Security, ownership and records
1–6 of 6 practice notes
65. Registration and release of charges
Specified security over company shares or assets must be notified within 30 days and entered both in the Registrar's register and the company's own Register of Charges.
Subject: Security, ownership and records
Act references: s. 174; s. 175
Key point: Registrable categories include debenture security, uncalled/unpaid capital, subsidiary shares, floating charges and any category added by regulation.
66. Significant control: definitions and tests
Significant beneficial ownership is not a single share-percentage test: voting, dividend entitlement, significant influence and control must all be examined.
Subject: Security, ownership and records
Act references: s. 176
Key point: The threshold is at least 25%, not only more than 25%.
67. Beneficial owner information duties
Registered non-individual members and individual beneficial owners have affirmative information duties to the company, including change reporting.
Subject: Security, ownership and records
Act references: s. 177
Key point: A non-individual registered member provides the company with beneficial-owner information.
68. SBO register, verification and Registrar filing
The company must identify and verify significant beneficial owners, maintain an internal register and notify the Registrar within 30 days after receiving relevant information.
Subject: Security, ownership and records
Act references: s. 176; s. 177; s. 178; s. 179
Key point: Receipt of SBO information triggers a 30-day Registrar-notification period under section 178.
69. Corporate records and retention
A defensible company file links statutory registers, approvals, transaction evidence, financial records and filing receipts over the required retention periods.
Subject: Security, ownership and records
Act references: s. 81; s. 109; s. 123; s. 175; s. 179; s. 180; s. 181
Key point: Accounting records are retained for five years from preparation unless another law requires otherwise.
70. Corporate due diligence and closing verification
A transaction review should reconcile internal legal reality with the public register and trace every material change to authority, documents and filings.
Subject: Security, ownership and records
Act references: s. 25; s. 38; s. 50; s. 81; s. 84; s. 85; s. 123; s. 125; s. 154; s. 168; s. 174; s. 175; s. 176; s. 177; s. 178; s. 179; s. 180; s. 181; s. 231; s. 232; s. 233
Key point: Due diligence must distinguish registration evidence from underlying validity and beneficial/control reality.
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.