Chapter 2: Formation, Administration and Dissolution of Companies
Part F: Governance of companies
s59: Record date for determining shareholder rights
- (1) The board of a company may set a record date for the purpose of determining which shareholders are entitled to:
- (a) receive notice of a shareholders meeting;
- (b) participate in and vote at a shareholders meeting;
- (c) decide any matter by written consent or electronic communication, as contemplated in section 60;
- (d) exercise pre-emptive rights, as contemplated in section 39;
- (e) receive a distribution; or
- (f) be allotted or exercise other rights.
- (2) A record date determined by the board in terms of subsection (1):
- (a) may not be:
- (i) earlier than the date on which the record date is determined; or
- (ii) more than 10 business days before the date on which the event or action, for which the record date is being set, is scheduled to occur; and
- (b) must be published to the shareholders in a manner that satisfies any prescribed requirements.
- (3) If the board does not determine a record date for any action or event, the record date is:
- (a) in the case of a meeting, the latest date by which the company is required to give shareholders notice of that meeting; or
- (b) the date of the action or event, in any other case,
- unless the Memorandum of Incorporation or rules of the company provide otherwise.
Related Sections
s39: Subscription of shares
s60: Shareholders acting other than at meeting
Related Regulations
Related Notes
No related note.
Related Forms
No related forms.