The Companies Act No. 17 of 2015Section 477 of The Companies Act No. 17 of 2015: Public notice of proposed payment
(1) Within the seven days immediately after the date of the resolution undersection 474, the company shall cause to be published in the Gazette a notice—
(a) stating that the company has approved a payment out of capital for the purpose of acquiring its own shares by redemption or purchase, or both;
(b) specifying—
(i) the amount of the permissible capital payment for the relevant shares; and
(ii) the date of the resolution;
(c) stating where the directors' statement and auditor's report required by section 472 are available for inspection; and
(d) stating that any creditor of the company may, at any time within the five weeks immediately following the date of the resolution, apply to the Court under section 479 for an order preventing the payment.
(2) Within the seven days immediately following the date of the resolution the company shall also either—
(a) have published, in a newspaper of nationwide circulation in Kenya, a notice to the same effect as that required by subsection (1); or (b) give notice to that effect to each of its creditors.
(3) Not later than the day on which the company—
(a) first publishes the notice required by subsection (1); or
(b) if earlier, first publishes or gives the notice required by subsection (2), the company shall lodge with the Registrar for registration a copy of the directors' statement and auditor's report required by section 472.
Check the current authoritative text and amendment history before relying on this provision.
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