- Section 554 of The Companies Act No. 17 of 2015: Court supervision of purpose for which rights may be exercised
(1) A company that receives a request under section 553 shall—
(a) comply with the request if it is satisfied that it is made for a proper purpose; and
(b) refuse the request if it is not so satisfied.
(2) If the company refuses the request, it shall inform the person making the request, stating...
- Section 555 of The Companies Act No. 17 of 2015: Register of interests disclosed: refusal of inspection or default inproviding copy
(1) If a company refuses to allow an inspection required under section 553, or fails to provide a copy required under that section, otherwise than in accordance with an order of the Court, the company, and each officer of the company who is in default, commit an offence and on conviction are each...
- Section 556 of The Companies Act No. 17 of 2015: Register of interests disclosed: offences in connection with request for or disclosure of information
(1) A person who, in making a request under section 553, makes a statementthat the person knows is, or ought to know is, false or misleading in a material respect commits an offence.
(2) A person who, having obtained possession of information by exercise ofeither of the rights conferred by section...
- Section 557 of The Companies Act No. 17 of 2015: Entries not to be removed from register
(1) A company that is required to keep a register under section 551 shall notdelete an entry in it except in accordance with section 558 and 559.
(2) If an entry is deleted in contravention of subsection (1), the company shallrestore it as soon as reasonably practicable afterwards.
(3) If a...
- Section 558 of The Companies Act No. 17 of 2015: Removal of entries from register: old entries
A company may remove an entry from the register kept under section 551 if more than six years have elapsed since the entry was made.
- Section 559 of The Companies Act No. 17 of 2015: Removal of entries from register: incorrect entry relating to third party
(1) This section applies if, in accordance with an obligation imposed by a noticeunder section 536, a person gives to a company the name and address of another person who holds an interest in shares of the company.
(2) That other person may apply to the company for the removal of the entryfrom the...
- Section 560 of The Companies Act No. 17 of 2015: Adjustment of entry relating to share acquisition agreement
(1) If a person who is identified in the register kept by a company under section551 as being a party to an agreement to which section 566 applies ceases to be a party to the agreement, the person may apply to the company for the inclusion of that information in the register.
(2) If the company is...
- Section 561 of The Companies Act No. 17 of 2015: Duty of company ceasing to be public company
(1) A company that ceases to be a public company shall nevertheless continueto keep any register kept under section 551 until end of the period of six years after it has ceased to be such a company.
(2) If a company fails to comply with subsection (1), the company, and each officer of the company...
- Section 562 of The Companies Act No. 17 of 2015: Interest in shares: general
(1) This section applies to determine for the purposes of this Part whether a person has an interest in shares.
(2) In this Part—
(a) a reference to an interest in shares includes an interest of any kind whatsoever in the shares; and
(b) any restraints or restrictions to which the exercise of any...
- Section 563 of The Companies Act No. 17 of 2015: Interest in shares: right to subscribe for shares
(1) Section 536 applies in relation to a person who has, or previously had, oris or was entitled to acquire, a right to subscribe for shares of the company as it applies in relation to a person who holds or held an interest in shares of that company.
(2) A reference in section 536 to an interest in...
- Section 564 of The Companies Act No. 17 of 2015: Interest in shares: family interests
(1) For the purposes of this Part, a person is taken to hold an interest in sharesin which—
(a) the person's spouse; or
(b) any child or step-child of the person who has not reached the age of eighteen years, holds an interest.
(2) In subsection (1), "spouse" means a husband or wife.
- Section 565 of The Companies Act No. 17 of 2015: Interest in shares: corporate interests
(1) For the purposes of this Part, a person is taken to hold an interest in shares if a body corporate holds an interest in them and—
(a) the body or its directors are accustomed to act in accordance with the person's directions or instructions; or
(b) the person is entitled to exercise or control...
- Section 566 of The Companies Act No. 17 of 2015: Interest in shares: agreement to acquire interests in a particular company
(1) For the purposes of this Part an interest in shares may arise from an agreement between two or more persons that includes provision for the acquisition by any one or more of them of interests in shares of a particular public company (the “target company” for that agreement).
(2) This section...
- Section 567 of The Companies Act No. 17 of 2015: Extent of obligation in case of share acquisition agreement
(1) For the purposes of this Part each party to an agreement to which who is for the time being a party to an agreement to which section 566 applies is taken to have an interest in all shares of the target company in which any other party to the agreement is interested apart from the agreement...
- Section 568 of The Companies Act No. 17 of 2015: Information protected from wider disclosure
(1) A company may not—
(a) include information in respect of which a company is for the time being entitled to any exemption conferred by regulations made for the purpose of section 647 in a report under section 548; or
(b) make any such information available under section 553.
(2) If any such...
- Section 569 of The Companies Act No. 17 of 2015: Calculating periods for fulfilling obligations
If the period allowed by any provision of this Part for fulfilling an obligation is expressed as a number of days, any day that is not working day is to be disregarded in calculating that period.
- Section 570 of The Companies Act No. 17 of 2015: Perpetual debentures
(1) A condition contained in debentures, or in a deed for securing debentures,is not invalid only because the debentures are made—
(a) irredeemable; or
(b) redeemable only—
(i) on the happening of a contingency, however remote; or (ii) at the end of a period, however long.
(2) Subsection (1)...
- Section 571 of The Companies Act No. 17 of 2015: Enforcement of contracts to subscribe for debentures
A contract with a company to take up and pay for debentures of the company may be enforced by an order for specific performance.
- Section 572 of The Companies Act No. 17 of 2015: Company to register allotment of debentures
(1) A company shall register an allotment of debentures as soon as practicable,and in any event within two months, after the date of the allotment.
(2) If a company fails to comply with subsection (1), the company, and eachofficer of the company who is in default, commit an offence and on...
- Section 573 of The Companies Act No. 17 of 2015: Company to establish and maintain register of debenture holders
(1) A company that allots debentures shall establish and maintain a register of debenture holders.
(2) Except in so far as the regulations otherwise provide, a company shall ensure its register of debenture holders (if any) is kept open for inspection—
(a) at the registered office;
(b) if the...
- Section 574 of The Companies Act No. 17 of 2015: Rights of debenture holders and others to inspect and obtain copies of register of debenture holders
(1) A company that is required to keep a register of debenture holders shall, except when it is duly closed, ensure that the register is, during ordinary office hours, kept available for inspection—
(a) by a member of the company or a holder of the company's debentures, without charge; and
(b) by...
- Section 575 of The Companies Act No. 17 of 2015: Offence to refuse inspection of register of debenture holders or to fail to provide copy
(1) If a company—
(a) without reasonable excuse—
(i) refuses an inspection requested under section 574(2);
(ii) fails to comply with a request made under section 574(3); or
(b) contravenes section 574(6), the company, and each officer of the company who is in default, commit an offence and on...
- Section 576 of The Companies Act No. 17 of 2015: Register of debenture holders: offences in connection with request for or disclosure of information
(1) A person who makes a request under section 574 (2) knowing that therequest contains information that is false or misleading in a material respect commits an offence.
(2) A person who is in possession of information obtained by exercising eitherof the rights conferred by section 574 commits an...
- Section 577 of The Companies Act No. 17 of 2015: Time limit for claims arising from entry in register of debenture holders
(1) A liability incurred by a company—
(a) from the making or deletion of a record in the company's register of debenture holders; or
(b) from a failure to make or delete any such record, is not enforceable more than ten years after the date on which the record was
made or deleted or the failure...
- Section 578 of The Companies Act No. 17 of 2015: Right of debenture holder to obtain copy of trust deed securing debentures
(1) A holder of debentures of a company is entitled, on request and on payment of the fee (if any) prescribed by the regulations, to be provided with a copy of any trust deed for securing the debentures.
(2) Within seven days after receiving from a holder of debentures of the company a request for...
- Section 579 of The Companies Act No. 17 of 2015: Provisions protecting trustees of deed securing debentures to be void
(1) A provision contained in—
(a) a trust deed for securing an issue of debentures; or
(b) a contract with the holders of debentures secured by a trust deed, is void to the extent that it would have the effect of exempting a trustee of the deed from, or indemnifying a trustee against liability for...
- Section 580 of The Companies Act No. 17 of 2015: Power of company to re-issue redeemed debentures
(1) If a company has redeemed debentures previously issued, then unless—
(a) provision to the contrary, express or implied, is contained in the company's articles or in any contract made by the company; or
(b) the company has, by passing a resolution to that effect or by some other act, manifested...
- Section 581 of The Companies Act No. 17 of 2015: Deposit of debentures to secure advances
If a company has deposited any of its debentures to secure advances from time to time, whether on current account or otherwise, the debentures are not to be regarded as having been redeemed only because the company's account is no longer in debit, even though the debentures are still so deposited.
- Section 582 of The Companies Act No. 17 of 2015: Priorities when debentures are secured by floating charge
(1) This section applies if debentures of a company are secured by a chargethat, as created, was a floating charge.
(2) If—
(a) the holders of debentures secured by a charge on property of the company take possession of the property; and
(b) at the relevant time the company is not in liquidation,...
- Section 583 of The Companies Act No. 17 of 2015: Interpretation: Part XXIV
In this Part—
"associate" has the meaning given by section 589;
"Authority" means the Capital Markets Authority;
"the company" means the company whose shares are the subject of a takeover offer;
"date of the offer" means—
(a) if the offer is published, the date of publication;
(b) if the offer...