First, what exactly is a register?
A register is a record of certain company information that must be kept because it’s a Corporations Act 2001.
Also, below I will use the term ‘shareholder’ because it's more familiar than 'member'.
Finally, I will only be covering companies with under 50 shareholders and companies that are not on the stock exchange.
What goes into a shareholder registry?
Now, section 169 of the Corporations Act 2001 states the register information to keep for each shareholder, namely:
- Name and address; and
- Date that the entry for the shareholder was made on the register; and
- Transfers of shares (per section 1071D Corporations Act 2001); and
- Shares not held beneficially; and
- Joint shareholders - meaning 2 or more people that hold shares in the company, those 2 people are taken to be one shareholder.
Other information kept in the registry
These are the details of former shareholders that you'll need to keep and you can keep these separate to the rest of your register.
- Name and details of each person no longer a shareholder of the company within the last 7 years; and
- Date the person stopped being a shareholder.
Crowd sourced funding offers (CSF)
If your private company has made crowd sourced funding offers, your shareholder register must include:
- The date every issue of shares were made for each CSF offer;
- Number of shares for each CSF offer;
- Shares for each CSF offer; and
- The date an entity stops being a CSF shareholder of the company for a particular share in the company.