Section 17Part 3 — Beneficial Ownership RegisterAmended
Power of the Grand Court to rectify beneficial ownership register
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Amended by Supplement No. 1, Gazette No. 3 of 2026 on 23 Jan 2026 — commenced 21 Jan 2026 (Supplement No. 1, Gazette No. 3 of 2026)
If —
the name of any individual or reportable legal entity is, without sufficient cause, entered in or omitted from a legal person’s beneficial ownership register as a registrable beneficial owner; or
default is made, or unnecessary delay takes place, in ent ering in a legal person’s beneficial ownership register the fact that an individual or reportable legal entity has ceased to be a registrable beneficial owner, the person aggrieved, may apply to the Grand Court for rectification of the legal person’s benef icial ownership register.
The Grand Court may —
refuse the application under subsection ( 1 ); or
order rectification of the beneficial ownership register and payment by the legal person of any damages sustained by any person aggrieved.
On an application under this section, the Grand Court may 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 legal person’s beneficial ownership register; and
that is necessary or expedient to be decided for rectification of the legal person’s beneficial ownership register. c Revised as at 14th January, 2026 Page 19
If the Grand Court makes an order for rectification of a legal person’s beneficial ownership register against the legal perso n, it shall direct that notice of the rectification be given to the competent authority.