Section 44Part 3 — Distribution of Capital and Liability of Members
Inspection of register
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The register of members, commencing from the date of the registration of the company, shall be kept at the registered office of the company or, in the case of an exempted company, at any other place within or outside the Islands except that, in the case of an exempted com pany that holds a licence to carry on business in the Islands under any applicable law, the register of members shall be kept at its registered office within the Islands .
Except in the case of an exempted company that does not hold a licence to carry o n business in the Islands under any applicable law and when closed as hereinafter provided the register of members shall, during business hours, subject to such reasonable restrictions as the company in general meeting may impose, so that no less than two hours in each day be appointed for inspection, be open to the inspection of any member gratis and to the inspection of any other person on payment of ten dollars or such less sum as the company may specify for each inspection; and every such member or othe r person may receive a copy of such register or any part thereof, or of such list or summary of members, on payment of one dollar for every page required to be copied.
If such inspection or copy is refused, the company shall incur for each refusal a pe nalty of five hundred dollars; and every director and manager of the company who knowingly authorises or permits such refusal shall incur the like penalty; and in addition to the above penalty, a Judge sitting in chambers may, by order, compel an immediate inspection of the register.
A company, including an exempted company, shall make available at the registered office, in electronic form or any other medium, such register, including any branch register in the case of an exempted company, as may be req uired of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority Act ( 2021 Revision ) ; and if the company fails to comply with the order or notice without reasonable excuse, the company shall incur a penalty of five hundred dollars and a further penalty of one hundred dollars for every day during which such non - compliance continues.