ADVOKS GLOBAL · KENYA
Companies Act
578. Right of debenture holder to obtain copy of trust deed securing debentures
Edition: 2024-12-27 · In force
578. Right of debenture holder to obtain copy of trust deed securing debentures
(1)A holder of debentures of a company is entitled, on request and on payment of the fee (if any) prescribed by the regulations, to be provided with a copy of any trust deed for securing the debentures.(2)Within seven days after receiving from a holder of debentures of the company a request for a copy of the trust deed (if any) for securing the debentures, the company shall comply with the request.(3)If a company fails without reasonable excuse to comply with a request under subsection (2), 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 five hundred thousand shillings.(4)If, after a company or any of its officers is convicted of an offence under subsection (2), the company continues to fail to comply with the relevant request, the company, and each officer of the company who is in default, commit an offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding fifty thousand shillings for each such offence.(5)In the case of any such failure, the Court may, on the application of the person affected by the failure, make an order directing that the requested copy be sent to the applicant or such other person who is specified in the order.(6)The company is entitled to be heard as respondent to such an application.(7)An application under subsection (4) may be made, heard and determined irrespective of whether the company is charged with an offence under subsection (4) or (5).