S.L. 16.18 Art. 8Noticeofchangein beneficial owners to the Registrar for Legal Persons.

(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 a foundation 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occurs as a result of which the particulars in the Register of Beneficial Owners in relation to a beneficial owner are no longer current, are incorrect or incomplete, the foundation shall, within fourteen (14) days from the date on which the change is recorded with the foundation, deliver to the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 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 foundation. 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 foundation and every administrator of the foundation 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: (REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)

Provided that the foundation and the administrators of the foundation 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 foundation, or any of its administrators, from any duty to notify such changes to the Registrar for Legal Persons or any other person in terms of any applicable special law.