Section 109 Companies and Allied Matters Act 2020

Section 109 CAMA 2020

Section 105 Companies and Allied Matters Act is about Register of members. It is under Chapter 6 (Membership of the Company) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Register of members

(1) Every company shall keep a register of its members and enter in the register the—
(a) names and addresses of the members, and in the case of a company having a share capital, a statement of the shares and class of shares, if any, held by each member, distinguishing each share by its number so long as the share has a number, and of the amount paid or agreed to be considered as paid on the shares of each member ;
(b) date on which each person was registered as a member ; and
(c) date on which any person ceased to be a member.

(2) The entry required under subsection (1) (a) or (b) shall be made within 28 days of the conclusion of the agreement with the company to become a member or, in the case of a subscriber of the memorandum, within 28 days of the registration of the company.

(3) The entry required under subsection (1) (c), shall be made within 28 days of the date on which the person concerned ceased to be a member, or if he ceased to be a member other than as a result of action by the company, within 28 days of producing to the company evidence satisfactory to the company of the occurrence of the event whereby he ceased to be a member.

(4) Where a company defaults in complying with the provisions of this section, the company and each officer of the company is liable to—
(a) such penalties as the Commission shall specify by regulation ; and
(b) an additional daily default fine that the Commission shall specify by regulation.

See also  Section 23 Companies and Allied Matters Act 2020

(5) Liability incurred by a company from the making or deletion of an entry in its register of members, or from a failure to make or delete any entry, is not enforceable after the expiration of 20 years from the date on which the entry was made or deleted or, in the case of any such failure, from the date on which the failure first occurred.

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