49. Limited liability partnership’s duty to keep information up‑to‑date

If a limited liability partnership knows or has reasonable grounds to believe that a relevant change has occurred in the particulars of a registrable controller that are stated in the limited liability partnership’s register of controllers, the limited liability partnership must give notice to the registrable controller —

A limited liability partnership must give the notice mentioned in subsection (1) within such period as may be prescribed after it first knows of the change or first has reasonable grounds to believe that the change has occurred.

Section 48(3)(a) and (b) applies to a notice under this section as it applies to a notice under that section.

Subsection (1) does not require a limited liability partnership to give notice to any person in respect of any information that was previously provided by that person or by any registered corporate service provider on behalf of that person.

If a limited liability partnership fails to comply with subsection (1) or (2), or section 48(3)(a) and (b) as applied by subsection (3), the limited liability partnership, and every partner of the limited liability partnership who is in default, shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $25,000.

An addressee of a notice under subsection (1) who fails to comply with the notice within the time specified in the notice for compliance shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

For the purposes of this section, a relevant change occurs if —