Section 551 of The Companies Act No. 17 of 2015: Company to keep register of interest disclosed

    

(1) A company shall keep a register of information that it has obtained as a result of a requirement imposed under section 536.
(2) Within three days after receiving any such information, the company shall enter in the register—
(a) the fact that the requirement was imposed and the date on which it was imposed; and
(b) the information obtained as a result of the requirement.
(3) The company shall enter the information—
(a) against the name of the present holder of the relevant shares; or
(b) if there is no present holder or the present holder is not known, against the name of the person holding the interest.
(4) The company shall ensure that the register is made up so that the entries against the names entered in it appear in alphabetical order.
(5) If a company fails to comply with a requirement of this section, the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred thousand shillings.
(6) If, after a company or any of its officers is convicted of an offence under subsection (5), the company continues to fail to comply with the relevant requirement, the company, and each officer of the company who is in default, commit a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding twenty thousand shillings for each such offence.
(7) The company is not because of anything done for the purposes of this section affected with notice of, or put on inquiry as to, the rights of any person in relation to any particular shares.


Disclaimer: This document is not to be taken as legal advise.

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