All sections · Part XX: Obligations Relating To Beneficial Owners
359 Company‘s duty to seek beneficial ownership information
(1) In this section, „particulars“ means —
beneficial ownership
information
(a) in the case of a beneficial owner, the registrable particulars; and
(b) in the case of any other person, any particulars that will allow the
person to be contacted by the company.
(2) A company to which section 356(1) applies shall identify each beneficial
owner of the company.
(3) Without limiting subsection (2), a company to which section 356(1)
applies shall give written notice to anyone whom it knows or has
reasonable cause to believe to be a beneficial owner in relation to it,
which notice shall require the addressee —
(a) to state whether or not he is a beneficial owner in relation to the
company; and
(b) if so, as applicable to provide, confirm or correct the registrable
particulars relating to him.
(4) A company to which section 356(1) applies may also give written notice
to a person under this section if the company knows or has reasonable
cause to believe that the person knows the identity of a beneficial owner
of the company or knows the identity of someone likely to have that
knowledge.
(5) A notice under subsection (4) may require the addressee —
(a) to state whether or not the addressee knows the identity of a
beneficial owner in relation to the company or knows the
identity of any person likely to have that knowledge; and
(b) if so, to supply any particulars of such persons that are within
the addressee‘s knowledge.
(6) Without limiting subsections (2) to (5), a company may at any time give
written notice to a member of the company to provide, confirm or correct
the registrable particulars of the beneficial owner in relation to the shares
or guarantee membership interest in the company held by the member.
(7) A notice under this section shall state that the addressee is to comply with
the notice within 30 days beginning with the date of the notice.
(8) A company is not required to take steps or give notice under this section
with respect to a beneficial owner if the company has already been
informed in writing of the person‘s status as a beneficial owner in relation
to it, and been supplied with all the registrable particulars.
(9) If a company contravenes subsection (2) or (3), it commits an offence and
is liable on conviction to a fine not exceeding US$50,000.
beneficial ownership
information
(a) in the case of a beneficial owner, the registrable particulars; and
(b) in the case of any other person, any particulars that will allow the
person to be contacted by the company.
(2) A company to which section 356(1) applies shall identify each beneficial
owner of the company.
(3) Without limiting subsection (2), a company to which section 356(1)
applies shall give written notice to anyone whom it knows or has
reasonable cause to believe to be a beneficial owner in relation to it,
which notice shall require the addressee —
(a) to state whether or not he is a beneficial owner in relation to the
company; and
(b) if so, as applicable to provide, confirm or correct the registrable
particulars relating to him.
(4) A company to which section 356(1) applies may also give written notice
to a person under this section if the company knows or has reasonable
cause to believe that the person knows the identity of a beneficial owner
of the company or knows the identity of someone likely to have that
knowledge.
(5) A notice under subsection (4) may require the addressee —
(a) to state whether or not the addressee knows the identity of a
beneficial owner in relation to the company or knows the
identity of any person likely to have that knowledge; and
(b) if so, to supply any particulars of such persons that are within
the addressee‘s knowledge.
(6) Without limiting subsections (2) to (5), a company may at any time give
written notice to a member of the company to provide, confirm or correct
the registrable particulars of the beneficial owner in relation to the shares
or guarantee membership interest in the company held by the member.
(7) A notice under this section shall state that the addressee is to comply with
the notice within 30 days beginning with the date of the notice.
(8) A company is not required to take steps or give notice under this section
with respect to a beneficial owner if the company has already been
informed in writing of the person‘s status as a beneficial owner in relation
to it, and been supplied with all the registrable particulars.
(9) If a company contravenes subsection (2) or (3), it commits an offence and
is liable on conviction to a fine not exceeding US$50,000.
