ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
140. Quorum
Edition: 2023-12-15 · In force
140. Quorum
(1)The quorum at a meeting of participants shall be the participants present in person or by proxy of—(a)one-tenth in value or any proportion more than one-tenth in value specified for this purpose in the trust deed of all the participatory interests in issue on the date specified in regulation 134 (3) (c), excluding from that total any participatory interests known to have been redeemed before the time of the meeting; and(b)one-tenth of the total number of participants.(2)The Authority may, on application by the trustee of a collective investment scheme, approve the modification of the quorum requirements in subregulation (1) where the requirements may be prejudicial to participants due to the size of a fund, provided that such modification is envisaged under the incorporation documents.(3)No business shall be transacted at any meeting unless the requisite quorum is present at the commencement of business.(4)If, within half an hour from the time appointed for the meeting, a quorum is not present, the meeting shall stand adjourned to such day and time not being less than fourteen days thereafter and to such place as may be appointed by the chairperson and at such adjourned meeting, the participants present in person or by proxy shall be a quorum.(5)Notice of any adjourned meeting of participants shall be given in the same manner as for an original meeting and such notice shall state that the holders present at the adjourned meeting, whatever their number and the number of participatory interests held by them, will form a quorum.