221 Consent of Authority required

(1) The following cannot be done except under the authority of and in
accordance with the terms and conditions of the written consent of the
Authority —

(a) the incorporation or continuation of a company as a protected cell
company;

(b) the conversion of a non-cellular company into a protected cell
company; and

(c) the conversion of a protected cell company into a non-cellular
company.


(2) The Authority may, from time to time and in such manner as it thinks fit
—

(a) vary or revoke any term or condition subject to which a consent
under subsection (1) was granted; and

(b) impose any new term or condition in relation to any such
consent.

(3) An application for the consent of the Authority under subsection (1) —

(a) shall be made to the Authority in such form, and shall be
accompanied by such documents and information, verified in
such manner, as the Authority may require; and

(b) shall be accompanied by the specified fee set out in Part I or
Part II, as the case may be, of the Second Schedule.

(4) A person who contravenes, or who causes or permits any contravention
of, any term or condition of a consent of the Authority commits an
offence and is liable on conviction to a fine not exceeding US$20,000.