the purpose for which the information is to be used by that person.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nWithin five working days of receiving a request under section 116, the company must either comply or, if it believes the request is not made for a \u2018proper purpose’, apply to a court to refuse the request.<\/p>\n
Note: The register of members is sometimes used by auditors or as part of a due diligence process, to confirm details of the shareholders, or as part of a wider investigation.<\/em><\/p>\nWhen is it necessary to update the register of members?<\/h3>\n
It is good practice to regularly update the register of members. In particular, it should be amended when:<\/p>\n
\n- A shareholder officially changes their name by marriage or deed poll. Evidence of the name change should be obtained before amending a name.<\/li>\n
- A shareholder changes their primary address.<\/li>\n
- New shares are issued to either new or existing members.<\/li>\n
- Shares are transferred to a new shareholder, e.g. if they are sold or inherited.<\/li>\n
- There is a reorganisation of company shares, e.g. consolidation or subdivision, etc.<\/li>\n<\/ul>\n
It should be updated as soon as possible after the company directors are made aware of the relevant changes.<\/p>\n
Do I need to inform Companies House when I update the register of members?<\/h3>\n
For companies that maintain their own register of members, there is no requirement to immediately update company information held by Companies House. But if there is a change to the register of members, this should be reflected in the annual confirmation statement.<\/p>\n
If the register of members is being maintained by Companies House, then this needs to be updated as soon as possible.<\/p>\n
What happens if the register of members is not maintained?<\/h3>\n
Failure to maintain the register of members will result in an offence having been committed by the company and each officer (i.e. directors and the company secretary).<\/p>\n
Breach of the requirement to maintain statutory registers can result in fines of up to \u00a35,000. Additionally, there is a risk of the officers being found to have breached their duties, and further penalties being imposed.<\/p>\n
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\n <\/a>\n <\/div>\n \n"},"excerpt":{"rendered":"Every limited company must have a register of members and ensure it is kept up-to-date at all times. In this blog, we will take a look at the basics of how the register of members works, what must be included, and when to update it. What is a register of members? As per section 113…<\/p>\n","protected":false},"author":10,"featured_media":6816,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[1238],"tags":[],"class_list":["post-8467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-registers-records-documents","category-1238","description-off"],"acf":[],"yoast_head":"\n
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