ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
23. Power of the court in winding up of a real estate investment trust scheme
Edition: 2023-10-06 · In force
23. Power of the court in winding up of a real estate investment trust scheme
(1)The trustee, the REIT manager or any REIT securities holder may make an application to Court for an order to wind-up the operations of an authorized scheme.(2)Prior to making an application under paragraph (1), the trustee or REIT manager shall give the Authority and REIT security holders notice of the application and the grounds for making the application.(3)The Authority, the trustee, the REIT manager and any REIT securities holder shall, where an application is made under paragraph (1), be entitled to be heard by the Court on the application.(4)The Court may make an order under paragraph (1) for the winding up of an authorized scheme if the Court is satisfied that—(a)the scheme is being operated in contravention of the Act, these Regulations or the scheme documents;(b)it is in the interest of the REIT securities holders or in the public interest to terminate the scheme; or(c)it is just and equitable to make the order.