Insolvency Act

401. General company meeting at each year's end

Edition: 2022-12-31 · In force

401. General company meeting at each year's end

(1)If the liquidation of a company continues for a period of twelve months or more, the liquidator shall convene a general meeting of the company—

(a)within three months after the end of that period of twelve months; and

(b)within three months after the end of each subsequent period of twelve months.

(2)The liquidator shall lay before the meeting an account of the liquidator's acts and dealings, and of the conduct of the liquidation, during the preceding year.

(3)A liquidator who fails to comply with this section commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.

(4)The Cabinet Secretary may extend the period of three months referred to in subsection (1)(a) or (b) if satisfied that there are extenuating circumstances for doing so, and if the Cabinet Secretary grants such an extension, that subsection is to be interpreted accordingly.

(5)This section is subject to sections 404 and 410.

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Source: Kenya Law