Register of interests in PLC shares is governed under Part 22 of Companies Act 2006. The law gives power to a PLC to investigate who has an interest in its issued share capital.
Therefore, your company statutory registers must include keeping and maintaining the Register of interests in PLC shares according to the Companies Act 2006.
Generally, you are required to enter the details in your Register of Interests within three days upon you received the notice imposed under section 793 of the Companies Act 2006.
- The fact that the requirement was imposed.
- The date on which it was imposed.
- The information received in pursuance of the requirement.
The information must to enter include:
- Against the name of the present holder of the shares in question.
- If there is no present holder or the present holder is not known. against the name of the person holding the interest.
Correspondingly, your register must be made up so that the entries against the names entered in it appear in chronological order.
Place of inspection
On one hand, if your Register of interests in PLC shares is not kept at your company’s registered office address. You must inform Companies House of your Single Alternative Inspection Location (SAIL) address, the address where you keep the Register. Thus, this will be the place of inspection for this register.
Accordingly, you must inform Companies House if there is any changes to your registered office address and your SAIL address.
Fail to comply
Above all, you will receive imprisonment and fines for failing to comply under Section 814(3) of the Companies Act 2006.
Firstly, on conviction on indictment, you will get an imprisonment for a term not exceeding two years or a fine or both.
On the other hand, on summary conviction, you will get the following the prison term and fine.
|Country||Prison term||The standard scale fines||If guilty|
|England and Wales||A term not exceeding 12 months||A fine not more than the statutory maximum||Either or both|
|Scotland||A term not exceeding 6 months||A fine not more than the statutory maximum|| |
Either or both
|Northern Ireland||A term not exceeding 6 months||A fine not more than the statutory maximum|| |
Either or both
Commonly, your company will also be fined if you refused the inspection request made to your company with no good reasons. In addition, you must not remove any entries in your Register of interests deliberately. It is illegal. Thus, you are liable to fines if convicted.