ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
115. Removal of a valuer
Edition: 2023-10-06 · In force
115. Removal of a valuer
(1)The trustee shall remove a valuer if—(a)the valuer ceases to be qualified under regulation 111 other than where a valuer has a conflict or is otherwise not qualified only in respect of a particular acquisition or disposition and an alternative valuer has been appointed for the purpose of undertaking such valuation;(b)the valuer goes into liquidation, becomes bankrupt or a receiver or administrator is appointed over the assets of the valuer;(c)the trustee, on its own initiative or following a request from the REIT manager, is of the opinion that it is desirable in the interests of the REIT securities holders;(d)the REIT securities holders pass an ordinary resolution for the removal of the valuer; or(e)the valuer has contravened any provisions of the scheme documents, the Act or these Regulations.(2)The REIT securities holders shall not pass a resolution for the removal of the valuer under paragraph (1)(d) unless—(a)it has issued to the Authority, a notice of at least seven days of the intention to hold the meeting;(b)the valuer has been given the opportunity to be present at the meeting and to be heard either orally or through written submissions; and(c)takes into consideration, the recommendations of the trustee and the REIT manager.