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Thread: How does one dispute / argue s26: Access to company records

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    How does one dispute / argue s26: Access to company records

    s26: Access to company records
    (1) A person who holds or has a beneficial interest in any securities issued by a profit company, or who is a member of a non-profit company, has a right to inspect and copy, without any charge for any such inspection or upon payment of no more than the prescribed maximum charge for any such copy, the information contained in the following records of the company:
    (a) The company's Memorandum of Incorporation and any amendments to it, and any rules made by the company, as mentioned in section 24(3)(a);

    (b) the records in respect of the company's directors, as mentioned in section 24(3)(b);

    (c) the reports to annual meetings, and annual financial statements, as mentioned in section 24(3)(c)(i) and (ii);

    (d) the notices and minutes of annual meetings, and communications mentioned in section 24(3)(d) and (e), but the reference in section 24(3)(d) to shareholders meetings, and the reference in section 24(3)(e) to communications sent to holders of a company's securities, must be regarded in the case of a non-profit company as referring to a meeting of members, or communication to members, respectively; and

    (e) the securities register of a profit company, or the members register of a non-profit company that has members, as mentioned in section 24(4)[(a) or (b);


    (2) A person not contemplated in subsection (1) has a right to inspect or copy the securities register of a profit company, or the members register of a non-profit company that has members, or the register of directors of a company, upon payment of an amount not exceeding the prescribed maximum fee for any such inspection.

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    Site Caretaker Dave A's Avatar
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    Surely the point is you can't

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    Does this not open up private companies to any kind exposure

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    That section is in Part C of the Act, Transparency, Accountability and Integrity of Companies, so I guess exposure is it's intention.

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    Full Member polpak's Avatar
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    Exposure to what ?


    This access appears to support, or confirm, that all shareholders or members of the company or association are entitled to access various reports from companies or associations which they are supposed to provide to their shareholders or members.

    Many companies or associations appear to find ways to keep plenty of their secrets secret, mostly by making sure unwanted data fails to appear in these types of records... BTW often later such exclusions may be found to be legal offences or breaches of responsibility.


    .

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    The point SSS100 was making is the red bit; shareholders have free access to the records. Anybody else has paid access to the same records.

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    Looks like a lot of just curious people use that to go see how those dedicated self-made business people are doing in their businesses
    Imagine a person simply comes and says, ok i want access to all your business info .. financials and securities
    You ask whats the purposes.. answer is that because i'm interested to see and the allows me to do just that
    I can even your neighbour who thinks how come you go on holiday more than he does

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    Hi SSS100, it is less sinister than it looks.

    A non-connected person cannot access the financial records, only the register of directors and shareholders.

    Most public companies provide that information on the websites anyway. The "private" in private companies merely means that the company's shares may not be offered to the general public; it has no connection to secrecy.

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