Maintaining Company

What is the role of the Registrar in so far as Beneficial Ownership information is concerned?

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 …

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Are shareholders obliged to disclose information on the beneficial ownership of all the shares they hold in a company?

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 …

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Who is responsible for maintaining and updating information on the beneficial ownership in a company?

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 …

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What is control of a company?

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 …

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Are existing companies required to declare who the beneficial owners of shares are?

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 …

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