ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
101. Consequences of commencement of winding up
Edition: 2022-12-31 · In force
101. Consequences of commencement of winding up
(1)In this Regulation the 'effective time' means either the time at which the both conditions of referred to in subregulation (1) of Regulation 100 are satisfied or, if later, the time, determined in accordance with subregulation (2) of Regulation 100, at which the collective investment scheme shall be wound up.(2)Immediately following the effective time—(a)regulations pertaining to pricing, dealing, investment and borrowing powers shall cease to apply to the collective investment scheme;(b)the collective investment scheme shall cease to issue and cancel shares;(c)the fund manager shall cease to sell or redeem shares or to arrange for the collective investment scheme to issue to cancel them;(d)no transfer of a share shall be registered and no other change to register or holders shall be made without the sanction of the trustee or board of directors, as the case may be; and(e)the collective investment scheme shall cease to carry on its business, except so far as may be required for its beneficial winding up; however the corporate state and corporate powers of the scheme and (subject to the preceding provisions of this Regulation) the powers of the trustee or board of directors shall continue until the collective investment scheme is dissolved.(3)The fund manager shall as soon as practicable after the effective time:(a)publish in not less than two daily newspapers of national circulation published in the English language management's decision to wind up the collective investment scheme and the date of commencement of the winding up; and(b)if the fund manager has not previously notified the holders of the proposal to wind up, give written notice of the commencement of the winding up to the holders.