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 forms. 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. An act to reform company law and restate the greater part of the enactments relating to companies. Nov 14, 2017 this course is primarily concerned with companies as defined in the companies act, cap. The objects for which the association is established are. This an act to consolidate and amend the law relating to companies. Duties of directors under the new kenyan companies act 2015. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to. Please refer to schedule 5 of the new companies act, no. Queries issued on documents and applications lodged with t he registrar pdf 6. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. The general duties however will continue to be applied and. This act may be cited as the banking act interpretation 2. The draft regulations are released for further stakeholder engagement, and in preparing this draft regulations the dti took into account the companies act, 2008 and companies amendment bill as.
Some companies are formed under specific acts of parliament. Pdf the companies act no17of2015 revised compressed too. An act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to make provision for other related and connected. Provisions supplementing definitions of parent undertaking and subsidiary undertaking 1 for the purposes of the definition of. These regulations may be cited as the companies beneficial ownership. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Superiority ofact part ii incorporation and registration of companies 6. Only public companies can have their shares listed on the stock exchange but public companies are regulated much more strictly than private companies. Chapter 212 the companies act an act to regulate trading. The companies act is available from the government printers, the kenya law website. Companies act 71 of 2008 english text signed by the president assented to.
Section i on 15th september, 2015 all other provisions. Jul 05, 2018 in kenya, the older version of the companies act cap. This digital book is based on the companies act 20 18 of 20, the companies amendment act 2015 21 of 2015 and companies amendment act2017 1 of 2018, companies amendment act 2019 20 of 2019 along with latest notified rules, circulars, notifications and orders by the ministry of corporate affairs from time to time till 4th. B hons, cps 6, graduate assistant, strathmore law school, postgraduate student at the kenya school of law. Short title this act may be cited as the value added tax act, 20. The companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Part iii sections 2032 this part makes further provision for a companys constitution i. Power of inspectors to carry an investigation into the affairs of related companies. Some of the provisions of the act have been implemented by a notification. Type of companies under the kenyan companies act 2015. The current companies act, cap 486, allows the incorporation of both public and private unlimited companies by virtue definition and also reregistration of an unlimited company as a limited company. Guidelines to the companies act, 2015 state law office. When registered, a company will have perpetual succession irrespective of its membership.
Summary of the companies act 2015 commencement capita. The companies act, 20 has been notified in the official gazette on 30th august, 20. Effect of conversion on legal status schedule 3 amendment of laws a. The employment act, chapter 226 of the laws of kenya 2007 the education act, chapter 211 of the laws of kenya 1980 the hiv and aids prevention and control act, chapter 246a of the laws of kenya 2006 the political parties act, chapter 7b of the laws of kenya 2011 the universities act, act no. Part 11 incorporation of companies and matters incidental thereto chapter i the companys memorandum and articles memorandum of association 3. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to boost the ease of doing business. Guidelines to the companies act, 2015 state law office and. The new act has drawn heavily on the companies act, 2006 of the united kingdom. 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. At 1,026 sections running to over 1,600 pages without schedules the new act is by far the most extensive piece of legislation on the statute books in kenya.
On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486. Annual meeting and extraordinary meeting mean respectively an annual general meeting and extraordinary general meeting of the company duly called and constituted, or any adjournment thereof. The several laws specified in the first column of the schedule are amended, in the provisions specified in the. For guidance, the developers looked to south african company law for the 21st century.
All other parts and sections were to come into operation upon a gazette notice by the cabinet. There are companies incorporated otherwise than under the companies act. Companies act 1963 act 179 section 1commencement spent. By comparison, the old companies act cap 486 had 406 sections covering 270 pages.
Production of documents and evidence on investigation. An act of parliament to make various amendments to statute law enacted by the parliament of kenya, as follows 1. Promoters promotion of a company is concerned with taking the steps necessary for incorporation. The salient features of the kenya insolvency act, 2015. Laws of kenya limitation of actions act chapter 22 revised edition 2012 2010 published by the national council for law reporting with the authority of the attorneygeneral. These are companies which are formed and registered under that act. Laws of kenya companies act chapter 486 revised edition 2012 2010 published by the national council for law reporting with the authority of the attorneygeneral. Where can i get a copy of the new companies act 2015.
Nov 10, 2015 the companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. Kenya, therefore, saw an urgent need to revamp the corporate legal regulations of the country in order to remove discrepancies and to modernize its corporate law. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. Limitation of period to incorporate close corporations or convert companies 3. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. An act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to make provision for other related and connected matters. This act may be cited as the statute law short title. Incorporated in kenya under the companies act, 2015. An act of parliament to amend and consolidate the law regulating the business of banking in kenya and for connected purposes. The salient features of the kenya insolvency act, 2015 from a. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement.
The name of the association is african securities exchanges association. The registered office of the association will be situate in kenya. Procedures on resignation of secretary under section 237 of the companies act 2016 pdf 5. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. Provisions supplementing definitions of parent undertaking and subsidiary undertaking 1 for the purposes of. This course is primarily concerned with companies as defined in the companies act, cap. The companies act an act to regulate trading companies and other associations, to impose tax on nominal capital, to regulate dividends and surpluses, and to provide for related matters. The operationalization of the companies act is split into two. In kenya, the older version of the companies act cap. The act consolidates and amends the law relating to companies. May 04, 2020 companies act in pdf is available for students and professionals. May 2020 edition of my ebook on the companies act, 20 is available for sale from may 4, 2020.
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