Closure of share registers: companies face penalties for improper or excessive closures under prescribed notice requirements.

Companies may close registers of members, debenture-holders or other security holders for aggregate periods up to the statutory annual limit and no more than the single-continuous-period cap, subject to prescribed prior notice (including a reduced notice regime for listed or intending-to-list companies). Closing a register without complying with the notice requirement, or for periods exceeding the statutory limits, attracts a per-day monetary penalty on the company and every officer in default up to a specified maximum while the register remains closed.

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