The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations

49. Exemption from taking action in respect of REIT assets

Edition: 2023-10-06 · In force

49. Exemption from taking action in respect of REIT assets

The trustee may refrain from taking any action in respect of the assets of the real estate investment trust or on behalf of the REIT securities holders if the trustee is unable to access sufficient funds to pay the costs and expenses of taking such action:Provided that—

(a)the trustee has called a meeting of the beneficiaries or a class of beneficiaries;

(b)the meeting called under subparagraph (a) has failed to pass a resolution to provide the funds necessary to conduct the action or to provide the necessary funds within thirty days of the passing of such resolution; and

(c)the trustee had given prior notice of the meeting to the Authority.

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Source: Kenya Law