Why Companies Office records don’t constitute a legal share register
Some firms question why they need a detailed share register, like the one produced by the Companyworks shareholding management system.
The simple answer is that the Companies Act 1993 requires it.
While Companies Office records show shareholder balance changes, they make no record of share classes, details of any restrictions or limitations, or details of the underlying share transfers or issues. The dates recorded reflect only when the Companies Office records were updated, rather than the actual date of the share changes.
Under the Companies Act, all of these are required for a share register to be compliant. Firms therefore cannot rely just on the records held by the Companies Office to fulfill their legal obligations. In fact the Companies Office goes so far as to make this explicit, with a warning whenever you update a company’s share details.
Fortunately, Companyworks is able to record all share information required by the Companies Act, allowing your share register to remain fully compliant. Furthermore, with upcoming changes to some of the e-services being offered by the Companies Office, we will be able to bring across share balances into Companyworks to help you re-create an historical share register.
We’re hiring someone in Auckland to help load trust and company information
As the number of firms using Trustworks and Companyworks has continued to increase we’ve begun to notice that, while loving the systems, firms can’t always properly benefit from using them until their client data and documents are loaded. It can also seem there are never enough hours in the day for someone on staff to do this.
So we’re planning on hiring a casual contractor to help out. They would be fully vetted and trained by us, and able to go into your office to help you load.
If you know anyone who fits the bill, please ask them to contact us, or respond to the advertisement below.