Chapter 11 — Persons with Significant Control
1–4 of 4 provisions
Section 176 — Definitions of Certain Concepts
Chapter: 11 — Persons with Significant Control
For the purposes of this Chapter— (a) “Significant Beneficial Owner” means an individual who, whether individually, jointly with another person or persons, or through a trust— (1) holds, directly or indirectly, at least 25% of the shares of a company; (2) holds, directly or indirectly, at least…
Text status: Unofficial English translation.
Section 177 — Maintenance of Beneficial Owner Information
Chapter: 11 — Persons with Significant Control
(a) Where a member entered in the Register of Members as the owner of shares in a company is not an individual, that member shall provide the company with information relating to the beneficial owner of those shares and ensure that the information is registered with the company, in accordance with…
Text status: Unofficial English translation.
Section 178 — Submission of Significant Beneficial Owner Information to the Registrar
Chapter: 11 — Persons with Significant Control
(a) Within 30 days after receiving information relating to a Significant Beneficial Owner under section 177(a), (b) or (c) of this Act, the company shall notify the Registrar in accordance with regulations made under this Act. (b) Where a submission is made to the Registrar in accordance with…
Text status: Unofficial English translation.
Section 179 — Responsibility to Obtain and Verify Information
Chapter: 11 — Persons with Significant Control
(a) Upon receiving information relating to a Significant Beneficial Owner under section 177 of this Act, the company shall verify the accuracy of that information and maintain a register of Significant Beneficial Owners in accordance with regulations made under this Act. (b) For the purpose of…
Text status: Unofficial English translation.
This page is a general research and practice aid. The translations used in this manual are unofficial. Verify the official Dhivehi legislation, amendments and current procedures before relying on any entry. Read our sources and verification guidance and contact a lawyer at Sulthan & Amhar for advice on your circumstances before relying on this material or taking action.