The Companies Act No. 17 of 2015Section 464 of The Companies Act No. 17 of 2015: Return of purchase of own shares to be lodged with Registrar
(1) Within fourteen days after a company purchases shares under this Division, it shall lodge with the Registrar for registration a return that complies with subsections (2) to (4).
(2) The return complies with this subsection if it distinguishes—
(a) shares in relation to which section 428 applies and shares in relation to which that section does not apply; and
(b) shares in relation to which that section applies— (i) that are immediately cancelled under section 531; and (ii) that are not so cancelled.
(3) The return complies with this subsection if it states, with respect to shares of each class purchased—
(a) the number and nominal value of the shares; and
(b) the date on which the shares were delivered to the company.
(4) In the case of a public company, the return complies with this subsection if it states—
(a) the aggregate amount paid by the company for the shares; and
(b) the maximum and minimum prices paid in respect of shares of each class purchased.
(5) Particulars of shares delivered to the company on different dates and under different contracts can be included in a single return.
(6) If a company exercises the right conferred by subsection (5), the amount required to be stated under subsection (4)(a) is the aggregate amount paid by the company for all the shares to which the return relates.
(7) If a company fails to comply with subsection (1), the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding two hundred thousand shillings.
(8) If, after a company or any of its officers is convicted of an offence under subsection (7), the company continues to fail to lodge with the Registrar the requisite return, the company, and each officer of the company who is in default, commit a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding twenty thousand shillings for each such offence.
Check the current authoritative text and amendment history before relying on this provision.
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