What is Section 337C?

What is Section 337C?

New Section 337C (1) requires the holder of shares in a company who do not hold the beneficial interest in such shares, to file a declaration with the company in prescribed form approved by the Registrar within thirty (30) days of the commencement of this Companies (Amendment) Act, 2018, specifying the capacity which …

How do I dissolve a company in Trinidad?

To de-register, a request must be made in writing indicating the date the business has ceased trading or that the business’ annual revenue no longer exceeds TT$500,000.00, and is requesting de-registration. Please follow the link at the end of the next section to download the de-registration form.

What does provision of directors mean?

Provision is made for a company to indemnify directors, and to obtain insurance for them, but only in circumstances where they have acted honestly and in good faith and in the best interests of the company. In specified situations, there are additional requirements for a director or officer to be indemnified, i.e.

Can a share certificate be signed by one director?

The two directors or their attorneys and the secretary or other person shall sign the share certificate. Provided that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing or whole-time director.

What is a certificate of beneficial owner?

Beneficial Owner Certification form (required if business is a Legal Entity) – This form identifies the individuals who own or operate the business, including Beneficial Owners (those who own 25 percent or more of a business) and a Controlling Person (an individual with significant responsibility within the company).

What is declaration of beneficial ownership?

The declaration of beneficial owners is a supplement to the company’s articles of association, which can either be silent regarding the shareholding or only mention the holding companies. The declaration therefore provides accurate and up-to-date information.

What happens when a limited company is wound up?

When a company is wound up this means it is officially closed down, its assets and liabilities are dealt with, and the business removed from the register held at Companies House. As part of this process, all assets the company has will be liquidated.

When can a director be held personally liable?

As a director, you may also be liable for breaches of other laws administered by other agencies. For instance, you may be held personally liable for outstanding tax obligations of the company under the ATO’s Director Penalty Regime, particularly in circumstances where the company has employees.

Can you sue a company director personally?

A director can be held personally liable if they act in the management of the company while disqualified, or acting on the instructions of someone else who is disqualified.

Does a share certificate need to be witnessed?

A share certificate needs to be signed by: Two company’s directors; or. A director and the company’s secretary; or. In the event that the company has no company’s secretary but single director then, the company director in the presence of an eyewitness who confirms to their signature.

Who keeps original share certificates?

If the Company is not listed, it can charge upto Rs. 20/- per share for issuing new share certificates. Original Share Certificate must be surrendered to the Company.

How do you prove beneficial ownership?

The most common way to create a beneficial interest is through an express trust. This is where the legal owner signs a trust deed or written agreement declaring that the legal owner holds the property ‘on trust’ for someone else, the beneficial owner.

Who is exempt from beneficial ownership?

Exempt Beneficial Owner means any foreign government, any political subdivision of a foreign government or any wholly owned agency or instrumentality of any one or more of the foregoing; any international organizations and any wholly owned agency or instrumentality thereof; any foreign central bank of issue; …

What is the difference between legal owner and beneficial owner?

Legally, an ownership can be classified into two; (1) legal and (2) beneficial ownership. A legal owner is a person who holds the legal title under his name, whereas a beneficial owner is a person who enjoys the benefits of ownership even though the title is in another name.

What is the purpose of beneficial ownership?

The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. FinCEN requires all financial institutions to begin collecting the required information for new accounts opened no later than May 11, 2018.

What is required to deregister a company?

Deregistering/Closing your Company

  • Write a letter to CIPC.
  • Prepare supporting information.
  • Tax clearance certificate or any other written confirmation from SARS that no tax liability is outstanding;
  • Scan and e-mail.
  • Click here for the CIPC service standards.

What happens when company is deregistered?

Once a company is deregistered it ceases to exist as a legal entity. The legal proceedings, so far as they relate to the deregistered company, ended upon the company’s deregistration. Anyone wishing to continue the proceedings against the company will need to have it reinstated.

What happens to directors when a company is wound up?

What are the duties of company directors when a company is wound-up? Company directors must co-operate with the liquidator and provide all documents and information about the company such as its assets and liabilities.

Can personal assets of directors be seized from a Ltd company?

The simple answer to this question is no – being a limited company means as a director, you are seen in the eyes of the law, as a separate legal entity. So, any company debts are not linked to your personal finances.

What is section 175 of the Trinidad and Tobago Companies Act?

DIVISION 8—CORPORATE RECORDS REGISTERED OFFICE OF COMPANY 175. (1) A company shall at all times have a registered office in Trinidad and Tobago. (2) The directors of the company may change the address of the registered office. 176.

What is Section 5 of the Companies Act 1997?

[5 of 1997]. Enforcement of duty of liquidator to make returns, etc. [5 of 1997]. of the company and any person employed by the company as auditor, whether that person is or is not an officer of the company.

What is section 378 (5) of the Companies Act?

(5) If any person is aggrieved by any act or decision of the liquidator, that person may apply to the Court, and the Court may confirm, reverse, or modify the act or decision complained of, and make such order as it thinks fit. 378. (1) Every liquidator of a company which is being wound up by the Books to be

What is Section 521 of the Companies Act 1997?

521. Repealed by the Companies (Amendment) Act, 1997. 522. Where a company is plaintiff in any action or other legal proceeding Security for costs