Section 749 of The Companies Act No. 17 of 2015: Company’s duties in relation to statement
(1) This section applies in respect of a statement lodged under section 748 that states the circumstances in which an auditor of a company ceased to hold office.
(2) Within fourteen days after the statement was lodged with it, the company shall either—
(a) send a copy of it to every person who, in accordance with section 662 is entitled to be sent copies of the company's financial statement; or (b) apply to the Court for an order under subsection (4).
(3) The auditor is entitled to be served with a copy of such an application and to be heard at the hearing of the application by the Court.
(4) On the hearing of an application made under subsection (2)(b), the Court, if satisfied that the representations of the auditor contain defamatory matter-
(a) shall make an order directing that copies of the statement need not be sent out; and
(b) may further order the company's costs on the application to be paid in whole or in part by the auditor, even if not a party to the application.
(5) If the Court has made an order under subsection (4)(a), the company shall, within fourteen days after the date on which the order was made, send to the persons referred to in subsection (2)(a) a statement setting out the effect of the order.
(6) If no such order is made the company shall send copies of the statement to the persons referred to in subsection (2)(a) within fourteen days after the date of the Court's decision or, if the proceedings are discontinued, the date on which the proceedings are discontinued.
(7) If the 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 one million shillings.
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- Section 750 - Auditor to lodge copy of statement with Registrar
(1) Unless within twenty-one days from and including the day on which the auditor lodged a statement in accordance with section 748 the auditor receives notice of an application to the Court under...
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(1) An auditor who ceases to hold office before the end of the term for which the auditor was appointed shall notify the appropriate audit authority.
(2) The auditor shall state in the notice that...
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(1) If an auditor ceases to hold office before the end of the auditor’s term of office, the company shall notify the appropriate audit authority of that fact.
(2) The company shall include in the...
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(1) As soon as practicable after receiving a notice under section 751 or 752,the appropriate audit authority—
(a) shall inform the Cabinet Secretary and the Institute of Certified Public Accountants...
- Section 754 - Meaning of “appropriate audit authority” for purpose of this Division
In this Division, “appropriate audit authority” means such body as is designated by the regulations as the appropriate audit authority for the purposes of this Division.
- Section 755 - Effect of casual vacancies
In an auditor of a company ceases to hold office for any reason, any surviving or continuing auditor or auditors may continue to act in relation to the company.
- Section 756 - Members’ power to request website publication of audit concerns
(1) If members of a quoted company propose to raise at the next general meeting of the company at which a financial statement of the company is to be presented a matter relating to—
(a) the audit of...
- Section 757 - Requirements as to website availability
(1) A quoted company to which a request under section 756 is made shall make the information to be published for the purposes of that section available on a website that—
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- Section 758 - Website publication: company’s supplementary duties
(1) A quoted company shall, in the notice that it gives of its financial statementmeeting, draw attention to—
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- Section 760 - Meaning of “quoted company” for purposes of sections 757 to 760
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- Section 761 - Provisions protecting auditors from liability to be void
(1) This section applies to any provision—
(a) for exempting an auditor of a company, to any extent, from liability that would otherwise be incurred by the auditor in connection with any negligence,...
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Section 761 does not prevent a company from indemnifying an auditor against liability incurred in defending proceedings, whether civil or criminal, in which judgement is given in the auditor’s favour...
- Section 763 - Power of Court to grant relief in certain cases
(1) This section applies to the following persons—
(a) an officer of a company;
(b) a person employed by a company as an auditor. (whether or not the person is an officer of the company).
(2) If,...
- Section 764 - Liability limitation agreements
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- Section 765 - Terms of liability limitation agreement
(1) A liability limitation agreement is not effective if it—
(a) purports to apply in respect of acts or omissions occurring in the course of the audit of financial statements for more than one...
- Section 766 - Authorisation of agreement by members of the company
(1) A liability limitation agreement is authorised by the members of the company only if it has been authorised under this section and that authorisation has not been withdrawn.
(2) A private company...
- Section 767 - Effect of liability limitation agreement
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- Section 768 - Company to disclose liability limitation agreement
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- Section 769 - Quoted Companies: audit committee
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- Section 770 - Quoted companies: corporate governance
(1) The audit committee of a quoted company shall—
(a) set out the corporate governance principles that are appropriate for the nature and scope of the company's business;
(b) establish policies and...
- Section 771 - Purpose of Part XXVIII
The purpose of this Part is to ensure—
(a) persons who are properly supervised and appropriately qualified are appointed as statutory auditors; and
(b) that audits by persons so appointed are...
- Section 772 - Eligibility for appointment as a statutory auditor
A natural person or firm is eligible for appointment as an auditor only if the person, or each partners of the firm—
(a) is the holder of a practicing certificate issued under section 21 of the...
- Section 773 - Ineligible person prohibited from acting as a statutory auditor
(1) A person shall not act as a statutory auditor of a company, or of a body of a kind prescribed by the regulations for the purposes of this section, unless the person is eligible for appointment as...
- Section 774 - Statutory auditor to be independent
(1) A person may not act as statutory auditor of an audited company if the person is—
(a) an officer or employee of the audited company;
(b) a partner or employee of the audited company, or a...
- Section 775 - Effect of lack of independence of statutory auditor
(1) If, at any time during the statutory auditor’s term of office, the auditor becomes prohibited from acting as such by section 774(1), the auditor shall immediately—
(a) resign from office;...
- Section 776 - Effect of appointment of a partnership as statutory auditor
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- Section 777 - Appropriate qualifications for appointment as a statutory auditor
A person holds an appropriate qualification for the purposes of this Part if the person holds a practising certificate issued under section 21 of the Accountants Act (No. 15 of 2008).
- Section 778 - Power of Cabinet Secretary to recognise qualifications of foreign auditors for purposes of this Act
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- Section 779 - Cabinet Secretary’s power to require eligible person to provide certain information
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- Section 780 - Application to Court by company member for order under section 796
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- Section 781 - Application to Court by Attorney General for order under section 783
(1) This section applies to a company in respect of which—
(a) the Attorney General has received an inspector's report under Part XXX;
(b) the Attorney General has exercised the powers under section...
- Section 782 - Power of Court to make orders for protection of members against oppressive conduct and unfair prejudice
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- Section 783 - Copy of order affecting company’s constitution to be lodged with Registrar
(1) If an order of the Court made under section 782—
(a) alters the company's constitution; or
(b) authorises or directs the company to make any, or any specified, alterations to its constitution,...
- Section 784 - Supplementary provisions applicable if company’s constitution altered
(1) This section applies to an order made by the Court under section 782 that alters a company’s constitution.
(2) If the order amends—(a) a company's articles; or
(b) any resolution or agreement to...
- Section 785 - Interpretation: Part XXX
(1) In this Part—
(a) a reference to an officer or agent includes a former officer or agent;
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(a) matters have come to light in the course of the...
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- Section 794 - Obstruction of inspectors appointed by Court to be contempt of Court
(1) If an officer or agent of the company or other body corporate—
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- Section 795 - Power of inspector appointed by Court to apply to Court to conduct examination of person
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- Section 796 - Power of Court to obtain information from former inspectpor etc.
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(2) This section...
- Section 797 - Inspector appointed by the Court to submit reports to the Court
(1) An inspector appointed by the Court—
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(b) as soon as practicable...
- Section 798 - Power of Director of Public Prosecutions to bring prosecution for offences disclosed by inspectors’ report
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