ADVOKS GLOBAL · KENYA
Central Depositories Act
24. Prescription of dematerialised securities
Edition: 2023-12-11 · In force
24. Prescription of dematerialised securities
(1)A central depository may, from time to time, after consultation with an issuer, prescribe an immobilised security, or class of securities, as a dematerialised security in accordance with the selection process laid down under the CDS rules.(2)Notwithstanding subsection (1), a central depository may, from time to time, after consultation with an issuer, prescribe any security proposed to be listed or quoted on a securities exchange, as a dematerialised security.(3)Upon being notified by the central depository of the prescription under subsection (1), an issuer of a dematerialised security shall—(a)give notice to the public that such security shall, on the dematerialisation date, become a dematerialised security; and(b)do all such things as are necessary to amend its deed of establishment, trust deed, constitution or articles of association, as the case may be, to give effect and comply with this Act and CDS rules within one hundred and twenty days of the notice.(4)A notice under subsection (3) shall identify the security to be dematerialised and shall specify a dematerialisation date, not being less than one month from the date of publication of the notice, on or before which that security shall become dematerialised.