ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
75. Annual distribution to holders of income shares
Edition: 2022-12-31 · In force
75. Annual distribution to holders of income shares
(1)Subject to subregulation (2), where the shares in issue in a collective investment scheme are or include income shares, on or before each annual income allocation date, the fund manager shall give the custodian timely instructions sufficient to enable the custodian to distribute the income allocated to income shares amongst the holders in accordance with the number of such shares held or deemed to be held by them respectively at the end of the relevant annual accounting period and the custodian shall pay the distribution in accordance with the instructions.(2)In calculating the amount to be distributed under subregulation (1), the fund manager shall—(a)deduct any amounts previously allocated by way of interim allocation of income in respect of that annual accounting period; and(b)deduct and carry forward in the income account such amount as shall be necessary to adjust that allocation of income to the nearest one hundredth of a cent (or the equivalent amount in the base currency) per income share or such lesser fraction as the trustee or board of directors, as the case may be, from time to time determine.