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Companies and Allied Matters Act 2020 · Part B · Chapter 6

Section 122Register of interests in shares

(1)
A public company shall keep a register in which it shall enter—
(a)
in alphabetical order, the names of persons from whom it has received a notice under section 121 ; and
(b)
against each name so entered, the information given in the notice, and where it receives a notice under section 121, the information given in that notice.
(2)
The register shall be kept at the place where the register of members required to be kept under section 110 is kept and subject to the same right of inspection as the register of members.
(3)
The Commission may, at any time in writing, require the company to furnish it with a copy of the register or any part of the register and the company shall furnish the copy within 14 days after the day on which the requirement is received.
(4)
If the company ceases to be a public company, it shall continue to keep the register until the end of the period of six years beginning with the day following that on which it ceases to be such a company.
(5)
A company shall not, by reason of anything done for the purposes of this section, be affected with notice of, or put on enquiry as to, a right of a person to or in relation to a share in the company.
(6)
If default is made in complying with this section, the company and every officer of the company are liable to—
(a)
such fine as the Commission may prescribe by regulation ; and
(b)
additional daily default fine that the Commission shall specify by regulation.
Cite as: Companies and Allied Matters Act 2020, section 122

What this section means

From the guide: Persons with significant control and substantial shareholders under CAMA 2020

  • If the company stops being public, it keeps the register for six years from the day after (section 122).
  • A company is not put on notice of anyone’s right to shares merely because of entries made for these purposes (section 122(5)).

Read the whole subject

Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.