MENU

Section 465 of The Companies Act No. 17 of 2015: Notice to Registrar of cancellation of shares

    

(1) If, on the purchase by a company of any of its own shares in accordance with this Part—
(a) section 526 does not apply (so that the shares are treated as cancelled); or
(b) that section applies but the shares are immediately cancelled under section 531, the company shall, within one month after receiving the shares, lodge with the Registrar for registration a notice specifying the shares that are cancelled.
(2) The company shall attach to, or enclose with, the notice a statement of capital that complies with subsection (3).
(3) A statement of capital complies with this subsection if it states with respect to the company's share capital immediately following the cancellation—
(a) the total number of shares of the company;
(b) the aggregate nominal value of those shares; (c) for each class of shares—
(i) the particulars of the rights attached to the shares prescribed by the regulations for the purposes of this subsection;
(ii) the total number of shares of that class; and
(iii) the aggregate nominal value of shares of that class; and
(d) the amount paid up and the amount (if any) unpaid on each share (whether on account of the nominal value of the share or in the form of a premium).
(4) If a company fails to comply with a requirement of this section, the company, and each officer 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.
(5) If, after a company or any of its officers is convicted of an offence under subsection (1), the company continues to fail to comply with the relevant requirement, 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.

« Previous:   Section 464 - Return of purchase of own shares to be lodged with Registrar          Next: »   Section 466 - Interpretation: Division 4

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections