Monday 27 July 2015

Kenya: a new company law framework - the Companies Bill 2015 introduced in the National Assembly

Last year a Bill containing a new company law framework - the Companies Bill 2014 - was introduced in the National Assembly: see here (pdf) . It was, however, withdrawn by its sponsor (Hon. Aden Duale MP) earlier this year in order that an amended version could be introduced: see here. This amended Bill - now known as the Companies Bill 2015 - received its first reading last month and, earlier this month, began the second reading stage. A copy of the Bill as introduced (and as published in the Kenya Gazette) is available here (pdf). The Bill's progress can be followed here.

Part IX of the Bill deals with company directors, including their duties. Clause 144 sets out the duty to promote the success of the company, a duty that is worded in almost identical terms to section 172 of the UK's Companies Act 2006. There are other similarities.

No comments: