ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
144. Restrictions on the putting of composite resolutions to meetings of participants
Edition: 2023-12-15 · In force
144. Restrictions on the putting of composite resolutions to meetings of participants
(1)Modifications to the formation documents and departures from policies or a set of investment objectives stated in offer documents of the descriptions set out in subregulation (2) shall be taken to have been authorised by an extraordinary resolution at a meeting of participants if such modification or departure has been the subject of a separate motion for its approval which has been separately approved by an extraordinary resolution at that meeting.(2)The following are the descriptions of modifications to the formation documents and departures from policy referred to in subregulation (1)—(a)an increase in the charges payable to the fund manager, trustee or custodian;(b)a modification to any provision in the trust deed restricting—(i)the descriptions of assets in which the property of the scheme may be invested;(ii)the proportion of property to be invested in assets of any description;(iii)the description of transactions permitted; or(iv)the borrowing powers of the scheme;(c)any statement made in the information memorandum that the manager will or may in relation to any matter within paragraph (b) adopt, in the management of the scheme, a policy or set of investment objectives more restrictive than the restrictions imposed in relation to that matter by Part VIII or by the trust deed and any changes thereof.