A raft of measures which will have a significant impact on Bermuda’s international business sector have been proposed by Government.The Companies Amendment (No 2) Bill 2011, which outlines a number of changes to the Companies Act 1981, was tabled by the Ministry of Business Development and Tourism in the House of Assembly on Friday.Among the key changes are the permitting of sole and corporate directors of Bermuda companies, the option to waive annual general meetings and the removal of prohibitions on providing financial assistance.Other amendments include the use of paperless share transfers for listed companies, the ability for Bermuda companies to declare dividends or distributions when recording a profit, notwithstanding that the company may carry a negative retained earnings balance, and the addition of a new process for mergers as an alternative to the existing amalgamations procedure.The Companies Act 1981 is the principal statute governing the formation and operation of Bermuda companies.