Section 403 of The Companies Act No. 17 of 2015: Notice of particulars of variation of class rights
(1) If the rights of any class of members of a company not having a sharecapital are varied, the company shall, within fourteen days after the date on which the variation is made, lodge with the Registrar for registration a notice containing particulars of the variation.
(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 a company or any of its officers is convicted of an offence under subsection (2), the company continues to fail to lodge the requisite notice, the company, and each officer of the company who is in default, commit a further offence 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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