shares in an international business company may only be issued as fully paid. the international business companies act is unclear as to what the effect of a purported share issue is where the share is not fully paid, but it seems probable that the result is it would be void. shares in an international business company are person property, and the "situs" of the shares is in anguilla, and shares may be mortgaged or charged by the shareholder. dividends on shares may only be paid out of surplus, which for the purposes of anguillan law is defined as the excess, if any, of the total assets of the company over the sum of its total liabilities as shown in the books of account, plus its capital.