Investment Limited Partnerships Act 1994

F100[Duty to keep and maintain a beneficial ownership register.


46. (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

(a) decide any question as to whether the name of any person who is a party to the application should or should not be entered in or omitted from the beneficial ownership register, and

(b) more generally, decide any question necessary or expedient to be decided for rectification of the beneficial ownership register.

(6) The reference in this section to "any other interested party" is a reference to any other individual who is a beneficial owner of the investment limited partnership.]




Inserted (1.03.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 39, S.I. No. 19 of 2021.