ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
56. Directors of investment company
Edition: 2023-12-15 · In force
56. Directors of investment company
In the case of directors of an investment company—(a)at least one director shall be the authorised corporate director which is a person licenced to operate as a fund manager;(b)where there is only one director eligible to be an authorized corporate director, such director shall be the fund manager, but if there is more than one eligible authorized corporate director the directors shall appoint one of the body corporates to be the fund manager;(c)where—(i)any person becomes or ceases to be a director;(ii)the appointment of a fund manager is terminated;(iii)a new fund manager is appointed;(iv)any change of a controller of a corporate director including the fund manager,the Authority shall be notified in writing—(A)in case of subparagraph (c) (i) immediately by the fund manager;(B)in the case of subparagraph (c) (ii) immediately by the fund manager whose appointment is being terminated;(C)in the case of subparagraph (c) (iii) immediately by the new fund manager; and(D)in the case of paragraph (c) (iv) immediately by the corporate director concerned, upon becoming aware of the change of the controller; and(d)a director shall not appoint an alternate director in the director’s place.