CAMA: Registers and Rectification

Flashcards covering the power to close a register, rectification of register members, and the register of persons with significant control under CAMA.

Under section 114 of CAMA, how must a company give notice to close its register of members?

By advertisement in a daily newspaper circulating in the district where the registered office of the company is situated.

What is the maximum duration a company's register of members can be closed in a year?

A period not exceeding 30 days in total each year.

In what manner can a register of members be closed?

It can be closed either partly or as a whole.

What is the consequence of a register of members being closed?

It will not be open for people to view or make copies of the register.

What is the first step a transferee should take upon discovering their name is missing from the register of members?

The transferee should first notify the company that they are the holder of the shares in question.

According to the transcript, who may qualify as a transferee?

A personal representative, a survivor (such as one surviving a joint holder), or any successor to whom shares are transferred.

Under section 115 of CAMA, what action can a transferee take if the company does not respond to a notification regarding a missing name on the register?

The transferee may apply to the court for rectification of the register of members by originating motion.

Within what timeframe must a person with significant control notify the company of their status?

Within 7 days of becoming such a person.

Under section 119 sub 1 of CAMA, what must a person with significant control provide to the company?

A written notification indicating the particulars of such control.

Within what timeframe must a company notify the Corporate Affairs Commission (CAC) after receiving information about a person with significant control?

Within one month of receiving the information.

Which section of CAMA requires a company to notify the CAC of a person with significant control?

Section 119 sub 2.

What is the responsibility of the Corporate Affairs Commission (CAC) regarding persons with significant control?

The commission must maintain a register of persons with significant control and enter received information or any changes into it.