Section 106 - Power of company to keep branch register

(1) A company that has shares may, if so required by the constitution of the company, keep in a country outside the Republic a branch register of shareholders or debenture holders or beneficial owners residing in that country or in any other country outside the Republic.

(2) The company shall give to the Registrar, notice of the location of the office where a branch register is kept, and of a change in the location of the company, and if it is discontinued, of the discontinuance.

(3) The notice shall be given within twenty-eight days of the opening of the office or of the change or discontinuance.

(4) Where the company defaults in complying with subsections (2) and (3), the company and every officer of the company who is in default is liable to pay to the Registrar, an administrative penalty of twenty-five penalty units for each day during which the default continues.