The Capital Markets (Collective Investment Schemes) Regulations

90. Special resolutions required for amendments to incorporation documents

Edition: 2022-12-31 · In force

90. Special resolutions required for amendments to incorporation documents

(1)The incorporation documents of a collective investment scheme may be amended by an extraordinary resolution subject to subregulation (2).

(2)An amendment to the incorporation documents may be made by resolution of the directors if—

(a)the instrument of incorporation provides for amendment to be made in such manner; and

(b)the amendment is required solely—

(i)to implement any change in the law, including a change brought by an amendment of these Regulations; or

(ii)as a direct consequence of any such change; or

(iii)to change the name of the collective investment scheme; or

(iv)to remove from the incorporation documents obsolete provisions; or

(v)to make any other change to the instrument of incorporation which the board of directors consider does not involve any holder or potential holder in any material prejudice, and

(c)it would not introduce or affect any provision relating to the descriptions of the transferable securities in which the collective investment scheme portfolio may be invested unless it is required solely to reflect the introduction of a new sub-fund.

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Source: Kenya Law