PRESIDENT WILLIAM RUTO SIGNED INTO LAW THE STATUTE LAW (MISCELLANEOUS AMENDMENTS) BILL, 2024
By: Otieno Otiego
In a significant move towards enhanced transparency and accountability in the registration and operations of Trusts in Kenya, President William Ruto signed into law the Statute Law (Miscellaneous Amendments) Bill, 2024, that amends various provisions of the Trustees (Perpetual Succession) Act on 24th April 2024.
The amendment of the Act assigns the Registrar of Companies the responsibility of registration of trusts and issuance of Certificates of Incorporation; processing of applications for incorporation; form of an application; keeping and maintaining of a register; conduct of searches in the registry; and making of regulations.
The new additional mandate for the Business Registration Service underscores the government’s unwavering commitment to promote and enhance transparency in the operations of Trusts.
Following this change, the State Department for Lands and Physical Planning, an agency under the Ministry of Lands, will no longer be incorporate trusts under the new law.
In a public notice to newsrooms, it states, “Effective Wednesday 22nd May 2024 the State Department for Lands and Physical Planning shall cease receiving applications for registration and incorporation of trusts,” the statement says. “New applications and related transactions shall be submitted to the BRS premises at 316 Chambers, 16th Floor 2nd Ngong Avenue effective Monday 3rd June 2024 to allow a smooth transition between the two Offices.”
A trust is a fiduciary relationship where a settlor (person setting up the trust) gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party commonly referred to as beneficiaries.
For more information: https://brs.go.ke/entities-registered/