文稿教案讲稿47travers bvi legal opinion

Oversea-ChineseBankingCorporationLimited65ChuliaStreet,#06-00OCBC(the“Investor”)4NovemberDearGreenDragonWehaveactedascounselastoBritishVirginIslandslawtoGreenDragonAdvisory(the“Company”)inconnectionwith,amongotherthings,theissuebytheCompanyofupto979,396seriesApreferredshareswithaparvalueofUS$0.001eachtotheInvestor(the“Investor’sSeriesAPreferredShares”). SWehavereviewedoriginals,copies,draftsorconformedcopiesofthe slistedinSchedule1tothisopinion.DefinedtermsshallhavethemeaningssetoutinSchedule1.Thefollowingopinionisgivenonlyasto,andbasedon,circumstancesandmattersoffactexistingandknowntousonthedateofthisopinion.ThisopiniononlyrelatestothelawsoftheBritishVirginIslandswhichareinforceonthedateofthisopinion.Ingivingthisopinionwehaverelied(withoutfurtherverification)uponthecompletenessandaccuracyofthe ,acopyofwhichisattachedtothisopinion,theofGoodStandingandthesearchescarriedoutbyNewhavenTrustees(BVI)Limitedasreferredtoinparagraphs4.8,4.9and4.10below(copiesofwhichareattachedtothisopinion).WehavealsoreliedupontheassumptionssetoutinSchedule2tothisopinion,whichwehavenotindependentlyverified.TheopinionsexpressedbelowaresubjecttothequalificationssetoutinSchedule3tothisBasedupon,andsubjectto,theforegoingassumptionsandqualifications,andhavingregardtosuchlegalconsiderationsaswedeemrelevant,weareoftheopinionthat:TheCompanyhasbeendulyincorporatedundertheBVIBusinessCompaniesAct,2004,asamended(the“Act”)andisvalidlyexistingandingoodstandingunderthelawsoftheBritishVirginIslands.TheCompanyhasthecapacitytoownitsassetsandpropertyandtocarryonitsbusinessinaccordancewiththeRestatedM&Aandtosueandbesuedinitsownname.TheCompanyhasthenecessarycorporatepowerandauthoritytoenterintoandperformitsobligationsundertheTransactions.TheexecutionanddeliveryoftheTransactionsbytheCompanyandtheperformancebytheCompanyofitsobligationsthereunderwillnotviolatetheRestatedM&Anoranyapplicablelaw,regulation,orderordecreeintheBritishVirginIslands.BasedsolelyonourreviewoftheRestatedM&A,witheffectfromthedateofregistrationwiththeRegistrarofCorporateAffairsintheBritishVirginIslands(the“Registrar”),theCompanyisauthorisedtoissuea umof50,000,000sharescomprisedof(i)47,956,044commonshareswithaparvalueofUS$0.001each(the“CommonShares”),and(ii)2,043,956seriesApreferredshareswithaparvalueofUS$0.001each(“SeriesAPreferredShares”).TheCommonSharesandtheSeriesAPreferredShareswillhavetherights,preferences,privilegesandrestrictionssetforthintheRestatedM&A.TheissueandallotmentoftheInvestor’sSeriesAPreferredShareshavebeendulyauthorisedandapprovedbytheCompany.TheInvestor’sSeriesAPreferredShares,whenissuedandallottedinaccordancewiththetermsoftheTransactions,theResolutionsandtheRestatedM&A,andwhenenteredontheregisterofmembersoftheCompanyagainstthenameoftheholderthereofassuch,andtheCommonShares(the“ConversionShares”),whenissueduponaconversionoftheSeriesAPreferredShares,willbedulyauthorized,validlyissuedasfullypaidandnon-assessable(meaningthatnofurthersumsarerequiredtobepaidbytheholdersthereofinconnectionwiththeissuethereof)underBritishVirginIslandslawandinaccordancewiththeResolutionsandtheRestatedM&A:assumingpaymentinfulloftheconsiderationsetforthintheTransactionshasbeenmadeandnorequirementtopayadditionalconsiderationiscontainedinanyother ;andsubjecttothesatisfactionofanyconditionsorrequirementssetforthintheTransactions,RestatedM&AortheResolutions.UponentryontheregisterofmembersoftheCompany,theInvestorwillbetheregisteredholderofsuchnumberofSeriesAPreferredSharesasnotedagainstitsnameonsuchregisterofmembers.TheShareholdersResolutionsandBoardResolutionshavebeendulyexecutedandareinfullforceandeffect,andtheCompanyhastakenallcorporateactionsrequired2toauthorisetheexecution,deliveryandperformanceoftheTransactionsbyandonbehalfoftheCompanyandtheTransactionshavebeendulyexecutedanddeliveredonbehalfoftheCompanyandconstitutethelegal,validandbindingobligationsoftheCompanyenforceableinaccordancewiththeirterms.Noauthorisations,consents,approvals,licences,validationsorexemptionsarerequiredbylawfromanyernmentalauthoritiesoragenciesorotherofficialbodiesintheBritishVirginIslandsinconnectionwith:thecreation,executionordeliveryoftheTransactionsbytheCompany;orenforcementoftheTransactionsagainsttheCompany;theperformancebytheCompanyofitsobligationsundertheTransactions,includingwithoutlimitationthesaleandissueoftheInvestor’sSeriesAPreferredSharesandtheConversionSharestotheInvestorpursuanttotheTransactions.Notaxes,stampduty,levies,feesorchargesarepayable(eitherbydirectassessmentorwithholding)totheernmentorothertaxingauthorityintheBritishVirginIslandsunderthelawsoftheBritishVirginIslandsinrespectof:theexecution,delivery,orperformanceoftheTransactions;theenforcementoradmissibilityinevidenceoftheTransactions;paymentsmadeunder,orpursuantto,theTransactionTherearenoacts,conditionsorthingsrequiredbythelawsandregulationsoftheBritishVirginIslandstobedone,fulfilledorperformedinordertomaketheTransactionsadmissibleinevidenceintheBritishVirginIslands.TheBritishVirginIslandscurrentlyhavenoformof e,corporateorcapitalgainstaxandnoestateduty,inheritancetaxorgifttax.ThereisnoapplicablestatutoryusuryorinterestlimitationlawintheBritishVirginIslandswhichwouldrestricttherecoveryofpaymentsortheperformancebytheCompanyofitsobligationsundertheTransactions.OnthebasisofsearchesconductedbyNewhavenTrusteesBVILimitedon3November2014of(a)thepublicrecordsinrespectoftheCompanymaintainedattheofficeoftheRegistrarand(b)theCivilCauseBookoftheHighCourt(collectively,the“Searches”),and(c)basedsolelyonourreviewoftheCompany’sregisterofchargesmaintainedatitsregisteredofficeintheBritishVirginIslands,therearenoactions,suitsorproceedingspendingagainsttheCompanybeforetheHighCourtandtheSearchesdonotrevealanystepshavingbeentakenintheBritishVirginIslandsfortheappointmentofareceiverorliquidatorto,orforthewinding-up,dissolutionorreorganisationoftheCompany(totheextentthatsuchstepswouldresultinafilingwiththeRegistrarortheHighCourtandsuchfilinghasbeenmade);andbasedsolelyonourreviewoftheCompany’sregisterofchargesmaintainedatitsregisteredofficeintheBritishVirginIslands,therearenoentriesonsuchregisterofchargesassomaintained.Itisarequirementthatnoticeofappointmentofareceivermadeundersection118oftheInsolvencyAct2003beregisteredwiththeRegistryofCorporateAffairsundersection118oftheInsolvencyAct2003.However,itshouldbenotedthatthereisnomechanismtofilewiththeRegistryof3CorporateAffairsnoticeofanappointmentofareceivermadeunderforeignOnthebasisofasearchofthepublicrecordsinrespectoftheCompanymaintainedattheofficeoftheRegistrarconductedbyNewhavenTrusteesBVILimitedon3November2014,therearenoentriesintheCompany’sregisterofregisteredchargesmaintainedbytheRegistrarpursuanttosection163oftheActasatthedateofsuchsearch,acopyofwhichisattachedtothisopinion.BasedsolelyonasearchofthepublicrecordsinrespectoftheCompanymaintainedattheofficeoftheRegistraron3November2014andasearchoftheCivilCauseBookoftheHighCourtoftheBritishVirginIslands(the“HighCourt”)conductedbyNewhavenTrustees(BVI)Limitedon3November2014(whichwouldnotrevealdetailsofproceedingswhichhavebeenfiledbutnotactuallyenteredintheCivilCauseBookoftheHighCourtatthetimeofthesearch),thesearchesdisclosedthereareasatthedateoftheaforesaidsearchesnojudgmentspendingagainsttheCompany,noranyactions,suitsorproceedingspendingagainsttheCompanythoughitshouldbenotedthattheCivilCauseBookoftheHighCourtmaynotrevealwhetheranapplicationfortheappointmentofaliquidatororareceiverhasbeenpresentedtotheCourtsorwhetheranyoutofcourtappointmentofaliquidatororareceiver,oranyoutofcourtdissolution,reconstructionorreorganisationoftheCompanyhasbeencommenced.Inaddition,thesearchoftheCivilCauseBookattheHighCourtisamanualsearchandcannotbereliedupontorevealwhetherornotaparticularentityisapartytolitigationintheBritishVirginIslands.TheCivilCauseBookisnotupdatedeverydayanditisnotupdatedifthirdpartiesornoticedpartiesareaddedtoorremovedfromtheproceedingsaftertheircommencement.ThechoiceofHongKonglawastheerninglawoftheTransactionsisavalidchoiceoflawandthecourtsoftheBritishVirginIslandswillobserveandgiveeffecttothechoiceofthelawsofHongKongastheerninglawoftheTransactions.ThesubmissionintheTransaction stoarbitrationintheHongKongInternationalArbitrationCentre(“HKIAC”)inaccordancewiththeHKIACAdministeredArbitrationRulesineffectislegal,validandbindingupontheCompanyassumingthesameistrueasamatteroftherelevanterninglawoftheTransactions.AnawardmadeinpursuanceofanarbitrationagreementinaforeigncountrythatisapartytotheConventionontheRecognitionandEnforcementofForeignArbitralAwards1958(the“Convention”)maybeenforcedwiththeleaveofthecourtsoftheBritishVirginIslandsandjudgmententeredintermsoftheawardandsuchleaveshallnotberefusedexceptinthecircumstancessetoutbelow:If againstwhomtheawardisinvokedprovesapartytotherelevantarbitrationagreementwas(underthelawapplicabletothe )undersomeincapacity;ortherelevantarbitrationagreementwasnotvalidunderthelawtowhichthepartiessubjecteditor,failinganyindicationthereonunderthelawofthecountrywheretheawardwasmade;or wasnotgivenpropernoticeoftheappointmentofthearbitratororofthearbitrationproceedingsorwasotherwiseunabletopresenthiscase;or4subjectto(c)below,theawarddealswithadifferencenotcontemplatedbyornotfallingwithinthetermsofthesubmissiontoarbitrationorcontainsdecisionsonmattersbeyondthescopeofthesubmissiontoarbitration;orthecompositionofthearbitralauthorityorthearbitralprocedurewasnotinaccordancewiththeagreementofthepartiesorfailingsuchagreementwiththelawofthecountrywherethearbitrationtookplace;theawardhasnotyet ebindingontheparties,orhasbeensetasideorsuspendedbyacompetentauthorityofthecountryinwhichorunderthelawofwhichitwasmade;orenforcementofaConventionawardmayberefusediftheawardisinrespectofamatterwhichisnotcapableofsettlementbyarbitrationorifitwouldbecontrarytopublicpolicytoenforcetheaward;oraConventionawardwhichcontainsdecisionsonmattersnotsubmittedtoarbitrationmaybeenforcedtotheextentthatitcontainsdecisionsonmatterssubmittedtoarbitrationwhichcanbeseparatedfromthoseonmattersnotsosubmitted;orwhereanapplicationforthesettingasideofaConventionawardhasbeenmadetosuchacompetentauthorityasismentionedinsub-paragraph(a)(vi)abovetheCourtbeforewhichenforcementoftheawardissoughtmay,ifitthinksfit,adjourntheproceedingsandmayontheapplicationofthepartyseekingtoenforcetheawardordertheotherpartytogivesecurity;orthearbitrationagreementwasnotvalidunderthelawtowhichthepartiessubjecteditor,indefault,underthelawofthejurisdictionwheretheAwardwasmade;ortheAwardwasmadeincircumstancescontrarytonaturalItisnotnecessarytoensurethelegality,validity,enforceabilityoradmissibilityinevidenceoftheTransactionsthatany befiled,recordedorenrolledwithanyernmentalauthorityoragencyoranyofficialbodyintheBritishVirginIslands.TheCompanyisnotentitledtoanyimmunityunderthelawsoftheBritishVirginIslands,whethercharacterisedassovereignimmunityorotherwise,fromanylegalproceedingstoenforcetheTransactionsinrespectofitselforitsproperty.TheInvestorwillnotbetreatedasresident,domiciledorcarryingonortransactingbusinessorsubjecttotaxationintheBritishVirginIslandsorinviolationofanyBritishVirginIslandslawsolelybyreasonofthenegotiation,preparationorexecutionoftheTransactions,ortheenteringintoortheexerciseofitsrightsunder,performanceand/orenforcementoftheTransactions.TheInvestorhasstandingtobringanactionorproceedingsbeforetheappropriatecourtsintheBritishVirginIslandsfortheenforcementoftheTransactions.ItisnotnecessaryoradvisableinorderfortheInvestortoenforceitsrightsundertheTransactions,includingtheexerciseofremediesthereunder,thatitbe5licensed,qualifiedorotherwiseentitledtocarryonbusinessintheBritishVirginTheCompanyhasthecapacitytoacquire,holdandsellforeigncurrencyandsecurities.ThereisnoexchangecontrollegislationunderBritishVirginIslandslawandaccordinglytherearenoexchangecontrolregulationsimposedunderBritishVirginIslandslaw.TheRestatedM&AareconsistentandincompliancewiththeActanddonotwithanyotherapplicablelaw,regulation,orderordecreecurrentlyinforceintheBritishVirginIslands.TheRestatedM&AhavebeenapprovedbytheShareholdersResolutionsandwillbeinfullforceandeffectupontheirregistrationandfilingwiththeRegistrarofCorporateAffairsintheBritishVirginIslands.UndertheAct,theRestatedM&Aarebindingasbetween(a)theCompanyandeachmemberoftheCompany,and(b)eachmemberoftheCompany.WheretheTransactionscontainaprovisionpursuanttowhichtheCompanyagreestosubmittothejurisdictionofthecourtsspecifiedtherein,theCompanyhasexecutedaneffectivesubmissiontothejurisdictionofsuchcourts.BasedsolelyuponourreviewoftheregisterofmembersoftheCompanythefollowingaretheshareholdersoftheCompany:Nameof Classof NumberofRockStar Common ThecourtsoftheBritishVirginIslandshavejurisdictiontogivejudgmentinthecurrencyoftherelevantobligation.TheobligationsoftheCompanyunderanyoftheTransactionstowhichitispartywillrankatleastparipassuwiththeclaimsofallotherunsecuredcreditorsoftheCompany(otherthanthosepreferredbylaw).ServiceofprocessintheBritishVirginIslandsontheCompanymaybeeffectedbyaddressingtherelevant totheCompanyandleavingtherelevanttobeservedattheregisteredofficeoftheCompanyortheofficeoftheCompany’sregisteredWeexpressnoviewastothecommercialtermsoftheTransactionsorwhethersuchtermsrepresenttheintentionsofthepartiesandmakenocommentwithregardtotherepresentationswhichmaybemadebytheCompany.Thisopinionmayberelieduponbytheaddresseesonly.Itmaynotberelieduponbyany exceptwithourpriorwrittenconsent.YoursTRAVERSTHORP6ListofsWehavereviewedoriginals,copies,draftsorconformedcopiesofthefollowingtheofIncorporationoftheCompanydated16December ofGoodStandingissuedbytheRegistraron31October2014 ofGoodtheMemorandumandArticlesofAssociationoftheCompanyasadoptedontheCompany’sincorporation(the“M&A”);theAmendedandRestatedMemorandumandArticlesofAssociationoftheCompanyasadoptedpursuanttoshareholderresolutionspassedon28September2014andregisteredwiththeRegistrarofCorporateAffairs(the“RestatedM&A”);acopyoftheCompany'sRegisterofMemberscertifiedbyadirectoroftheCompanyon4November2014;acopyoftheCompany'sRegisterofDirectorscertifiedbyadirectoroftheCompanyon3November2014;theShareholdersResolutionsdated28September2014approvingtheRestatedM&A(the“ShareholdersResolutions”);theWrittenResolutionsoftheDirectorsoftheCompanydated28September2014(the“BoardResolutions”,togetherwiththeShareholdersResolutions,the“Resolutions”)atwhichthetermsoftheTransactionswereapproved; fromaDirectoroftheCompanyacopyofwhichisannexedhereto(the“Director’s”);theSharePurchaseAgreementdated10October2014inrespectoftheCompanybetweenNelsonLohNe-Loon,TerenceLohNe-Wei,FangJianlin,YuQiang,GreenDragonAdvisory,PurplePlanetInternationalLimited(紫色星球國際有限公司),Zichan(Shanghai)InvestmentConsultingCo.,.(（）投资咨询),ShanghaiMinyanEnterpriseManagementCo.,.(名颜企业管理),Shanpi(Shanghai)InvestmentManagementCo.,.(姗媲()投资管理),PPP(Shanghai)InvestmentConsultingCo.,.(媲媲媲()企业管理咨询),andMinyan(Shanghai)InvestmentConsultingCo.,.(珉研()投资咨询),RockStarAdvisors,andOversea-ChineseBankingCorporationLimited(the“SharePurchaseAgreement”);and..（名theShareholdersAgreementdated4November2014inrespectoftheCompanybetweenNelsonLohNe-Loon,TerenceLohNe-Wei,FangJianlin,YuQiang,GreenDragonAdvisory,PurplePlanetInternational..（名Zichan(Shanghai)InvestmentConsultingCo.,ShanghaiMinyanEnterpriseManagementCo.,

）投资咨 颜企业管 Shanpi(Shanghai)InvestmentManagementCo.,.(姗媲()投资管理),PPP(Shanghai)InvestmentConsultingCo.,.(媲媲媲()企业管理咨询),andMinyan(Shanghai)InvestmentConsultingCo.,.(珉研()投资咨询),RockStarAdvisors,Oversea-ChineseBankingCorporationLimited,andFFCapitalLimited(the“ShareholdersAgreement”).Theslistedat10and11abovearethe“TransactionWehaverelieduponthefollowingassumptions,whichwehavenotindependentlytheTransactionshavebeenorwillbeauthorisedanddulyexecutedandunconditionallydeliveredbyoronbehalfofallrelevantparties(otherthantheCompany)inaccordancewithallrelevantlaws(otherthan,withrespecttotheCompany,thelawsoftheBritishVirginIslands);theTransactionsareernedbythelawsofHongKongandare,orwillbe,legal,valid,bindingandenforceableagainstallrelevantpartiesinaccordancewiththeirtermsunderthelawsofHongKongandallotherrelevantlaws(otherthan,withrespecttotheCompany,thelawsoftheBritishVirginIslands);thechoiceofthelawsofHongKongastheerninglawoftheTransactionshasbeenmadeingoodfaithandwouldberegardedasavalidandbindingselectionwhichwillbeupheldbyanycourtsittinginHongKong,asapplicable,andanyotherrelevantjurisdiction(otherthantheBritishVirginIslands)asamatterofthelawsofHongKongandallotherrelevantlaws(otherthanthelawsoftheBritishVirginIslands); s,conformedcopiesordraftsof sprovidedtousaretrueandcompletecopiesof,orinthefinalformsof,theoriginals;allsignatures,initialsandsealsarethepower,authorityandlegalrightofallpartiesunderallrelevantlawsandregulations(otherthan,withrespecttotheCompany,thelawsoftheBritishVirginIslands)toenterinto,execute,deliverandperformtheirrespectiveobligationsundertheTransactions;andthereisnothingcontainedintheminutebookorthecorporaterecordsoftheCompany(whichwehavenotinspected)(otherthanthe slistedinSchedule1tothisopinion)whichwouldormightaffecttheopinionshereinafterappearing.TheopinionsexpressedabovearesubjecttothefollowingTheterm“enforceable”asusedinthisopinionmeansthattheobligationsassumedbytheCompanyundertheTransactionsareofatypewhichthecourtsoftheBritishVirginIslandswillenforce.Itdoesnotmeanthatthoseobligationswillnecessarilybeenforcedinallcircumstancesinaccordancewiththeirterms.Inenforcementmaybelimitedbybankruptcy,insolvency,liquidation,reorganisation,readjustmentofdebtsormoratoriumorotherlawsofgeneralapplicationrelatingtooraffectingtherightsofcreditors;enforcementmaybelimitedbygeneralprinciplesofequity.Forexample,equitableremediessuchasspecificperformancemaynotbeavailable,interalia,wheredamagesareconsideredtobeanadequateremedy;someclaimsmay ebarredunderthestatutesoflimitationormaybeoresubjecttodefencesofsetoff,counterclaim,estoppelandwhereobligationsaretobeperformedinajurisdictionoutsidetheBritishVirginIslands,theymaynotbeenforceableintheBritishVirginIslandstotheextentthatperformancewouldbeillegalunderthelawsofthatjurisdiction;theBritishVirginIslandscourthasjurisdictiontogivejudgmentinthecurrencyoftherelevantobligationandstatutoryratesofinterestpayableuponjudgmentswillvaryaccordingtothecurrencyofthejudgment.IftheCompany insolventandismadesubjecttoaliquidationproceeding,theBritishVirginIslandscou