Section 56. Power of company to require disclosure of beneficial interest in its voting shares

(1) Any company may, by notice in writing, require any member of the company within such reasonable time as is specified in the notice—

(a) to inform the company whether the member holds any voting shares in the company as beneficial owner or as trustee; and

(b) if the member holds the voting shares as trustee, so far as it is possible to do so, to indicate the persons for whom the member holds the voting shares by name and by other particulars sufficient to enable those persons to be identified and the nature of their interest.

(2) Where a company is informed that any other person has an interest in any of the voting shares in a company, the company may by notice in writing require that other person within such reasonable time as is specified in the notice—

(a) to inform the company whether the person holds an interest as beneficial owner or as trustee; and

(b) if the person holds the interest as trustee, so far as it is possible to do so, to indicate the persons for whom the person holds the interest by name and by other particulars sufficient to enable them to be identified and the nature of their interest.

(3) Any company may, by notice in writing, require any member of the company to inform the company, within a reasonable time as is specified in the notice, whether any of the voting rights carried by any voting shares in the company held by the member are the subject of an agreement or arrangement under which another person is entitled to control the member’s exercise of those rights and, if so, to give particulars of the agreement or arrangement and the parties to the agreement or arrangement.

(4) Whenever a company receives information from a person in accordance with a requirement imposed on such person under this section with respect to shares held by a member of the company, the company shall be under an obligation to inscribe against the name of that member in a separate part of the register kept by it under section 50—

(a) the fact that the requirement was imposed and the date on which it was imposed; and

(b) the information received in accordance with the requirement.

(5) Section 50 applies in relation to the part of the register referred to in subsection (4) as the provisions apply in relation to the remainder of the register and as if references to subsection 50(1) include references to subsection (4).

(6) The Registrar, a stock exchange or the Securities Commission may, by notice in writing, direct a company to invoke its powers under subsections (1) and (2) and to immediately provide it with the information so obtained.

(7) Subject to subsection (9), any person who—

(a) contravenes a notice under this section; or

(b) in purported compliance with such a notice makes any statement which he knows to be false in a material particular or recklessly makes any statement which is false in a material particular,

commits an offence.

(8) The company and every officer who contravenes the direction of the Registrar, a stock exchange or the Securities Commission commit an offence.

(9) A person shall not be guilty of an offence under paragraph (7)(a) if he proves that the information in question was already in the possession of the company or that the requirement to give it was for any other reason that is frivolous or vexatious.