The Capital Markets (Demutualization of the Nairobi Securities Exchange Limited) Regulations

6. Resolutions of the demutualized exchange

Edition: 2022-12-31 · In force

The Exchange shall, within thirty days of obtaining approval or on such period as the Authority may approve in writing, ensure that—

(a)the Exchange is re-registered as a company limited by shares under section 18 of the Companies Act (Cap. 486); and

(b)it adopts the following resolutions, in addition to any other resolutions as may be required under regulation 5(3)—

(i)a special resolution approving the memorandum and articles of association of the demutualized exchange;

(ii)a resolution on the proposed allotment of shares to the initial shareholders of the demutualized exchange;

(iii)subject to regulation 5(3), a resolution appointing the directors as the board of the demutualized exchange; and

(iv)a resolution on the approved paid up share capital.