Furthermore, various other British Virgin Islands statutes require companies conducting certain types of business to maintain certain levels of share capital. The approach to share capital in the British Virgin Islands is extremely flexible, and this reflects the desire to maintain the appeal of companies formed in the jurisdiction for finance transactions. Some of those features include: Validation of companies providing financial assistance for the acquisition of their own shares Absence of capital maintenance rules in relation to dividends and distributions Power to hold treasury shares Absence of thin capitalisation rules Shareholders in a British Virgin Islands company do not enjoy statutory pre-emption rights or rights of first refusal in relation to new issuances or sales of shares. Although companies may opt into a statutory pre-emption scheme provided for under the legislation, in practice relatively few companies do so. Companies may provide for bespoke provisions relating to such rights in their constitutional documents, and this will sometimes occur in joint ventures or where preferred shareholders invest in the company. Shareholder voting in the British Virgin Islands is still predicated by the normal basis of majority-control. However, where the majority exercises their power in a way which is unfairly prejudicial to the minority shareholders, the court may give relief to the minority shareholders. However, the minority shareholders will need to satisfy the court that the conduct of the majority was unfair - simply exercising their votes to overrule the minority is not unfair in and of itself. The court also has power to order that a minority shareholder may bring proceedings on behalf of the company against a party whom the company has claims against where the wrongdoers are effectively in control of the company and refuse to take action. British Virgin Islands companies still technically have the power to issue bearer shares where their constitutional documents so provide. However, bearer shares have become so circumscribed that they are rarely seen in practice. Companies which issue bearer shares are subject to punitive increased licence fees, and all bearer shares are required to be held by licensed custodians ("de-materialised" in the parlance of the statute) and so operate in much the same way as registered shares in any event. Bearer shares which are not deposited with a licensed custodian are disabled by law, and cannot vote or receive distributions. Debt finance British Virgin Islands companies are often capitalised primarily with debt rather