Register of members
In this blog, we will talk about the entities which are required to form a register (a company or a registered scheme), types of registers and the need to keep them updated.
1. A company or a registered business scheme must set up and maintain the following:
1. A register of members (section 169)
2. If the company or scheme grants options over unissued shares or interests – a register of option holders
3. If the company issues debentures – a register of debenture holders,
General requirements for register of members
The register of members must contain the following information about each member:
1. Member’s name and address
2. Date on which member’s name in the register
Companies with Share Capital
If a company has a share capital, the register must allow:
1. Date on which every allotment takes place
2. Number of shares in each allotment
3. Shares held by each member
4. Class of shares
5. Amount paid on shares
6. Whether or not shares are fully paid
7. Amount unpaid on shares
Register does not have to show the unpaid on shares – All of the company’s shares were issued before 1/07/1998 and the register continues to show the par values of the shares
Non-beneficial ownership – Companies other than listed companies
The register of a company that:
a) Has a share capital
b) Is neither a listed company nor a company covered by an order under section 707
In deciding for the purposes of subsection (5A) whether a member holds shares beneficially or non beneficially, the company is to have regard only to information in notices given to the company under section 1072H, 672B or 672C.
The register of members must also show:
· Name and details of each person who stopped being a member of the company or scheme within the last 7 years and the date on which the person stopped being the member
· 2 or more persons who jointly hold shares in the company or interests in the scheme in relation to those shares or interests