Register of Members Review

Flashcards covering the statutory requirements for maintaining a company register of members, including contents, timelines, and location rules according to the legal transcript.

Under which specific sections of the law is the register of members brought?

Sections $109$, $110$, $111$, $112$, $113$, and $114$.

What five specific pieces of information must a company keep in its register of members?

a) Names and addresses of the members, b) shares and classes of shares held by the members, c) amount paid or agreed to be considered as paid on the shares of each member, d) the date each person was registered as a member, and e) the date a person ceased to be a member.

According to section $109$ sub $1$, within what timeframe must an entry be made in the register after concluding an agreement to become a member?

Within $28$ days.

For a subscriber of the memorandum, within what period must their name be entered in the register?

Within $28$ days of the registration of the company.

What is the general rule regarding the location where the register of members should be kept?

The register of members shall be kept at the registered office of the company, as per section $110$.

Under what two exceptions can the register of members be kept at a place other than the registered office?

1. If the work of making it up is done at another office of the company, it may be kept at that other office; 2. If the company arranges for another person to make the register on their behalf, it may be kept at the office of that person where the work is done.

What is the geographical restriction for keeping the register of a company registered in Nigeria?

The register shall not be kept at a place outside Nigeria.

If a company changes the location of its register, within how many days must it notify the commission?

Within $28$ days of the change.

What is the consequence of failing to provide notice to the commission regarding a change in register location or defaulting on section $109$ requirements?

It attracts penalties.