S.L. 372.25 Art. 6Registration details and changes thereto.

(1)The registration of a person under these rules shall indicate that person’s entitlement to receive by way of dividend or distribution the whole or part of the distributable profits of the company or the trust, as the case may be, and such entitlement is hereinafter referred to as the "profit entitlement".

(2) Where a company or trustee, as the case may be, registers a person in terms of these rules, the company or the trustee, as the case may be, shall also provide the following information:

(a) details of the profit entitlement of all other shareholders of the company or beneficiaries of the trust, as the case may be, irrespective of whether such shareholders or beneficiaries have required registration in terms of these rules indicating separately any entitlement to any profit entitlement of a fixed amount;

(b) such details on the ultimate beneficial owners of the company or of the beneficiaries of the trust as shall be determined by the Commissioner; and

(c) such other information as the Commissioner may require.

(3) Any change to the details of a registration made in terms of these rules, including any change to the profit entitlement where applicable, shall be notified to the Commissioner in such manner as the Commissioner may determine.

(4) Where the change relates to a change in a person’s profit entitlement relative to a company or trust and as a result of such change, the profit entitlement of a person who is registered in terms of these rules is reduced and the profit entitlement of another person who may or may not be registered in terms of these rules is increased by a corresponding amount or percentage, the registration of the latter person in terms of these rules in respect of such increase in profit entitlement shall take effect from the date of the change and the provisions of rules 5 and 7 shall not apply to such change: Provided that the said registration is notified to the Commissioner contemporaneously with the notification to the Commissioner of the corresponding cancellation or reduction in the profit entitlement registered in the name of the former person as a result of the said change.

(5) Where in relation to a change in the profit entitlement relative to a company or trust:

(a) the conditions of sub-rule (4) are not satisfied, the provisions of rule 5 shall apply to any registration of the additional profit entitlement of a person resulting from that change;

(b) any person registered in terms of these rules is no longer entitled to any profit entitlement in the company or trust, his registration shall be cancelled by means of the said notification which cancellation shall be effective as from the date of the change;

(c) any person registered in terms of these rules has had his profit entitlement reduced, his registration shall be amended to reflect the new profit entitlement and such change shall be effective as from the date of the change.