Section 107 - Regulations as to branch registers

(1) A branch register is a part of the principal register of members, debenture holders or beneficial owners of the company.

(2) A branch register shall be kept in, and shall be opened for inspection in, the same manner in which the principal register is, by sections 35 to 39 and sections 99 to 101 required to be kept, and the advertisement before closing the branch register shall be published in a daily newspaper circulating in the district where the branch register is kept.

(3) The company shall,

(a) transmit to the registration office of the company a copy of every entry in the branch register as soon as practicable after the entry is made; and

(b) keep at the place where the principal register of the company is kept, a duplicate of the branch register duly entered up from time to time.

(4) The duplicate is, for the purposes of this Act, a part of the principal register.

(5) Subject to this section, with respect to the duplicate register, the shares or debentures registered in a branch register shall be distinguished from those registered in the principal register, and a transaction with respect to a share or debenture registered in a branch register shall not, during the continuance of that registration, be registered in any other register.

(6) A company may discontinue a branch register, and the entries in that register shall be transferred to the principal register.

(7) Subject to this Act, a company may, by the constitution of the company, make provisions respecting the keeping of branch registers.

(8) Where a company defaults in complying with subsection (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.

(9) Where the principal register is kept at the office of a person other than the company, and by reason of a default of that person the company fails to comply with paragraph (b) of subsection (3), that person is liable to the same penalty as if that person was an officer of the company who was in default.

(10) The provisions of this section shall not apply to a company the shares of which are operated by virtue of a scheme established under the Central Securities Depository Act, 2007 (Act 733).