Advocates Act_Cap16 - CAP 488 BANKING ACT LAWS OF KENYA The...

This preview shows page 1 - 6 out of 91 pages.

LAWS OF KENYA The Banking Act CHAPTER 488 and The Central Bank of Kenya Act CHAPTER 491 Note This edition incorporates amendments up to 31st March 2004 PRINTED AND PUBLISHED BY CENTRAL BANK OF KENYA FOR INTERNAL USE ONLY
Image of page 1

Subscribe to view the full document.

CAP 488 BANKING ACT 2 ARRANGEMENT OF SECTIONS Section PART I - PRELIMINARY 1 - Short title 2 - Interpretation PART II-LICENSING OF INSTITUTIONS 3 - Restriction on carrying of banking business, etc 4 - Application for licence 5 - Licensing of institutions 6 - Revocation of licence 7 - Minimum capital requirements 8 - Location of places of business 9 - Mergers PART III-PROHIBITED BUSINESS 10 - Limit on advances, credits and guarantees 11 - Restrictions on advances, credits and guarantees 12 - Restrictions on trading and investments 13 - Restrictions on ownership of share capital of an institution 14 - Restrictions on advances for purchase of land 15 - Mortgage finance companies 16 - Restrictions on deposit taking
Image of page 2
CAP 488 BANKING ACT 3 PART IV-RESERVES AND DIVIDENDS 17 - Ratio between capital and deposits 18 - Ratio between capital and assets 19 - Minimum liquid assets 20 - Restrictions on dividends PART V-ACCOUNTS AND AUDIT 21 - Form of accounts 22 - Accounts to be exhibited 23 - Submission of accounts to the Central Bank 24 - Appointment of auditors 25 - Change of auditors to be notified to the Central Bank 26 - Auditor s duty of confidence PART VI-INFORMATION AND REPORTING REQUIREMENTS 27 - Collection of information by Central Bank 28 - Furnishing of information 29 - Minister may require further information 30 - Time to furnish information 31 - Publication of information PART VII-INSPECTION AND CONTROL OF INSTITUTIONS 32 - Inspection of institutions 33 - Powers of Central Bank to advise and direct 34 - Powers of Central Bank to intervene in management 35 - Liquidation of institutions by Central Bank PART VIII-THE DEPOSIT PROTECTION FUND 36 - Deposit Protection Fund Board 36A - Objects and Functions of the Board
Image of page 3

Subscribe to view the full document.

CAP 488 BANKING ACT 4 36B - Remuneration of Board Members 36C - Protection from Personal liability 37 - Deposit Protection Fund 38 - Contribution to the Fund 39 - Protection of deposits 40 - Rights of the Board on insolvency 41 - [Repealed] 42 - Annual reports, etc PART IX-REPRESENTATIVE OFFICES OF FOREIGN INSTITUTIONS 43 - Representative offices of foreign institutions PART X-MISCELLANEOUS PROVISIONS 44 - Restriction on increase in bank charges 45 - Minister to consult with the Central Bank 46 - Bank holidays 47 - Orders by High Court 48 - Disqualification of officers 49 - Penalties for offences 50 - Penalties for default by officers 51 - Misleading advertisement for deposits 52 - Civil obligations 53 - Exemptions 54 - Act not to apply to certain institutions 55 - Regulations 56 - Repeal and savings 57 - [Repealed] SCHEDULES
Image of page 4
CAP 488 BANKING ACT 5 THE BANKING ACT No 13 of 1994 No 5 of 1998 No 4 of 1999 No 9 of 2000 No 7 of 2001 No 24 of 2002 No 15 of 2003 Commencement: 27th October, 1995 An Act of Parliament to regulate the business of banking and for matters incidental thereto and matters connected therewith PART I - PRELIMINARY Short title 1 This Act may be cited as the Banking Act Interpretation 2 (1)
Image of page 5

Subscribe to view the full document.

Image of page 6

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern