Companies Act

592. Power of Authority to make Takeover Rules

Edition: 2024-12-27 · In force

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592. Power of Authority to make Takeover Rules

(1)The Authority may make rules, called Takeover Rules, for the purposes of this Part.

(2)The Takeover Rules may—

(a)regulate—

(i)takeover bids;

(ii)merger transactions; and

(iii)transactions, not falling within subparagraph (i) or (ii), that have or may have, directly or indirectly, an effect on the ownership or control of companies;

(b)provide for cases where—

(i)any such bid or transaction is, or has been, contemplated or expected; or

(ii)an announcement is made denying that any such bid or transaction is intended.

(2)The Takeover Rules may confer power on the Authority to order a person to pay such compensation as it thinks just and reasonable if the person has contravened or failed to comply with a rule the effect of which is to require the payment of money.

(3)The rules conferring such a power on the Authority may provide for the payment of interest, including compound interest.

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Source: Kenya Law