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As a registered company, you're subject to certain legal obligations. One of which is keeping a register of members.
In this guide, we take a look at what a register of members is and how you can put your own together before the day is up.
Simply put, a register of members is a detailed list of all the people who have held shares in your company at one point or another. The document is a requirement of the Corporations Act 2001(Cth), and failing to produce or maintain one can land your company with a hefty fine. Some people also refer to a register of members as a register of shareholders or share register.
A member is a person, corporate body or body politic that holds shares in a company. A member has certain rights and responsibilities such as providing capital to the business, appointing directors, voicing their opinion in important company matters and receiving a percentage of the businesses' profits.
A register of members should be established as soon as a company becomes a legal corporation. Once it's all set up and running, you need to appoint someone in the company to maintain and update the register regularly.
In particular, you should update the register:
All incorporated businesses must have an up-to-date and accessible register of members. Although it has a similar name, a Register of Members Interests is a record that is normally kept by a governing body and outlines the financial interests of its members. The main purpose of this publicly-available document is to explicitly highlight information about any financial interests a member may have that could influence their decisions in their role.
A register of members should include the details of all active and former owner's of a company's shares. The register should cover the following details for all shareholders involved:
Anyone can request to see a company's register of members, so it's important not to include sensitive information about your members. While you need to include a contact address on the register, it's not necessary to include personal data such as phone numbers and email addresses.
According to the Corporations Act 2001(Cth), if your company is an incorporated company you must be able to produce a register of members when asked to do so. Failing to do so will land your company with a fine.
Anyone can submit a request to see your register of members. To do this, they must submit a request to the company explaining the purpose for which the information might be used. When you receive a request, your company has five business days to either comply with the request or reject it. If you choose to reject it, you will need to settle your case in court.
Despite being a legally-required document, you shouldn't need a lawyer to help you put together a Register of Members. It is a relatively simple document to write and one that needs to be updated regularly. If you need help to get started, try using a register of members template. If you would prefer a lawyer to look over your register, compare the online services below.
You need to structure your register of members carefully so that it can be understood by anyone who wants to see it. Start by dividing the document into share classes (or type of company shares). Then, under each share class, you can list the shareholders alphabetically with their relevant details.
Once you've formatted and filled in your register of members, remember to keep the document on company premises. This will ensure that the document is available as and when you need it.
Using a register of members template is an easy way to put your document together quickly. You'll find plenty of useful examples and templates online by carrying out a quick search. Here are a few places to start.
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