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rate of 4 % per annum and will be refunded to the Company or its liquidator upon dissolution but such money will be available for creditors (if any) on such dissolution.
§ 5.Before any company can be incorporated in the Principality of Sealand it is neccessary for it to register in Register B, and founders to satisfy the Registrar of Companies as to its articles of association, and that it owns the designated capital, and to prove its compliance with § 4 of this law.
§ 6.The Registrar of Companies or such person as may be authorized by him from time to time shall have the right to audit and examine the balance sheet and profit and loss account of the company and its Directors shall not later than 8 months after the end of each year, of each company file with the Registrar a statement of the business status and business activity, and of the assets of such company and also a balance sheet and profit and loss account and such accounts shall form the basis of assessment of the companies taxes.
§ 7.If any company registered in Register B fails to file its balance sheet and profit and loss account within eight months of its due date, or if the company becomes insolvent and does not pay its debts or its taxes, or if for any other reason the Registrar of Companies is of the opinion that it is just and equitable that the company should be dissolved, he shall have the right so to dissolve the company and appoint a liquidator to collect in the company's assets and pay its debts in such priority as may from time to time apply to Sealand companies. But so that all moneys due to the State of Sealand shall be paid in priority to all other debts. Any surplus after paying all costs and expenses of liquidation will be refunded to the share holders in the company.
§ 8.On request of the audit company, persons registered in Register B have to insure their material assets with an Insurance Company of Sealand founded for this reason.
§ 9.This law comes into force the day this document is signed by the Sovereign.
17th May 1976, Roy of Sealand
Laws relating to passports and visas
§ 1.Sealanders and foreigners who enter or leave the territory of the Principality of Sealand are obliged to prove their identity by a valid passport and on entering to have a visa entered in such passport.
§ 2.In special cases the Sovereign may declare that there will be granted special or general exemption from the obligation to carry a passport or visa.
§ 3.Only Sealand Nationals may receive a passport of the Principality of Sealand, although in special cases the Sovereign has the right to issue a passport to a person who is not a National.
§ 4.In cases where the Sovereign considers it might endanger the interests of the Principality of Sealand to issue a passport to any person or to permit a person to whom a passport has been issued to retain it, such passport may be refused or withdrawn.
§ 5.The Sovereign or such person as may from time to time be designated by him will be responsible for the issue of passports and visas.
§ 6.All issues or withdrawings of passports as well as all visas will be recorded in a register.
§ 7.Fees and expenses have to be paid in national currency (Sealand Dollar) to the office issuing the passport or visa.
§ 8.This law comes into force the day this document is signed by the Sovereign.
17th May 1976, Roy of Sealand
