Article 16 - Registration of membership changes
Limited Liability Partnership must ensure that:
(A) where a person becomes or ceases to be a
Member or Designated Member, notice in the Prescribed Form is delivered to the CRO within 21 days; and
(B) where there is any change in the
Name or Address of a Member, notice in the Prescribed Form is delivered to the CRO within 21 days.
(2) Where all the
Members from time to time of a Limited Liability Partnership are Designated Members, Article 16(1)(A) does not require notice that a person has become or ceased to be a Designated Member as well as a Member.
(3) A notice delivered under Article 16(1) shall be:
(A) in the
Prescribed Form together with the Prescribed Fee; and
(B) signed by a
Designated Member of the Limited Liability Partnership or authenticated in a manner approved by the CRO
and if it relates to a person becoming a
Member or Designated Member, shall contain a statement that he consents to becoming a Member or Designated Member signed by him or authenticated in a manner approved by the CRO.
(4) If a
Limited Liability Partnership fails to comply with Article 16(1), the Limited Liability Partnership and every Designated Member is in contravention of these Regulations.
(5) It is a defence for a
Designated Member who would otherwise be subject to a financial penalty under Article 16(4) to prove that he took all reasonable steps for securing that Article 16(1) was complied with.
|Amended by QFCA RM2012-1 (as from 11th April 2012)|