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

                        R37: Record dates

                        Related Notes

                        No related note.

                        Related Forms

                        No related forms.