Maintaining Company

According to section 373 of the Companies Act, failure to disclose Beneficial Ownership information attracts a fine of K120,000 upon conviction or to imprisonment for a period not exceeding four years, or both.

Section 270 of the Companies Act states that an annual return must be signed by a director or the secretary and must include updated beneficial ownership information.

Under section 21 of the Companies Act, the Registrar is required to establish and maintain a Register of beneficial owners in manual or electronic form. Pursuant to section 124, the Registrar also ensures that the beneficial ownership of shares is known, ascertained, and verified before the shares can be registered and transacted in accordance with

Section 123 of the Companies Act states that where the name of a person who is not the beneficial owner, is entered in the register of members as the holder of a share, the person shall make a declaration to the company within such time and in such form as may be prescribed, specifying the

Section 83 of the Companies Act states that the company secretary is responsible for ensuring that the company maintains and updates information on the beneficial ownership of all the shares of the company and their associated voting rights. Section 83 Further, sections 195 and 198 of the Companies Act states that the board of directors

Section 3 of the Companies Act No. 10 of 2017 defines control as follows;“ control ”means the control of a company by a person who— (a) beneficially owns more than twenty-five percent of the issued share capital of the company; (b) is entitled to vote a majority of the votes that may be cast at

Through ownership arrangements:

Yes. Existing companies are required to notify the Registrar in the prescribed form, within fourteen days of such change, where a change occurs with respect to the particulars of shareholding or beneficial ownership stated in a Register maintained in accordance with this Act. Pursuant to section 21(2) the Registrar has established and maintains a Register

A Notice of Transmission of Share (Companies Form 19) is filed to the Registrar, where the registered holder of a share(s) dies or becomes bankrupt. In the case of the death of a shareholder of a company the— survivor or survivors where the deceased was a joint holder; and personal representative of the deceased where