Central Depositories Act

23. Withdrawal of prescribed securities prohibited

Edition: 2023-12-11 · In force

23. Withdrawal of prescribed securities prohibited

(1)No person shall withdraw any security which is prescribed as a dematerialised security under this Act from a central depository.

(2)A securities exchange may, from time to time, after consultation with the Authority, restrict or prohibit the withdrawal of any immobilised security or class of immobilised securities which is listed or quoted for such period and in such manner as it considers appropriate.

(3)Where a securities exchange restricts or prohibits withdrawal of immobilised book-entry securities under subsection (2), the securities exchange shall—

(a)inform the central depository of such decision; and

(b)give notice to the public of—

(i)the book-entry securities the withdrawal of which is restricted or prohibited; and

(ii)the period of such restriction or prohibition.

(C) – Dematerialisation of Securities

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Source: Kenya Law