ADVOKS GLOBAL · KENYA
Companies Act
406. Notice to Registrar of sub-division or consolidation
Edition: 2024-12-27 · In force
406. Notice to Registrar of sub-division or consolidation
(1)Within one month after subdividing, consolidating or dividing its shares, a company shall lodge with the Registrar for registration a notice specifying the shares that are affected, and accompanied by a statement of capital that complies with subsection (2).(2)A statement of capital complies with this subsection if it states with respect to the company's share capital immediately following the exercise of the power—(a)the total number of shares of the company;(b)the aggregate nominal value of those shares;(c)for each class of shares—(i)the particulars of the rights attached to the shares prescribed by the regulations for the purposes of this subsection;(ii)the total number of shares of that class; and(iii)the aggregate nominal value of shares of that class; and(d)the amount paid up and the amount if any unpaid on each share whether on account of the nominal value of the share or as a premium.(3)If a company fails to comply with subsection (1), the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred and fifty thousand shillings.(4)If, after a company or any of its officers is convicted of an offence under subsection (3), the company continues to fail to lodge with the Registrar any of the documents required by subsection (1) or (2), the company, and each officer of the company who is in default, commits a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding twenty-five thousand shillings for each such offence.Division 2 — Reduction of share capital