The Capital Markets (Demutualization of the Nairobi Securities Exchange Limited) Regulations
2. Interpretation
2. Interpretation
In these Regulations, unless the context otherwise requires–"company limited by guarantee" has the meaning assigned to it, under the Companies Act (Cap. 486);"company limited by shares" has the meaning assigned to it under the Companies Act;"demutualization" means the separation of the ownership of the Exchange from the right to trade on such Exchange;"demutualization application" means the application made under Regulation 4;"demutualized exchange" means the Exchange following the completion of demutualization;"Exchange" means the Nairobi Securities Exchange Limited registered under the Companies Act as a company limited by guarantee;"member" means a person who is a member of the Exchange in accordance with its constitutive documents and rules;"re-registration" means the re-registration of the Exchange from a company limited by guarantee to a company limited by shares in accordance with section 18 of the Companies Act;"rights" means all rights, powers, privileges and immunities, whether present or future, actual or contingent or prospective, and whether enforceable in Kenya or elsewhere;"Transitional board of directors" means the board of the demutualized exchange pending the appointment of a board in accordance with these Regulations.Source: Kenya Law