ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
115. Transfer of participatory interests by operation of law
Edition: 2023-12-15 · In force
115. Transfer of participatory interests by operation of law
(1)Upon the death of any one of the joint holders of any participatory interests, the survivor or survivors shall be the only persons recognised by the fund manager as having any title to or any interest in the participatory interests held by such joint holders.(2)The executors or administrators of a deceased holder of participatory interests, not being one of two or more joint holders, shall be the only persons recognised by the fund manager as having title to the participatory interests held by the deceased holder.(3)Where any person becomes entitled to a participatory interest in consequence of the death or bankruptcy of any sole holder of participatory interests, or of the survivor of joint holders—(a)he or she may, subject to paragraph (b), upon producing such evidence as to his or her title as the fund manager may properly require, either be registered himself or herself as holder of the participatory interest upon giving to the fund manager notice in writing that he or she so desires or transfer the participatory interest to some other person;(b)the provisions concerning transfer of participatory interests shall be applicable to any such notice or transfer of the participatory interest, but such person shall not, until registered as holder, be entitled to receive notices or attend or vote at any meeting of holders;(c)subject to paragraph (d), the new participant may give a discharge for all monies payable in respect of the participatory interest, but shall not, until registered as a participant, be entitled to receive notices or attend or vote at any meeting of participants; and(d)the fund manager may retain any monies payable in respect of the participatory interest until the new participant is registered as the holder of the participatory interest or duly transfers the participatory interest.