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Section 31B of Limited Liability Partnership Act CAP 30: Beneficial owners

    

(1) Every limited liability partnership shall keep a register of its beneficial owners.
(2) A limited liability partnership shall enter in its register of beneficial owners, information relating to its beneficial owners as prescribed in the regulations.
(3) A limited liability partnership shall lodge with the Registrar a copy of its register of beneficial owners—
(a) in the case of a proposed limited liability partnership, when submitting documents provided under section 17 of this Act; and
(b) in the case of existing limited liability partnership, within sixty days of coming into force of this section.
(4) The Registrar may, on the application of the limited liability partnership or for any other reason the Registrar thinks fit, extend the period referred to in subsection (3)(b) for a period not exceeding thirty days.
(5) A limited liability partnership shall lodge with the Registrar a copy of any amendment to its register of beneficial owners within fourteen days after making the amendment.
(6) Every limited liability partnership shall keep records of its beneficial owner’s information for at least ten years from the date, which a person ceases to be a beneficial owner.
(7) If a limited liability partnership fails to comply with the requirements of subsection (5), the limited liability partnership and each manager in default is liable to pay to the Registrar, an administrative penalty of two thousand shillings.
(8) If the limited liability partnership continues to fail to comply with the requirement of subsection (7), the limited liability partnership and each manager in default is liable to pay to the Registrar a further administrative penalty of one hundred shillings for each day of default.
(9) If the limited liability partnership does not comply with subsection (1) or subsection (6), the limited liability partnership, and each officer in default, commits an offence and on conviction are each liable to a fine not exceeding five hundred thousand shillings.
(10) If, after a limited liability partnership or any of its officers is convicted of an offence under subsection (9), the limited liability partnership continues to fail to comply with the relevant requirement, the limited liability partnership, and each officer of the company who is in default, commits a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding fifty thousand shillings for each such offence.
(11) Notwithstanding provisions of subsection (9) and (10), the Registrar may give a direction to a limited liability partnership that is in breach of subsection (3) (b) specifying—
(a) the statutory requirement of which the limited liability partnership is in breach;
(b) the action that the limited liability partnership is required to take;
(c) that the limited liability partnership has to comply with the direction within fourteen days; and
(d) the consequence provided for under section 33D for failure to comply with the direction by the Registrar.

« Previous:   Section 31A - Registers and documents to be kept          Next: »   Section 31C - Register of nominee partners

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

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