Section 791 CAMA 2020
Section 791 Companies and Allied Matters Act is about Disclosure of significant control in a limited liability partnership. It is under Chapter 11 (Miscellaneous) of the Act.
(1) A person with significant control over a limited liability partnership shall within seven days of becoming such a person, indicate to the limited liability partnership in writing the particulars of such control.
(2) A limited liability partnership after receiving or coming into possession of the information required under subsection (1), shall, not later than one month from the receipt of the information or any change therein, notify the Commission of that information, provided that a company shall in every annual return,disclose the information required under subsection (1) in respect of the year for which the return is made.
(3) The Commission shall maintain a register of persons with significant control in which it shall enter the information received from the limited liability partnership or any change therein under subsection (2).
(4) A limited liability partnership shall inscribe against the name of every member in the register of members, the information received in pursuance of the requirements of this section.
(5) If default is made by any person or limited liability partnership in complying with subsections (1), (2) and (4), the person or limited liability partnership and each officer of the limited liability partnership is liable to suchfines as the Commission may prescribe by regulation for every day duringwhich the default continues.
(6) If default is made by any partner in complying with subsection (1) orin purported compliance, makes any statement which he knows to be false in a material particular or recklessly makes any statement which is false, he commits an offence and is liable to a term of imprisonment for six months ora fine as the court deems fit.
(7) If default is made by any limited liability partnership in complying with subsection (3), the limited liability partnership and each officer of the limited liability partnership is liable to a penalty in such amount as theCommission shall specify in its regulations for every day during which the default continues.
