Companies Act

1021. Valuer entitled to full disclosure

Edition: 2024-12-27 · In force

1021. Valuer entitled to full disclosure

(1)A person who is carrying out a valuation or making a report with respect to consideration proposed to be accepted or given by a company is entitled to require from the officers of the company such information and explanation as the person believes necessary to enable—

(a)the valuation to be carried out or the report to be made; and

(b)provide any note required by section 371 or 375.

(2)A person who knowingly or recklessly makes a statement to which this subsection applies that is misleading, false or deceptive in a material particular commits an offence and on conviction is liable to a fine not exceeding one million shillings or to imprisonment for a term not exceeding two years, or to both.

(3)Subsection (2) applies to a statement—

(a)made (whether orally or in writing) to a person carrying out a valuation or making a report; and

(b)conveying or purporting to convey any information or explanation which that person requires, or is entitled to require, under subsection (1).

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Source: Kenya Law