Investment Limited Partnerships Act 1994
F77[Duty of individual (in certain circumstances) to notify relevant change.
28B. (1) This section applies to an individual if—
(a) in relation to the individual (as a beneficial owner of the investment limited partnership), the particulars referred to in section 27A(1)(a) and (b) are stated in an investment limited partnership’s beneficial ownership register,
(b) a relevant change occurs,
(c) the individual knows of the change or ought reasonably to do so,
(d) the investment limited partnership’s beneficial ownership register has not been altered to reflect the change, and
(e) the individual has not been given a notice by the general partner under section 28 by the end of the period of one month beginning with the day on which the change occurred.
(2) For the purposes of this section, a relevant change occurs if—
(a) the individual referred to in subsection (1) ceases to be a beneficial owner of the investment limited partnership referred to in that subsection, or
(b) any other change occurs as a result of which the particulars (stated in the investment limited partnership’s beneficial ownership register) in relation to the individual are incorrect or incomplete.
(3) An individual to whom this section applies shall notify, in writing, the general partner referred to in subsection (1)(a) of the relevant change, and that notification shall—
(a) state the date on which the change occurred, and
(b) give to the general partner any necessary information so that it can alter the investment limited partnership’s beneficial ownership register to reflect that change.
(4) Subsection (3) shall be complied with by the individual not later than whichever of the following periods is the last to expire—
(a) the period of 2 months beginning with the day on which the relevant change occurred, or
(b) the period of one month beginning with the day on which facts have come to the notice of the individual from which he or she could reasonably conclude that the relevant change has occurred.
(5) An individual who—
(a) fails to comply with this section, or
(b) in purported compliance with this section, makes a statement that is false in a material particular, knowing it to be so false or being reckless as to whether it is so false,
shall be guilty of an offence.]
Inserted (1.03.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 29, S.I. No. 19 of 2021.