386AC. Meaning of “registrable”

Question 1

386AC. Meaning of “registrable”

Answer 1

General overview
[386AC.01] Section 386AC states that a company or foreign company has to maintain a register of controllers and sets out the situations when the company or foreign company has to divulge who its registrable controllers are.

Question 2

Meaning of “registrable”

Answer 2

386AC.02] Section 386AC provides that in relation to a company (X) or a foreign company (X), a controller (A) is registrable unless: (a) A’s significant interest in or significant control over X is only through one or more controller(s) (B) of X; (b) A is a controller of B; and (c) B (or each B, if more than one) is either (i) a company or foreign company to which Part XIA of the Act applies, that is required to keep a register of controllers under s 386AF; (ii) a company listed under the Fourteenth Schedule to the Act; (iii) a company listed under the Fifteenth Schedule to the Act; (iv) a corporation whose shares are listed on an approved exchange; (v) a limited liability partnership to which Part VIA of the Limited Liability Partnerships Act (Cap 163A) applies, that is required to keep a register of controllers of limited liability partnerships; (vi) a limited liability partnership that is set out in the Sixth Schedule to the Limited Liability Partnerships Act (Cap 163A); and (vii) a trustee of an express trust to which Part VII of the Trustees Act (Cap 337) applies. In other words, when any of these conditions apply, there is no need for X to register its controller A’s significant interest in X. In addition, if the intervening controller(s), B, has to maintain a register of controller, then X need not maintain a register stating A’s significant interest.