39. Amendment of Act of 1994 - new sections 46 to 59 relating to beneficial ownership registers (including central register) and associated procedures, obligations, etc.
The Act of 1994 is amended by the insertion of the following sections after section 45:
"46. Duty to keep and maintain a beneficial ownership register
(1) The general partner of an investment limited partnership shall keep and maintain a register (which shall be known, and is in this Act referred to, as a ‘beneficial ownership register’) in which there shall be entered by it the information referred to in section 27A(1)(a) and (b) and (2).
(2) A general partner that fails to comply with subsection (1) shall be guilty of an offence.
(3) If -
(a) the name of any individual is, without sufficient cause, entered in or omitted from an investment limited partnership’s beneficial ownership register, or
(b) default is made or unnecessary delay takes place in entering in an investment limited partnership’s beneficial ownership register the fact that an individual has ceased to be a beneficial owner of it,
the individual aggrieved or any other interested party may apply to the court for rectification of the register.
(4) Where an application is made under subsection (3), the court may either refuse the application or may order rectification of the beneficial ownership register and payment by the investment limited partnership of compensation for any loss sustained by any party aggrieved.
(5) On such an application, the court may -