 it was for International Business), and in exchange the company was exempt from all forms of British Virgin Islands taxation and stamp duty.Parts of the Act were quite radical for the time.The Act abolished the concept of "ultra vires" for companies, considerably restricted the requirement for corporate benefit, it permitted companies to change their corporate domicile from one jurisdiction to another, it allowed "true merger" of two different corporate entities, and introduced the concept of voting trusts to the jurisdiction.