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Companies Act, 1973 (Act No. 61 of 1973)

Chapter IX: Remedies of Members

Inquiry into Membership and Ownership of Shares and Control of Company

255. Power to require information as to persons interested in shares or debentures

 

 

1) When the Minister deems it necessary to investigate any interest in shares or debentures of a company, he may by written notice require-
a) any director or officer of the company; or
b) any person whom he has reason to believe-
i) to have or to have had any interest in those shares or debentures; or
ii) to be acting or to have acted in relation to those shares or debentures as the trustee or agent or nominee of someone having any interest therein,

to furnish the Minister in writing, within twenty-one days after the date of the said notice, with any information which he has or can reasonably be expected to obtain as to any present or past interest in those shares or debentures and the name and address of the interested person concerned and of any person who is acting or has acted on his behalf in relation to those shares or debentures.

 

2) For the purposes of this section, a person shall be deemed to have an interest in a share or debenture of a company if he has any right as against any member of or any holder of a debenture of the company in respect of dividends, interest or capital received from the company by such member or holder, or if he has any right to acquire or dispose of the share or debenture or any interest therein or to vote in respect thereof or is able materially to influence the exercise of such voting right, or if his consent is necessary for the exercise of any of the rights of a member or any other person having an interest therein, or if a member or any other person having an interest therein can be required or is accustomed to exercise his rights in accordance with his instructions, or if he is a beneficiary, of whatever nature, in relation to such share or debenture.

 

3) Any person who fails to give any information required of him under this section and which he is able to give or can reasonably obtain, or who in giving any such information knowingly or recklessly makes any statement which is false in any material particular, shall be guilty of an offence.