ADVOKS GLOBAL · KENYA
Companies Act
921. Effect of restoration to the Register if property has vested in the State under section 919
Edition: 2024-12-27 · In force
921. Effect of restoration to the Register if property has vested in the State under section 919
(1)The person in whom property is vested by section 905 may dispose of that property, even though the company has been or may be restored to the Register under this Part.(2)The following provisions apply when a company is restored to the Register:(a)the restoration does not affect a disposition of the kind referred to in subsection (1) but its effect in relation any other property previously vested in or held on trust for the company is not affected;(b)the State becomes liable to pay the company an amount equal to the greater of—(i)the amount of any consideration received for the property; and(ii)the value of the property at the date of the disposition, or, if no consideration was received for the disposition, an amount equal to the value of the property at the date of the disposition.(3)The Attorney-General may deduct from the amount payable under subsection (2)(b) the Attorney-General's reasonable costs in connection with the disposition to the extent that they have not been paid as a condition of administrative restoration or in accordance with an order of the Court directing restoration.