On 24th April 2024, the President assented into law the Statute Law (Miscellaneous Amendments) Bill of 2023, which introduced significant changes to 16 Acts of Parliament, including the Trustee (Perpetual Succession) Act Cap 164 (herein referred to as the Act). Below, we discuss the key amendments to the Act and their implications.
Registrar of Companies to Assume New Responsibilities
One of the notable amendments is the reassignment of responsibilities from the Principal Registrar to the Registrar of Companies under the Registration of Documents Act. This change is intended to streamline the trust registration process and improve administrative efficiency.
New Duties for the Registrar of Companies
The Act now designates the Registrar of Companies to handle the following:
- Trust registration
- Issuing certificates of incorporation
- Maintaining trust registers
- Creating regulations related to trust administration.
Change of Application Form for Incorporation of Trusts
In an effort to modernize and simplify the incorporation process, the prescribed application form has been updated. The former Form A has been replaced with Form TR1, which will be included in the First Schedule of the Act. This new form is designed to be more user-friendly and comprehensive, ensuring that all necessary information is captured efficiently.
Revision of Official Fees
The amendments also address the fees associated with the incorporation of trusts and the inspection of trust registers.
New Fee Schedule
A second schedule has been added to the Act, detailing the revised fees chargeable by the Registrar. These changes reflect the current economic conditions and the need for improved services.
- Incorporation of Trusts: The fee has been increased from Kshs. 3,000/- to Kshs. 10,000/-. This increase is intended to cover the enhanced administrative processes and provide better service delivery.
- Inspection of Trust Registers: A new fee of Kshs. 500/- has been introduced for inspecting the register of trusts. This fee is applicable to those who wish to review the details of registered trusts or obtain copies of public documents or information.
Conclusion
The recent amendments to the Trustee (Perpetual Succession) Act Cap 164 are significant and aimed at improving the efficiency and transparency of trust administration. By assigning new responsibilities to the Registrar of Companies, updating the application forms, and revising the fee structure, the government has taken steps to modernize the trust registration process and ensure better service delivery to the public. Trustees and stakeholders are encouraged to familiarize themselves with these changes to ensure compliance and take full advantage of the streamlined procedures.
For more information on the Trustee (Perpetual Succession) Act or any related concern or query, please reach to Simon Muinde at smuinde@gvalawfirm.com.
