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

89. Alterations to REITS documentation

Edition: 2023-10-06 · In force

89. Alterations to REITS documentation

(1)A person shall not alter the scheme documents of a scheme except—

(a)by a special resolution of REIT securities holders; and

(b)with the prior approval of the Authority.

(2)Despite paragraph (1), the REIT manager and the trustee may alter the scheme documents without consulting the REIT securities holders where the trustee certifies, in writing, in respect of each proposed alteration that in the opinion of the trustee, the proposed alteration—

(a)is necessary to enable compliance with fiscal or other statutory or official requirements;

(b)does not materially prejudice the interests of the REIT securities holders;

(c)does not, to any material extent, release the trustee, the REIT manager or any other person from any liability to REIT securities holders;

(d)does not increase the costs and charges payable from the assets of the real estate investment trust; or

(e)is necessary to correct a manifest error.

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Source: Kenya Law