Capital Markets Act
3. Meaning of the term associate
3. Meaning of the term associate
For the purpose of this Act—"associate", in relation to—(a)an individual, means—(i)a spouse, son, adopted son, step-son, son-in-law, daughter, adopted daughter, step-daughter, daughter-in-law, father, step-father, father-in-law, mother, step-mother, mother-in-law, brother, step-brother, brother-in-law, sister or step-sister, sister-in-law, grandchild or spouse of a grandchild; of that individual;(ii)any company in which that individual is a director or secretary, has a controlling interest or is the controlling interest;(iii)any company in which that individual, or any of the persons specified in subparagraph (i), has control of twenty per cent or more of the voting power on appointments to the board of directors or entitlement to dividends in the company, whether such control is exercised individually or jointly;(iv)any employee of that individual; or(b)a company, means another company in which the first mentioned company has control of not less than twenty percent of the voting power in that company,and a reference in this Act, regulations, rules, guidelines or notices issued thereunder, to an associated person or associated company shall be construed accordingly.(Act No. 48 of 2013, s. 3.)Source: Kenya Law