Section 29, The Companies (Amendment) Act, 2014

Section 120 of the Companies Act, 2009, is amended byinserting the following new subsection– “(2) Irrespective of the class of shares held by a member, any member holding 10% or less of the Companies shares or right to vote, shall have the right to inspect documents relating to any transaction of the Company whether or not intending to file a law suit. Where a company does not make available to the member documents as requested, upon notification in writing of the same to the Commission, the Commission shall issue a directive to the Company stating in such directive the period within which the documents shall be made available. Failure on the part of the Company to comply with this directive shall be a default and the Company shall be liable to a default fine not exceeding Le5,000,000 and Le 850,000 for every day the default continues.” Share certificates