Section 196 - Company to maintain Interests Register

(1) A company shall maintain an Interests Register which shall record the interests that directors disclose under subsection (6) of section 194.

(2) The Interests Register shall state the place where any document that contains the details of the interest may be inspected.

(3) The Interests Register shall be kept at the same place as the register of members maintained in accordance with section 35.

(4) The Interests Register shall be opened for inspection during business hours, subject to the reasonable restriction that the constitution of the company may impose.

(5) The Interests Register shall be open for inspection

(a) not less than two hours in each day, other than a Saturday, a Sunday or a public holiday; and

(b) during the continuance of a general meeting to a person attending the meeting.

(6) The provisions of this section shall not apply if the members of a company by ordinary resolution so determine.

(7) Where a company or an officer of a company fails to comply with this section, the company and every officer of the company that is in default is liable to pay to the Registrar, an administrative penalty of five hundred penalty units and if an inspection required under subsection (5) is refused, the Court may by order compel an immediate inspection of the register.