Section 377 of The Companies Act No. 17 of 2015: Copy of resolution to be lodged with Registrar
(1) Within fourteen days after a company passes a resolution with respect tothe transfer of a non-cash asset, the company shall lodge with the Registrar for registration a copy of the resolution, together with a copy of the relevant valuer’s report.
(2) If a company fails to comply with subsection (1), the company, and eachofficer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred thousand shillings.
(3) If, after the company or any of its officers is convicted of an offence under subsection (1), the company continues to fail to lodge with the Registrar the documents referred to in that section, the company, and each officer of the company who is in default, commit a further office on each day on which the failure continues and on conviction are each liable to a fine not exceeding twenty thousand shillings for each such offence.
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