Type of companies under the kenyan companies act 2015. Interpretation 1 in parts i to xiii of this act, unless the context requires otherwise annual return means the return required to be made, in the case of a company having a share capital, under section 108 and, in the case of a company not having a share capital, under section 109 of this act. Apportionment of costs and consideration received part v rules governing types of persons division i. Interpretation 1 in this act unless, the context otherwise requires. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. The companies act, 2015 public company limited by shares articles of association of crown paints kenya plc a public company adopted by a. Short title this act may be cited as the kenya information and communications act, 1998. This act may be cited as the statute law short title. For the time being the old companies act, cap 486, will continue to operate until the corresponding or new provisions of the companies act, 2015 come into force through legal notices prepared by the cabinet secretary in the kenya gazette. The name of the association is african securities exchanges association. Income tax act, 2015 3 income tax act, 2015 act 896 48. The companies act, 2015 was assented by the president on 11 th september 2015 with only section 2 of the act coming into operation on the date of gazettement on 15 th september 2015. The companies act, 2015 will only become operational on a date to be set by the cabinet secretary by notice in the kenya gazette.
Pdf the companies act no17of2015 revised compressed. As per the companies act, 2015 annual returns are filed. Notice of annual general meeting stanbic bank uganda. The companies act, 2015 an act of parliament to consolidate and reform the. Company secretarial online registration system rsm global. It has 1,026 sections grouped into 42 parts each of which has several divisions and supplemented by 6 schedules. All other parts and sections were to come into operation upon a gazette notice by the cabinet secretary responsible for company matters, the attorney general. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to boost the ease of doing business. Transfer by way of security, finance lease or instalment sale 49. Duties of directors under the new kenyan companies act 2015. Reforms in the ease of doing business in kenya by kenneth. Section i on 15th september, 2015 all other provisions.
The kenya business guide kbg is a thinktank that seeks to support the improvement and strengthening of the business environment in kenya by providing access to information on key features of both the private and public sector prerequisites in the effective functioning of business. Company may have common seal for execution of documents. Definition of expressions used in these articles 1 in these articles a the act means the companies act, 2015. Be it enacted by parliament in the sixtysixth year of the republic of india as follows. Reforming company law in kenya download the companies act, no. The carec first capital market regulators forum, organized by secp from 29 to 30 august, provides a platform for development leaders and industry experts to discuss solutions to global challenges faced by capital market regulators for better capital markets development in the carec region, which include the use of technology. Banking act means the banking act chapter 488, laws of kenya.
The government of kenya gazette both pieces of legislation on 11 th and 18 th september, 2015 respectively. One of the salient features of kenya s companies act 2015 is the codification of derivative action the rule in. On 15th october 2017 the registrar of companies gave a directive that all registered companies be set up on ecitizen platform as a way of migrating services from manual to. The companies act 2015 the act is amongst a suite of new laws intended to streamline business in kenya, by making it easier for entities to establish a presence and operate. Expected outcome repealing section 975 2 b of the companies act, 2015 will. On registration of the required documents as provided under the companies general regulations. The companies act, 2015 section 3 defines a company to mean a company formed and registered under this act or an existing company. Download a copy of the companies act, 2008 ammended companies act and regulations. As announced on 15 april 2015, the accounting and corporate regulatory authority acra will begin implementing the legislative amendments to the companies act, with 40% of the new changes to take effect from 1 july 2015. Ca final indirect direct tax summary book pdf may 2020.
It is a proceeding by means of which a company is dissolved and in the course of such dissolution its assets are collected and its debts are paid off out of the assets of the company or from contributions by its members, if necessary. Summary of the companies act 2015 commencement capita. Effect of conversion on legal status schedule 3 amendment of laws a. It has 1,026 sections grouped into 42 parts each of. Companies act, 2015, to authorise for amendment of article 99 of the companys articles of association to read as follows. The companies act 2015 the act is amongst a suite of new laws intended to streamline business in kenya, by making it easier for entities to establish. The companies act, 2015 the company law regime that existed a few years ago in kenya was based on the 1948 uk act. Further, only unlimited private companies may be formed under the new act.
Limitation of period to incorporate close corporations or convert companies 3. Documents to accompany annual return of public company or company limited by guarantee. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this circular is important and requires your immediate attention if you require assistance with this circular, please consult your stockbroker, investment banker, or any other professional adviser. An act of parliament to harmonise and consolidate the procedural rules for the administration of tax laws in kenya, and for connected proposes act no. The companies act, 2015 further provides that should the cabinet secretary fail to set a. Registrar to register company if requirements of act are complied with. Companies act, 2015 memorandum and articles of association of. In any case, the justifying the restrictions under article 25 of the cmp, require that kenya notifies the eac secretariat and other partner states on the restriction and furnish proof that the restriction was appropriate, reasonable and justifiable. A company shall file a copy of the restriction notice issued under this regulation. In section 2 of the companies act, 20 hereinafter referred to as. The registered office of the association will be situate in kenya. The companies act, 2015 was assented by the president on 11th.
Companies act, 2015, the attorney general makes the following regulations. Prescribed forms the forms set out in the first schedule are the forms that are prescribed for use under the provisions of the act specified in the. Winding up, means a process of putting an end to the life of a company. The registered office of the company will be situate in kenya. Since its enactment in 1962, the companies act chapter 486 was not updated to be. Deleted and moved under the articles by virtue of section 26 of the companies act 2015. Private companies must file financial statements within 9 months of the. The new companies act 2015 has come into operation in kenya. Definition of the act for the purposes of these regulations in these regulations the act means the companies act, 2015.
Deleted and moved under the articles by virtue of section 26 of the companies act 2015 2. Filing of documents is therefore still being done manually by. The salient features of the kenya insolvency act, 2015. New legislation in kenya companies act, 2015 some parts come in force on 6th november, 2015, rest will come in force in stages. The companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. Incorporated in kenya under the companies act, 2015. Gazetted 31st december, 2015 enacted by the legislature of the virgin islands as follows.
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