The board of directors of Bermuda Commercial Bank announced yesterday that it has extended the life of its warrants from May 31,2001 to May 31,002.

The decision was made at a special general meeting of the warrant holders and share holders held on May 30.

Each warrant entitles the holder to purchase one common share of bank stock at a fixed price of $7.50.

The bank said the underlying reason for the extension is to allow warrant holders a longer period of time in which to consider exercising their warrants after the bank was granted an exemption from the 60/40 ownership rules.

The bank also reported that it had amended bank bye-laws to comply with the new lifting of ownership restrictions "relating to significant share acquisitions by non Bermudian shareholders."

The shareholders also approved changes to the bank's incorporating act including the elimination of the "double indemnity" provisions which will allow the shares to trade in the Bermuda Stock Exchange's new clearing, settlement and depository service.