ADVOKS GLOBAL · KENYA
The Companies (General) Regulations
33. Provisions for statement instead of information prescribed by regulation 32
Edition: 2022-12-31 · In force
33. Provisions for statement instead of information prescribed by regulation 32
(1)If the requirement prescribed by paragraph (2) is complied with, the financial statements for a financial year do not need to include—(a)the particulars specified in regulation 32(3)(b) in respect of a quasi-loan or credit transaction; and(b)the particulars specified in regulation 32(3)(c) in respect of a guarantee or security in connection with a quasi-loan or credit transaction.(2)The requirement referred to in paragraph (1) is that the notes to the financial statements for the financial year must contain a statement showing, in respect of each person named in the notes under regulation 32(3)(a), the following information—(a)in relation to all quasi-loans made to, and all credit transactions entered into for, each such person—(i)the aggregate of the amounts outstanding referred to in regulation 32(3)(b)(ii) on those quasi-loans and credit transactions;(ii)the aggregate of the amounts outstanding referred to in regulation 32(3)(b)(iii) on those quasi-loans and credit transactions;(iii)the aggregate of the amounts referred to in regulation 32(3)(b)(v) in respect of those quasi-loans and credit transactions; and(iv)the aggregate of the amounts of provision referred to in regulation 32(3)(b)(vi) in respect of those quasi-loans and credit transactions; and(b)in relation to all guarantees and security in connection with all quasi-loans made to, and all credit transactions entered into for, each such person—(i)the aggregate of the amounts representing the maximum liability referred to in regulation 32(3)(c)(i) that may be incurred under those guarantees and security;(ii)the aggregate of the amounts representing the maximum liability referred to in regulation 32(3)(c)(ii) that may be incurred under those guarantees and security; and(iii)the aggregate of the amounts referred to in regulation 32(3)(c)(iv) in respect of those guarantees and security.