Section 120: Shareholders entitled to receive distributions, attend meetings and

120. Shareholders entitled to receive distributions, attend meetings and exercise rights (1) The shareholders who are entitled— (a) to receive distributions; (b) to exercise pre-emptive rights to acquire shares in accordance with section 55; or (c) to exercise any other right or receive any other benefit under this Act or the constitution, shall be— (i) where the Board fixes a date for that purpose, those shareholders whose names are registered in the share register on that date; or (ii) where the Board does not fix a date for that purpose, those shareholders whose names are registered in the share register on the day on which the Board passes the resolution concerned. (2) Where a date is fixed under subsection (1), that date shall not precede by more than 28 days the date on which the proposed action is taken. (3) The shareholders who are entitled to receive notice of a meeting of shareholders shall be— (a) where the Board of directors fixes a date for the purpose, those shareholders whose names are registered in the share register on that date; C35 – 79 [Issue 9] Companies Act (b) where the Board of directors does not fix a date for the purpose, those shareholders whose names are registered in the share register at the close of business on the day immediately preceding the day on which the notice is given. (4) Where a date is fixed under subsection (3), that date shall not precede by more than 30 days or less than 15 days the date on which the meeting is held. PART X – DEBENTURES AND REGISTRATION OF CHARGES