ADVOKS GLOBAL · KENYA
The Companies (General) Regulations
54. Meaning of payment in cash for purposes of section 359(2)(e) of Act
Edition: 2022-12-31 · In force
54. Meaning of payment in cash for purposes of section 359(2)(e) of Act
For purposes of section 359(2)(e) of the Act, cash consideration includes—(a)the creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the allotment of a share to a system-member by means of a relevant system;(b)the creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the payment up of a share by a system-member by means of a relevant system; and(c)the creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the transfer by a company to a system-member, by means of a relevant system, of a share held by the company as a treasury share.