDS ANTILLES
3.3 PROCEDURES BEFORE THE COURT OF FIRST INSTANCE AND THE COMMON COURT OF JUSTICE
3.3.1 Introduction
3.3.2 Procedure Before the Court of First Instance
3.3.3 Procedure Before the Common Court of Justice
3.4 APPEALS BEFORE THE SUPREME COURT OF THE NETHERLANDS
3.5 ADMINISTRATIVE JURISDICTION IN THE NETHERLANDS ANTILLES
4 Conflict of Laws
4.1 INTRODUCTION
4.2 INTERNATIONAL RULES ON JURISDICTION
4.2.1 General
4.2.2 Common Law on International Jurisdiction
4.3 APPLICABLE LAW
4.3.1 General
4.3.2 Lex Domicilii
4.3.3 Contractual Obligations
4.3.4 Contracts Relating to Immoveable Property
4.3.5 Consumer Contracts
4.3.6 Individual Employment Contracts
4.3.7 Contracts of Carriage
4.3.8 Undue Payment
4.3.9 Set-Off
4.3.10 Debt Transactions
4.3.11 Contracts of Guaranty
4.3.12 Agency
4.3.13 Unlawful Act
4.3.14 Public Limited Liability Companies
4.3.15 Bills of Exchange, Cheques and Promissory Notes
4.3.16 The Law of Property
4.3.17 Trusts
4.3.18 Bankruptcy
4.3.19 Formalities
5 Enforcement of Foreign Judgments and Arbitral Awards
5.1 MAIN RULE
5.2 COUNTRIES WHOSE JUDGMENTS ARE ENFORCEABLE IN THE NETHERLANDS ANTILLES
5.3 ARBITRATION
5.4 THE EFFECT OF FOREIGN JUDGMENTS
LEVELS OF FORCE
RECOGNITION
5.5 BANKRUPTCY JUDGMENTS
6 Professions: Legal, Accounting and Tax
6.1 CIVIL LAW NOTARIES
6.1.1 General
6.1.2 Appointment
6.1.3 Notarial Instruments
6.1.4 Duties
6.1.5 Refusal of Notarial Services
6.1.6 Notarial Safeguards
6.1.7 Disciplinary Board
6.1.8 Private Law Liability
6.1.9 Limitation of Liability and Professional Liability Insurance
6.1.10 Notarial Society
6.1.11 Associations and Office Combinations
6.1.12 Fees
6.2 LAWYERS
6.2.1 Qualification
6.2.2 The Supervisory Committee
6.2.3 The Bar Association
6.2.4 Code of Conduct
6.2.5 The Attorney's Practice
6.2.6 Fees
6.3 ACCOUNT ANTS
6.3.1 General
6.3.2 Accountancy in the Netherlands Antilles
6.3.3 Accountancy Tasks
6.3.4 Act on Registered Accountants
6.3.5 Certified Public Accountants
6.3.6 Training
6.4 TAX CONSULTANTS
6.4.1 General
6.4.2 Field of Activity
6.4.3 Statutory Rules
6.4.4 Training
6.4.5 Professional Organizations
6.4.6 Cooperative Associations
6.4.7 Fees
7 Investment Incentives
7.1 INTRODUCTION
7.2 TAX INCENTIVES FOR COMPANIES
7.2.1 General
7.2.2 Industries
7.2.3 Hotels
7.2.4 Land Development
7.2.5 Trading Companies (Free Zone)
7.2.6 Other Businesses
7.3 TAX INCENTIVES FOR INVESTORS
7.3.1 Tax Deduction on Investments
7.3.2 Accelerated Depreciation
7.3.3 Replacement Reserve
7.3.4 Subsidies and Other Incentives
8 Company Law
8.1 INTRODUCTION
8.2 THE PRE-INCORPORATION STAGE AND THE INCORPORATION PROCEDURE
8.2.1 The Pre-Incorporation Stage
8.2.2 Incorporation
8.2.3 Name
8.2.4 The Capital
8.2.5 Full Payment for the Shares
8.2.6 Publication
8.2.7 Registration with the Trade Register
8.3 POSITION OF SHAREHOLDERS AND DEPOSITARY RECEIPT HOLDERS
8.3.1 Voting Rights and Decision-Making Process
8.3.2 Actions Outside a Meeting
8.3.3 Venue of the General Meeting
8.3.4 Notice of Meetings
8.3.5 Authorization to Call Meetings
8.3.6 Pledge and Usufruct
8.3.7 Shares Held by the Company Itself
8.3.8 Issue of Shares
8.3.9 Pre-Emptive Rights
8.3.10 Register of Shareholders
8.3.11 Share Transfers
8.3.12 Deviating Arrangements Governing Voting Rights
8.3.13 Non-Voting Shares and Shares with Limited Voting Rights
8.3.14 Other Shareholders' Rights
8.3.15 Depositary Receipts
8.4 THE BOARD OF MANAGING DIRECTORS AND THE SUPERVISORY BOARD
8.4.1 Introduction
8.4.2 Appointment
8.4.3 Liability
8.4.4 Liability in the Event of Bankruptcy
8.4.5 Liability for Tax Debts
8.4.6 Right of Inquiry
8.5 POWER TO REPRESENT THE COMPANY AND THE ULTRA VIRES RULE
8.5.1 Power to Represent the Company
8.5.2 External Effect
8.5.3 Attorneys-in-Fact
8.5.4 Ultra Vires Doctrine
8.6 VOID AND VOIDABLE RESOLUTIONS
8.6.1 Validity of Resolutions
8.6.2 Tied Votes
8.7 MINIMUM CAPITAL, REPURCHASE OF SHARES AND PROFIT DISTRIBUTIONS
8.7.1 Capital Maintenance Duty
8.7.2 Statutory Provisions
8.7.3 Reduction of Capital
Repurchase
8.8 BALANCE SHEET AND PROFIT AND LOSS STATEMENT
8.8.1 The Annual Financial Statements
8.8.2 Obligation to Keep the Books
8.9 DISSOLUTION OF THE NV
8.9.1 The Company's Dissolution
8.9.2 Extension of Corporate Life
8.9.3 Liquidation
8.10 EMERGENCY MEASURES
8.10.1 Introduction
8.10.2 Transfer of Seat
8.10.3 Transfers Within the Kingdom of the Netherlands
8.10.4 Transfers From and To Third Countries
S.10.5 Stripping Companies of Their Assets
9 Partnerships and Other Forms of Business Enterprises
9.1 INTRODUCTION: FORMS OF ENTERPRISE
9.1.1 Sole Proprietorship
9.1.2 Limited Liability Company (NV)
9.1.3 Cooperative Association
9.1.4 Branch Office of a Foreign Legal Entity
9.1.5 Foundation
9.2 PARTNERSHIPS
GENERAL
9.3 PRIVATE-LAW PARTNERSHIPS
9.3.1 Introduction
9.3.2 Contributions
9.3.3 Partnership Property
9.3.4 Management and Representation
9.3.5 Liability
9.3.6 Position of Creditors
9.3.7 Shares in the Partnership's Profit and Loss
9.3.8 Litigation
9.3.9 Retirement, Termination of the Partnership
9.3.10 Continuity Arrangements
9.3.11 Dissolution
9.3.12 Taxation
9.4 GENERAL PARTNERSHIPS
9.4.1 Statutory Rules
9.4.2 Definition
9.4.3 Formation
9.4.4 Power to Represent the General Partnership
9.4.5 Registration with the Trade Registry
9.4.6 Joint and Several Liability
9.4.7 Separate Partnership Capital
9.4.8 Litigation
9.5 LIMITED PARTNERSHIPS
9.5.1 Statutory Rules
9.5.2 Definition
9.5.3 Partnerships Limited by Shares
9.5.4 Formation
9.5.5 Choice of Law
9.5.6 Power to Represent the Limited Partnership
9.5.7 Registration with the Trade Registry
9.5.8 Position and Liability of Limited Partners
9.5.9 Separate Partnership Capital
9.5.10 Litigation
9.5.11 Taxation
10 Permits, Licenses and Registration
10.1 INTRODUCTION
10.2 THE ORDINANCE ON ADMISSION AND EXPULSION
10.2.1 Area Covered by this Ordinance
10.2.2 Background
10.2.3 Scope of the Ordinance on Admission and Expulsion
10.2.4 Persons Admitted by Operation of Law
10.2.5 Who Issues the Permit?
10.2.6 Duration of Permits
10.2.7 Work Permits
10.2.8 Appeals Procedure
10.3 THE BUSINESS ESTABLISHMENT RULES
10.3.1 The Area Covered by the Rules
10.3.2 Background
10.3.3 Permit Applications
10.3.4 Recommendations and Conditions
10.3.5 Refusal
10.3.6 Cancellation
10.3.7 Revocation
10.3.8 Appeals Procedure
10.3.9 New Guidelines
10.4 THE TRADE REGISTER ORDINANCE
10.4.1 Area Covered by this Ordinance
10.4.2 Background
10.4.3 Registration
10.4.4 Important Information
10.4.5 Representation by an Authorized Signatory or Attorney-in-Fact
10.5 THE BUILDING AND HOUSING ORDINANCE AND THE ISLAND DEVELOPMENT PLAN
10.5.1 The Building and Housing Ordinance
10.5.2 The Island Development Plan (Eilandelijke Ontwikkelingsplan or EOP)
10.6 THE 1994 CURAÇAO NUISANCE ORDINANCE
10.6.1 Area Covered by this Ordinance
10.6.2 Background
10.6.3 Objections Procedure
10.6.4 Refusal
10.6.5 Revocation
10.6.6 Decisions
10.6.7 Appeals Procedure
10.7 THE LICENSING ORDINANCE
10.7.1 Area Covered by this Ordinance
10.7.2 Background
10.7.3 Types of Licenses
10.7.4 Applications
10.7.5 The Granting, Refusal and Revocation of Licenses
10.7.6 Opening Hours
10.7.7 Requirements for Licensed Premises
10.7.8 Appeals Procedure
10.8 THE 1992 CURAC
AO ORDINANCE ON FEES, PRECARIO TAX AND RETRIBUTIONS
11 Accounting and Auditing Requirements for Enterprises
11.1 ACCOUNTING OBLIGATIONS
11.1.1 Records and Accounts
11.1.2 Period of Keeping Records and Accounts
11.2 ANNUAL FINANCIAL STATEMENTS
11.2.1 Term for Drawing up the Annual Financial Statements
11.2.2 Annual Financial Statements of the NV
11.2.3 Contents of the Annual Financial Statements
11.2.4 Depositing the Annual Financial Statements
11.3 AUDITS
11.4 AUDITING RULES
12 Banks and Financial Institutions
12.1 INTRODUCTION
12.2 THE CENTRAL BANK
12.2.1 History
12.2.2 The Central Bank Charter
12.3 THE COMMERCIAL BANKING SECTOR OF THE NETHERLANDS ANTILLES
12.3.1 General
12.3.2 Admission
Review by the Central Bank
12.4 THE INTERNATIONAL BANKING SECTOR OF THE NETHERLANDS ANTILLES
12.5 OTHER FINANCIAL INSTITUTIONS AND THEIR SUPERVISION
12.6 PRUDENTIAL SUPERVISION POLICY IN THE NETHERLANDS ANTILLES
12.7 THE BANKING AND CREDIT SYSTEM SUPERVISION ORDINANCE OF 1994
12.8 MONEY LAUNDERING LEGISLATION AND ITS IMPACT ON BANKS AND OTHER FINANCIAL INSTITUTIONS
12.9 CONCLUSION: MARKET STRUCTURE POLICY
13 Foreign Exchange Law and Foreign Money
13.1 THE NETHERLANDS ANTILLES MONETARY AUTONOMY
13.2 INTERNATIONAL OBLIGATIONS WITH REGARD TO FOREIGN EXCHANGE LAW
13.2.1 General
13.2.2 Customary International Law
13.2.3 Conventional International Law
13.3 THE EXCHANGE ARRANGEMENT
13.4 PAYMENTS FOR CURRENT INTERNATIONAL TRANSACTIONS
13.5 PAYMENTS AND TRANSFERS FOR CAPITAL MOVEMENTS
13.6 SUPERVISION, REPORTING AND DISCLOSURE
13.7 THE LICENSE TO OPERATE AS A FOREIGN EXCHANGE BANK OR AS AN EXCHANGE OFFICE
13.8 THE FOREIGN EXCHANGE EXEMPTION FOR INTERNATIONAL ENTERPRISES
13.9 LEGAL INSTRUMENTS EXPRESSED IN FOREIGN CURRENCY
13.9.1 Contracts, Including Bank Accounts
13.9.2 Share Capital of Corporations
13.9.3 Judgments
13.9.4 Liability in Case of Exchange Rate Alterations
13.10 IMPLEMENTATION OF INTERNATIONAL SANCTIONS
13.11 LEGAL CONSEQUENCES OF THE VIOLATION OF THE FOREIGN EXCHANGE PROVISIONS
13.11.1 Private Law
13.11.2 Criminal Law
13.11.3 Extraterritorial Application
13.12 POLITICAL RISK INSURANCE AGAINST FOREIGN EXCHANGE MEASURES
14 Collateral Security
14.1 INTRODUCTION
14.2 MORTGAGE
14.2.1 General
14.2.2 How to Establish a Mortgage
14.2.3 Position of the Mortgage Creditor
14.2.4 Position of the Mortgage Debtor
14.2.5 Extinction
14.3 PLEDGE
GENERAL
14.4 PLEDGES ON MOVEABLE PROPERTY
14.4.1 How to Establish a Pledge
14.4.2 Position of the Pledgee
14.4.3 Extinction
14.5 PLEDGES ON NOMINATIVE CLAIMS
14.5.1 How to Establish a Pledge on Nominative Claims
14.5.2 Position of the Pledgee
14.5.3 Extinction
14.6 FIDUCIA CUM CREDITORE
GENERAL
14.7 FIDUCIA CUM CREDITORE RELATED TO MOVEABLE, NON-REGISTERED PROPERTY
14.7.1 Establishment
14.7.2 Position of the Fiduciary Creditor
14.7.3 Position of the Fiduciary Debtor
14.7.4 Extinction
14.8 FIDUCIARY OWNERSHIP OF NOMINATIVE CLAIMS
14.8.1 Establishment
14.8.2 Position of the Fiduciary Creditor
14.8.3 Extinction
14.9 RETENTION OF TITLE
14.9.1 General
14.9.2 How to Establish Retention of Title
14.9.3 Position of the Owner who has Retained Title
14.9.4 Position of Debtors upon a Retention of Title
14.9.5 Extinction
15 Negotiable Instruments and Bank Guarantees
15.1 GENERAL
15.1.1 Notions and Meanings
15.1.2 Characteristics of Negotiable Instruments
15.1.3 Variety of Negotiable Instruments
15.1.4 Legal Regulations
15.2 NEGOTIABLE INSTRUMENTS
15.2.1 Draft
Formal Requirements
15.2.2 Promissory Note
Formal Requirements
15.2.3 Check
Formal Requirements
15.2.4 Draft
Acceptance
15.2.5 Promissory Note
Acceptance
15.2.6 Check
Acceptance
15.2.7 Negotiation
15.2.8 Endorsement
15.2.9 Liabilities of Parties
15.2.10 Payment
15.2.11 Recourse in Case of Non-Acceptance or Non-Payment
15.2.12 Prescription
15.2.13 Conflict of Laws
15.3 DOCUMENTS OF TITLE
15.3.1 General
15.3.2 Legal Regulation and Types of Documents of Title
15.4 DOCUMENTARY CREDITS
15.4.1 General
15.4.2 Legal Characterization
15.5 BANK GUARANTEE
15.5.1 General
15.5.2 Legal Regulation
15.5.3 Relation Between Principal, Bank and Beneficiary
16 International Trade
16.1 PREFERENTIAL TRADE RELATIONS
16.1.1 EEC Council Decision on Association
16.1.2 Caribbean Basin Initiative
16.1.3 Other Arrangements
16.2 NETHERLANDS ANTILLEAN LAW
16.3 IMPORTING INTO THE NETHERLANDS ANTILLES
16.3.1 Import License
16.3.2 Import Registration
16.3.3 Import Quota
16.3.4 Import Prohibitions
16.3.5 Temporary Imports and Trial Consignments/Give-Away Items
16.4 IMPORT LEVIES IN THE NETHERLANDS ANTILLES
16.4.1 Import Duties
16.4.2 Levies
16.4.3 Excise Tax
16.5 EXPORTING FROM THE NETHERLANDS ANTILLES
16.5.1 General
16.5.2 Free Zone
16.5.3 Export Regulations
16.6 TRANSSHIPMENT
16.6.1 General
16.6.2 Government Bonded Warehouses
Private Bonded Warehouses
17 Taxation
17.1 INTRODUCTION
17.2 TYPES OF TAXATION
17.3 PERSONAL INCOME TAX
17.3.1 General
17.3.2 Income Tax Rates
17.3.3 Residence
17.3.4 Taxation of Resident Individuals
17.3.5 Taxation of Non-Resident Individuals
17.3.6 Special Income Tax Facilities
17.3.7 Penshonados
17.3.8 Taxation of Foreign Experts
17.3.9 Loss Relief
17.3.10 Tax Rates
17.3.11 Obligation to File Returns
17.4 WAGE TAX
17.4.1 General
17.4.2 Benefits in Kind
17.5 PROFITS TAX
17.5.1 General
17.5.2 Tax-Paying Entities
17.5.3 Place of Establishment
17.5.4 Resident Entities
17.5.5 Entities Established Outside the Netherlands Antilles
17.5.6 Loss Relief
17.5.7 Tax Rates
17.6 TAXATION OF OFFSHORE COMPANIES
17.6.1 Definition of Offshore Companies
17.6.2 Types of Offshore Companies
17.7 AVOIDANCE OF DOUBLE TAXATION
17.8 GENERAL EXPENDITURE TAX
17.8.1 General
17.8.2 Taxable Base
17.8.3 Tax Rates
17.8.4 Exemptions
17.8.5 Liability, Tax Return
17.9 TURNOVER TAX
17.9.1 General
17.9.2 Taxable Base
17.9.3 Tax Rates
17.9.4 Exemptions
17.9.5 Liability, Tax Return
17.10 FORMAL PROVISIONS
17.10.1 Self-Assessment
17.10.2 Objections and Appeals
18 Contracts
18.1 THE STATUTORY CONTEXT OF THE LAW OF CONTRACT
18.2 KEY TERMS IN THE LAW OF CONTRACT
18.2.1 Absolute and Relative Rights
18.2.2 Contracts and Obligations
18.2.3 The Pillars of the Law of Contract
18.3 STATUTORY REQUIREMENTS FOR A VALID CONTRACT
18.3.1 Consent Between the Parties
18.3.2 Discrepancy Between Intention and Declaration
18.3.3 Legal Capacity of Those who Enter into a Contract
18.3.4 Specific Object
18.3.5 Legitimate Cause
18.4 IMPEDIMENTS TO TRUE CONSENT
18.4.1 Mistake
18.4.2 Fraud
18.4.3 Duress
18.4.4 Abuse of Circumstances
18.5 FAIRNESS AND REASONABLENESS IN THE LAW OF CONTRACT
18.5.1 Fairness and Reasonableness in the Precontractual Stage
18.5.2 Fairness and Reasonableness when Construing the Contract
18.5.3 Fairness and Reasonableness During Performance of the Contract
18.6 (ACTIONS FOR) BREACH OF CONTRACT
18.6.1 Specific Performance
18.6.2 Damages
18.6.3 Dissolution of the Contract
18.6.4 Force Majeure
18.6.5 Right to Suspend
18.7 THE CONTRACT IN RELATION TO THIRD PARTIES
18.7.1 Third-Party Beneficiary Clauses
18.7.2 Third-Party Operation of Exemption Clauses
18.7.3 Actio Pauliana
19 Real Estate and Building Laws
19.1 INTRODUCTION
19.2 RESTRICTIONS FOR NON-RESIDENTS
19.3 PUBLIC REGISTERS
19.4 RESTRICTIONS ON THE FREEDOM TO TRANSFER REAL ESTATE
19.4.1 General
19.4.2 Statutory Restrictions
19.4.3 Contractual Restrictions
19.4.4 Apartments
19.5 OWNERSHIP OF REAL ESTATE
19.5.1 Full Ownership
19.5.2 Joint Ownership
19.5.3 Beneficial Title
19.6 GROUND LEASE
19.6.1 General
19.6.2 Reasons for Creating a Ground Lease
19.6.3 Term of the Ground Lease
19.6.4 Ground Rent
19.7 SUPERFICIES
19.8 APARTMENTS
19.9 MORTGAGES
19.9.1 General
19.9.2 The Mortgage Deed
19.9.3 Types of Mortgage
19.9.4 Release of Mortgage
19.9.5 Ranking
19.10 USUFRUCT
19.11 SERVITUDES
19.12 ATTACHMENTS
19.13 ACQUISITION AND TRANSFER OF TITLE TO REAL ESTATE
19.13.1 Investigation of Title
19.13.2 Purchase Contract
19.13.3 Transfer Deed and Registration of Real Estate
19.14 LEASING OF REAL ESTATE
19.14.1 The Lease
19.14.2 The Lessor's and Lessee's Obligations
19.14.3 Rent
19.14.4 Termination of the Lease
19.15 BUILDING LAWS, ZONING REGULATIONS AND ENVIRONMENTAL STANDARDS: INTRODUCTION
19.16 BUILDING LAW
19.16.1 General
19.16.2 Distribution of Land
19.16.3 Acquisition of Land
19.16.4 Building
19.16.5 Granting and Refusing Building Permits
19.16.6 Other Island Territories: Building Rules
19.16.7 The Law Governing Neighboring Properties
19.17 PLANNING AND ZONING
19.17.1 Historic Background: the Planning and Zoning Ordinance
19.17.2 Curar
ao Planning and Zoning Ordinance
19.17.3 Preparatory Local Plans and Plan-Related Damage
19.17.4 Other Island Territories: Planning and Zoning
19.17.5 Monument Legislation
19.17.6 Relationship Between the Building and Housing Ordinance, the Curaçao Planning and Zoning Ordinance, the Curaçao Development Plan and the Curaçao Monument Ordinance
19.18 NUISANCE AND OTHER ENVIRONMENTAL RULES
19.18.1 Nuisance Ordinance
19.18.2 The Curaçao Nuisance Ordinance
19.18.3 Other Islands: Nuisance Ordinances
19.18.4 Waste Ordinance
19.18.5 Other Island Territories: Waste Ordinances
19.19 CONCLUSION
20 Unlawful Acts
20.1 INTRODUCTION
20.2 LIABILITY FOR ONE'S OWN ACTS
20.2.1 General
20.2.2 Unlawfulness
20.2.3 Relativity
20.2.4 Fault
20.2.5 Damage
20.2.6 Causal Link
20.2.7 Possible Actions
20.3 LIABILITY FOR PERSONS
20.3.1 General
20.3.2 Children
20.3.3 Subordinates
20.4 LIABILITY FOR PROPERTY
20.4.1 General
20.4.2 Animals
20.4.3 Buildings
20.5 DEATH AND INJURY
20.5.1 General
20.5.2 Death
20.5.3 Injury
20.6 LIABILITY OF LEGAL ENTITIES
20.7 LIABILITY OF THE GOVERNMENT
20.8 DEFAMATION
20.8.1 Defamation Under Articles 1389 et seq. of the Civil Code
20.8.2 Relationship Between Articles 1382 and 1389 et seq.
Possible Actions
20.9 LIABILITY FOR PROSPECTUSES
20.9.1 General
20.9.2 Conditions for Liability
20.9.3 Meaning of Liability
20.9.4 Liable Persons
21 Labor Law
21.1 INTRODUCTION
21.2 FOREIGN WORKERS
21.2.1 Work Permits for Foreign Workers
21.2.2 Procedure
21.2.3 Logbook
21.3 CONTRACTS FOR THE PERFORMANCE OF WORK
21.3.1 Features of Contracts for the Performance of Work
21.3.2 Employment Agreements
21.3.3 International Employment Agreements
21.3.4 Employer's Obligations Under an Employment Agreement
21.3.5 Obligations of the Employee
21.3.6 Working Hours, Rest and Overtime Allowances
21.3.7 Vacation
21.4 TERMINATION OF THE EMPLOYMENT AGREEMENT
21.4.1 Termination by Operation of Law
21.4.2 Termination by Mutual Consent
21.4.3 Termination by Giving Notice
21.4.4 Prohibitions Against Termination
21.4.5 Termination Procedure
21.4.6 Tests for Reviewing Applications for Dismissal Permits
21.4.7 Other Ways of Terminating an Employment Relationship
21.5 MANIFESTLY UNREASONABLE DISMISSAL
21.6 CESSANTIA
21.7 COLLECTIVE LABOR LAW
21.7.1 Trade Unions
21.7.2 Collective Agreements
21.7.3 Industrial Action
21.8 BUSINESS ORGANIZATIONS
21.8.1 Structure of Organized Business
21.8.2 Background to the Creation of Business Organizations
21.8.3 Purpose and Task of Business Organizations
21.8.4 Significance of a Central Business Organization
21.8.5 Business Organizations in the Other Islands
22 Social Security
22.1 GENERAL INTRODUCTION
22.1.1 Nature of the Insurance Programs
22.1.2 Medical and Accident Insurance Plans
22.1.3 National Insurance Programs
22.2 MEDICAL INSURANCE
22.2.1 Medical Treatment and Nursing
22.2.2 Loss of Income
22.2.3 Contributions
22.2.4 Administrative Obligations
22.3 ACCIDENT INSURANCE
22.3.1 Medical Treatment and Nursing
22.3.2 Loss of Income
22.3.3 Permanent Disability
22.3.4 Contributions
22.3.5 Administrative Obligations
22.4 GENERAL OLD-AGE PENSION INSURANCE (AOV)
22.4.1 Persons Insured
22.4.2 Contributions
22.5 GENERAL WIDOWS AND ORPHANS PENSION INSURANCE (AWW)
22.5.1 Persons Insured
22.5.2 Contributions
22.6 GENERAL INSURANCE FOR EXCEPTIONAL MEDICAL EXPENSES (AVBZ)
22.6.1 Persons Insured
22.6.2 Medical Treatment and Nursing
22.6.3 Contributions
22.7 CESSANTIA
22.8 OBJECTIONS AND APPEALS
23 Insurance
23.1 SUPERVISION ON THE INSURANCE INDUSTRY
GENERAL INTRODUCTION
23.2 ACCESS TO THE INSURANCE INDUSTRY
23.2.1 License
23.2.2 Corporate Status of the Insurer
23.2.3 Program of Activities
23.2.4 Financial Conditions for a License
23.3 TECHNICAL PROVISIONS/SOLVENCY MARGIN
23.3.1 Technical Provisions
23.3.2 Solvency Margin
23.4 SUPERVISION BY THE CENTRAL BANK
23.4.1 General
23.4.2 Financial Statements and Annual Report
23.4.3 Information
23.4.4 Inspection of Accounts and Records
23.4.5 Instructions
23.4.6 Regulations/Prohibition Against Acquisition
23.5 EMERGENCY ORDER AND BANKRUPTCY
23.5.1 Emergency Order
23.5.2 Bankruptcy
23.6 OVERSEAS INSURANCE COMPANIES
23.6.1 Introduction
23.6.2 Financial Conditions
23.6.3 Supervision
23.6.4 Special Measures
23.6.5 Bankruptcy
23.7 APPEALS TRIBUNAL FOR THE FINANCIAL INDUSTRY
23.8 GENERAL PRINCIPLES OF INSURANCE LAW
23.8.1 Introduction
23.8.2 Formation and Proof of Insurance Contract
23.8.3 Misrepresentation
23.8.4 Increase of Risk/Risk Limitation Conditions
23.8.5 Principle of Indemnity
23.8.6 Subrogation
23.9 DIFFERENT TYPES OF INSURANCE
23.9.1 Introduction
23.9.2 Liability Insurance
23.9.3 Fire Insurance
23.9.4 Transport Insurance
23.9.5 Life Insurance
24 Bankruptcy and Moratorium
24.1 INTRODUCTION
24.2 BANKRUPTCY
24.2.1 Application and Appeal
24.2.2 General Effect
24.2.3 Effect on Pre-Bankruptcy Transactions
Fraudulent Preference
24.2.4 Proof of Debts
Claims
Verification Meeting
24.2.5 Secured Creditors
24.2.6 Litigation By and Against the Bankrupt Company
24.2.7 Liquidation and Preferred Creditors
24.2.8 Composition (Accoord)
24.3 MORATORIUM
24.3.1 Application
24.3.2 Purpose
24.3.3 General Effect
24.3.4 Duration
24.3.5 Settlement (Accoord) in Moratorium
24.4 LAW ON INTERNATIONAL BANKRUPTCIES
24.4.1 Principle of Territoriality
24.4.2 Interregional Aspects of Bankruptcy and Moratorium Within the Kingdom of the Netherlands
24.4.3 Powers of Netherlands Antilles Trustees over Foreign Assets
24.4.4 Powers of a Foreign Bankruptcy Trustee in the Netherlands Antilles
25 Intellectual Property
25.1 INTERNATIONAL AGREEMENTS
25.2 PATENT LAW
25.2.1 Legal Basis and Concept
25.2.2 Applications and Granting
25.2.3 Term and Lapse of Rights
25.2.4 Patentees and Employees
25.2.5 Consequences and Legal Enforcement
25.2.6 Transfer, Passage, License and Compulsory License
25.2.7 International Patent Applications
25.3 TRADEMARKS
25.3.1 Legal Basis and Concept
25.3.2 Obtaining and Registering a Trademark
25.3.3 Duration and Lapsing of Trademark Rights
Revocation
25.3.4 Consequences of the Trademark and Legal Enforcement
25.3.5 Assignment, Passage and Licenses
25.3.6 Service and Collective Marks
25.3.7 International Marks and Miscellaneous
25.3.8 Transitional Arrangements
25.3.9 Legislation
25.4 TRADE NAME
25.4.1 General
25.4.2 Concept of Trade Name
Registration
25.4.3 Obtaining a Trade Name
25.4.4 The Trade Name
25.4.5 Legal Enforcement
25.5 THE LAW ON DRAWINGS AND DESIGNS
25.6 COPYRIGHT
25.6.1 Legal Basis and Concept of Copyright
25.6.2 Origin and Term of Copyright
25.6.3 Consequences of Copyright
Restriction
Enforcement
25.6.4 The Copyright Holder
Employees
25.6.5 Transfer and Granting License
25.7 UNFAIR COMPETITION
26 Registration of Ships and of Bareboat Charters
26.1 INTRODUCTION
26.2 SHIP REGISTRATION
26.2.1 Legal Sources
26.2.2 Ship Registers
26.2.3 Registration Requirements
26.2.4 Court Certificate of Nationality
26.2.5 Owner's Declaration
26.2.6 Official Number
26.2.7 Certificate of Registry and Ship Station License
26.2.8 Safety Standards
26.2.9 Mortgaging and Transferring Registered Ship
26.2.10 Deletion of Registration
26.3 REGISTRATION OF BAREBOAT CHARTER
26.3.1 Netherlands Antilles Certificate of Registry Decree and Bareboat Charter
26.3.2 Bareboat-In
26.3.3 Bareboat-Out
26.4 TONNAGE TAX
26.4.1 General
26.4.2 Tonnage Tax and Article 9a of the Profits Tax Ordinance
26.4.3 Deletion
26.4.4 Liability for and Payment of Tonnage Tax
26.5.1 The Nationality Register
26.5.2 The Aircraft Record
26.5 REGISTRATION OF AIRCRAFT
27 Timesharing
27.1 GENERAL
27.1.1 Definition
27.1.2 Legal Basis of the Structures Used
27.2 THE COOPERATIVE ASSOCIATION
27.2.1 Structure
27.2.2 Management
27.2.3 Transferability
27.2.4 Expulsion
27.2.5 Ownership
27.2.6 Management and Control
27.2.7 Risks
27.2.8 Conclusion as Regards Cooperatives
27.3 LEASE-BASED STRUCTURES
27.3.1 Definition
27.3.2 Protection for the Timeshare Owner
27.3.3 Elements of a Lease Agreement
27.3.4 Conclusion as Regards Lease-Based Structures
27.4 CO-OWNERSHIP
27.4.1 Definition
27.4.2 Risks
27.5 APARTMENT RIGHTS
27.6 OTHER POSSIBLE STRUCTURES
27.7 CONCLUSIONS AND RECOMMENDATIONS
27.7.1 Recommendations for a Statutory Arrangement
27.7.2 Division Between Ownership and Management
28 Aruba Exempt Companies
28.1 INCORPORATION AND AMENDMENTS TO THE ARTICLES
28.1.1 Incorporation and Incorporators
28.1.2 The AVV in the Process of Incorporation (AVV i.o.)
28.1.3 Deed of Incorporation
Articles of Incorporation
28.1.4 Amendments to the Articles of Incorporation
28.1.5 Obligatory and Non-obligatory Information to be Set Out in the Deed of Incorporation
28.2 FIXED CHARGES
28.3 CAPITAL OF THE AVV
28.3.1 Capital
28.3.2 Shares
28.4 MANAGEMENT
28.4.1 Statutory Requirements
28.4.2 Management Duties
28.4.3 Board Meetings
28.4.4 Emergency Measures
28.4.5 Corporate Agents
28.4.6 Supervision of the Management
28.5 GENERAL MEETING OF SHAREHOLDERS
28.5.1 General
28.5.2 Meetings/Actions
28.5.3 Votes
28.5.4 Annual Financial Statements
28.6 DISSOLUTION
Glossary of Regulations
Topical Index
Contributing Authors
Back Cover

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