S.L. 16.17 Art. 7Register of Beneficial Owners. 12 [S.L. Noticeofchange beneficial owners to the Registrar for Legal Persons.

(1) The information on the beneficial owners of every association provided to the Registrar for Legal Persons in accordance with these regulations shall be entered and held by the Registrar for Legal Persons in a Register of Beneficial Owners kept for this purpose, which register may be in electronic format. 16.17 (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS)

(2) Documents required to be delivered to the Registrar for Legal Persons under any of the provisions of these regulations shall not form part of, nor be registered in, the main Register of Legal Persons administered by the Registrar for Legal Persons under the Second Schedule and the information on the beneficial owners of every association provided to the Registrar for Legal Persons in accordance with these regulations shall be entered and held by the Registrar for Legal Persons only in the Register of Beneficial Owners kept by the Registrar for Legal Persons for this purpose.

(3) The Register of Beneficial Owners shall be accessible only to such persons, under such conditions and in accordance with such procedures as are set out in these regulations. For the avoidance of doubt, in case of conflict regarding accessibility between any special law governing a particular legal form of association, including the Second Schedule, and these regulations, these regulations shall prevail over the provisions of any special law in so far the Register of Beneficial Owners is concerned.

(4) The information provided by an association in terms of these regulations shall be deemed to be sufficiently reliable for the Registrar for Legal Persons to proceed with the registration or relevant action; however, he may demand any additional or updated information to verify that an association is at any time complying with its duties under these regulations.

in 8. (1) The information held in the Register of Beneficial

Owners must be adequate, accurate and up-to-date.

(2) Where there is a change in the beneficial ownership of an association or any other change occurs as a result of which the particulars in the Register of Beneficial Owners in relation to a beneficial owner are no longer current, are incorrect or incomplete, the association shall, within fourteen (14) days from the date on which the change is recorded with the association, deliver to the Registrar for Legal Persons a notice, in the prescribed form, of the change, providing the information required under regulation 4 on any new beneficial owner, updated information including on the nature and extent of the beneficial interest held, on each of the other beneficial owners and the effective date of changes made, and the Registrar for Legal Persons shall enter the said changes in the Register of Beneficial Owners:

Provided that if the change in the beneficial ownership information relates to a change in the administrator(s), it shall be the duty of the administrator(s) in office thereafter to notify the Registrar for Legal Persons of such change.

(3) The Registrar for Legal Persons shall not, upon receiving the notice referred to in the preceding sub-regulation, register any changes in the beneficial owners in the Register of Beneficial Owners (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS) unless the requirements of these regulations have been complied with, and this, with reference to the notice itself or for any other reason.

(4) The notice of changes in beneficial ownership referred to in sub-regulation (2), duly completed, shall be signed by at least one administrator of the association. Where the administrator is a body corporate, such notice shall be signed by at least a director thereof.

(5) In case of default in complying with the provisions of this regulation, the association and every administrator of the association who is in default shall be jointly and severally liable to a penalty, and, for every day during which the default continues, to a further penalty:

Provided that an association and the administrators of the association shall not be liable if they had exercised all due diligence to comply with the provisions of this regulation and the default was not due to any negligent act or omission on their part.

(6) The obligation to file a notice in terms of this regulation shall not exonerate the association, or any of its administrators, from any duty to notify such changes to the Registrar for Legal Persons or any other registrar, commissioner, board or authority or other person in terms of the applicable special law.