ADVOKS GLOBAL · KENYA
Central Depositories Act
21. Withdrawal of immobilised security
Edition: 2023-12-11 · In force
21. Withdrawal of immobilised security
(1)Subject to section 22 and the provisions of this section, a depositor may, on application to the central depository, withdraw an immobilised security standing to the credit of his securities account.(2)Where an application is made under this section for the withdrawal of an immobilised security which is registered in the name of a central depository or its nominee company, the central depository shall forthwith place such security under suspense and lodge with the issuer—(a)the certificate representing the security; and(b)the instrument of transfer duly executed by the central depository or its nominee company, as the case may be,for the purpose of effecting the transfer in favour of the depositor.(3)Notwithstanding the provisions of the Companies Act (Cap. 486) an issuer shall, within two weeks after the certificate and the instrument of transfer in respect thereof are lodged with it—(a)complete and hold ready for delivery to the depositor, the appropriate certificate registered in the name of such depositor and any other document in connection with the security, if any; and(b)unless otherwise instructed by the depositor, send or deliver the completed certificate and such other documents, if any, to the depositor.(4)Nothing in subsection (3) shall operate to relieve a central depository or its central depository agent from any obligation imposed under any written law or under the rules of a securities exchange to notify the securities exchange of such transfer.