88 Place of share register

(1)

The share register may, if expressly permitted by the constitution, be divided into 2 or more registers kept in different places.

(2)

The principal register must be kept in New Zealand.

(3)

If a share register is divided into 2 or more registers kept in different places,—

(a)

notice of the place where each register is kept must be delivered to the Registrar for registration within 10 working days after the share register is divided or any place where a register is kept is altered; and

(b)

a copy of every register must be kept at the same place as the principal register; and

(c)

if an entry is made in a register other than the principal register, a corresponding entry must be made within 10 working days in the copy of that register kept with the principal register.

(4)

In this section, principal register, in relation to a company, means—

(a)

if the share register is not divided into 2 or more registers, the share register:

(b)

if the share register is divided into 2 or more registers, the register described as the principal register in the last notice sent to the Registrar.

(5)

If a company fails to comply with subsection (2) or subsection (3),—

(a)

the company commits an offence and is liable on conviction to the penalty set out in section 373(2); and

(b)

every director of the company commits an offence and is liable on conviction to the penalty set out in section 374(2).