ADVOKS GLOBAL · KENYA
Companies Act
905. Property of dissolved company to vest in the State
Edition: 2024-12-27 · In force
905. Property of dissolved company to vest in the State
(1)Property that, immediately before the dissolution of a company had not been distributed or disclaimed, vests in the State with effect from the dissolution of the company.(2)For the purposes of this section, property of the former company includes leasehold property and all other rights vested in or held on trust for the former company, but does not include property held by the former company on trust for any other person.(3)The Attorney-General shall, on becoming aware of the vesting of the property, give public notice of the vesting, setting out the name of the former company and particulars of the property.(4)If property is vested in the State under this section, a person who would have been entitled to receive all or part of the property, or payment from the proceeds of its realisation, if it had been in the hands of the company immediately before its dissolution, or any other person claiming through that person, may apply to the Court for an order—(a)vesting all or part of the property in that person; or(b)for payment to that person by the State of compensation of an amount not greater than the value of the property.(5)On the hearing of an application made under subsection (4), the Court may—(a)decide any question concerning the value of the property, the entitlement of any applicant to the property or to compensation, and the apportionment of the property or compensation among two or more applicants(b)order that the hearing of two or more applications be consolidated;(c)order that an application be treated as an application on behalf of all persons, or all members of a class of persons, with an interest in the property; or(d)make such ancillary orders as it considers necessary.(6)Compensation ordered to be paid under subsection (4) is payable from the Consolidated Fund without further appropriation than this section.(7)When a company is dissolved, all property vested in or held on trust for the company immediately before its dissolution vests in the State. That property includes leasehold property, but not property held by the company on trust for another person.(8)Subsection (1) has effect subject to the possible restoration of the company to the Register under this Part.