KENYA DEPOSIT INSURANCE ACT - Kenya Law Reports
LAWS OF KENYAKENYA DEPOSIT INSURANCE ACTNo. 10 of 2012Revised Edition 2012Published by the National Council for Law Reportingwith the Authority of the Attorney-Generalwww.kenyalaw.org
[Rev. 2012]No. 10 of 2012Kenya Deposit InsuranceNO. 10 OF 2012KENYA DEPOSIT INSURANCE ACTARRANGEMENT OF SECTIONSPART I – PRELIMINARYSection1.2.3.Short title and commencement.Interpretation.Act to prevail.PART II – THE KENYA DEPOSIT INSURANCE ment of the Corporation.Objects and functions of the Corporation.Powers of the Corporation.Board of Directors.Conduct of business and affairs of the Board.Remuneration of Board members.Chief Executive Officer.Staff of the Corporation.Delegation by the Board.Protection from personal liability.Common seal.Confidentiality.16.17.18.19.Funds of the Corporation.Financial year.Annual estimates.Accounts and hment of the Fund.Borrowing from the Central Bank.Fund investment.Application of the Fund.Membership of the Fund.Cessation of membership.Effect of cessation.Contributions by institutions.Amount payable as protected deposit.Trustee and joint accounts.Deposits with amalgamating institutions.Excluded liabilities.PART III – FINANCIAL PROVISIONSPART IV – DEPOSIT INSURANCE FUND3[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit InsuranceSection32.33.34.35.36.37.Extent of cover.Lodging and payment of claims.Discharge of liability.Subrogation.Assignment.Limitation of claims.38.39.40.41.42.Inspection by Central Bank.Special examination by the Corporation.Access to information.Enforcement by the Corporation.Prompt corrective action.PART V – EXAMINATION OF INSTITUTIONSPART VI – RECEIVERSHIP, LIQUIDATION AND 6.57.58.59.60.61.Appointment of Corporation as receiver.Notification of non-viability.Submission by institutions.Actions against the Corporation.Prior agreement overridden.Further supplies and advances.Financial agreements or transactions.Receivership powers.Autonomy of Corporation as receiver.Directors not liable for acquiescing in appointment of receiver.Termination of receivership.Appointment of Corporation as liquidator.Powers of the Corporation as liquidator.Stay of proceedings.Residual payment.Obligation to co-operate.Accounts and expenses on liquidation.Completion of liquidation and winding-up.Corporation to act independently.62.63.64.65.66.67.68.69.Holding out as a member.False statements.Failure to provide information.General penalty.Offences by body corporate or by director, officer and controller.Assessment of penalties.Additional orders by the court.Recovery of penalties.PART VII – OFFENCES[Issue 1]4
[Rev. 2012]No. 10 of 2012Kenya Deposit InsurancePART VIII – MISCELLANEOUS PROVISIONSSection70.71.72.73.74.75.76.Acquisition, preservation and disposal of assets.Co-operation with other law enforcement agencies.Exemption from tax.Exemption from levy and attachment.Regulations.Repeal of sections of Cap. 488.Transitional provisions.SCHEDULE–PROVISIONS AS TO THE CONDUCT AND AFFAIRS OF THEBOARD5[Issue 1]
[Rev. 2012]No. 10 of 2012Kenya Deposit InsuranceNO. 10 OF 2012KENYA DEPOSIT INSURANCE ACT[Date of assent: 9th May, 2012.][Date of commencement: By Notice.]An Act of Parliament to provide for the establishment of a depositinsurance system and for the receivership and liquidation of deposittaking institutions, to provide for the establishment of the KenyaDeposit Insurance Corporation and for connected purposesPART I – PRELIMINARY1. Short title and commencementThis Act may be cited as the Kenya Deposit Insurance Act, 2012, and shallcome into operation on such date as the Minister may, by notice in the Gazette,appoint.2. Interpretation(1) In this Act, unless the context otherwise requires—“associate” has the meaning assigned to it under the Banking Act(Cap. 488);“Board” means the Board of Directors constituted under section 7;“Cabinet Secretary” means the Cabinet Secretary for the time beingresponsible for matters relating to finance;“Central Bank” means the Central Bank of Kenya established under theCentral Bank of Kenya Act (Cap. 491);“chairperson” means the chairperson of the Board appointed undersection 7;“Chief Executive Officer” means the chief executive of the Corporationappointed under section 10;“company” has the meaning assigned to it under the Companies Act(Cap. 486);“Corporation” means theestablished under section 4;KenyaDepositInsuranceCorporation“deposit” means the unpaid balance of the aggregate of depositsreceived or held by a member institution from or on behalf of a person in theusual course of the business of deposit taking and shall include—(a)a bank draft, certified cheque or other similar instrument or paymentinstruction, drawn or made against a deposit account for which themember institution shall be primarily liable;7[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance(b)a cheque entered into a payment system notwithstanding any delayor failure by the member institution in crediting the payee’s account;or(c)any other liability or financial instrument as may be specified by theCorporation but excludes—(i)a deposit that is not payable in Kenya;(ii)bearer negotiable instruments of deposit;(iii)any sum of money payable under a repurchase agreements;(iv)interbank transactions; and(v)any other liability or financial instrument as may be specifiedby the Corporation;“depositor” means a person whose account has been or is to be creditedin respect of monies constituting a deposit;“Fund” means the Deposit Insurance Fund established by section 20;“institution” means a bank, financial institution or mortgage financecompany as defined in the Banking Act or a deposit taking microfinanceinstitution as defined under the Microfinance Act, 2006 (No. 19 of 2006) orany other deposit taking entity licensed by the Central Bank;“insured deposit” means the deposit or any part of the deposit therepayment of which is insured by the Corporation under this Act;“liabilities” includes debts, duties and obligations of every kind, whetherpresent or future, or whether vested or contingent;“officer”, in relation to a member institution, means a person whomanages an institution and includes the chief executive officer, deputy chiefexecutive officer, chief operating officer, chief financial officer, secretary to theboard of directors, treasurer, chief internal auditor, manager of a significantunit of an institution or a person with a similar level of position or responsibility;“person” shall include incorporated, unincorporated and natural persons;“property” means any movable or immovable property and includes—(a)any right, interest, title, claim, power or privilege, whether present orfuture, or whether vested or contingent, in relation to any property,or which is otherwise of value;(b)any conveyance executed for conveying, assigning, appointing,surrendering, or otherwise transferring or disposing of propertywhere the person executing the conveyance is the proprietor orpossessor, or wherein he is entitled to a contingent right, either forthe whole or part of the interest;(c)any security, including any stock, share, debenture, bonds, loanstocks, transferable subscription rights or warrants;(d)any negotiable instrument, including any bank note, bearer note,treasury bill, dividend warrant, bill of exchange, promissory note,cheque and negotiable certificate of deposit;[Issue 1]8
[Rev. 2012]No. 10 of 2012Kenya Deposit Insurance(e)any mortgage or charge, whether legal or equitable, guarantee, lienor pledge, whether actual or constructive, letter of hypothecation ortrust receipt, indemnity, undertaking or other means of securingpayment or discharge of a debt or liability, whether present or future,or whether vested or contingent; and(f)any other tangible or intangible property;“securities” has the meaning assigned to it by section 2 of the CapitalMarkets Act (Cap. 485A);“security” includes a mortgage or charge, whether legal or equitable,debenture, bill of exchange, promissory note, guarantee, lien or pledge,whether actual or constructive, letter of hypothecation, indemnity, undertakingand other means of securing payment or discharge of debt or liability, whetherpresent or future, or whether vested or contingent;“share” means share in the share capital of a company and includesstock except where a distinction between stock and shares is expressed orimplied;“subsidiary” has the same meaning as defined under section 5 of theCompanies Act; and“trust accounts” includes monies held on account for the purpose of atrust.(2) Despite subsection (1), until after the first election under the Constitution,references in this Act to the expression “Cabinet Secretary” shall be construed tomean “Minister”.3. Act to prevailWhere there is any conflict or inconsistency between this Act and theprovisions of any other Act in matters relating to the purpose of this Act, this Actshall prevail.PART II – THE KENYA DEPOSIT INSURANCE CORPORATION4. Establishment of the Corporation(1) There is established a corporation to be known as the Kenya DepositInsurance Corporation.(2) The Corporation shall be a body corporate with perpetual succession anda common seal and shall in its corporate name, be capable of—(a)suing and being sued;(b)taking, purchasing or otherwise acquiring, holding, charging, leasingor disposing of moveable or immovable property;(c)borrowing money; and(d)doing or performing all such other acts necessary for the properperformance of its functions under this Act which may lawfully bedone or performed by a body corporate.(3) The headquarters of the Corporation shall be in Nairobi.9[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance5. Objects and functions of the Corporation(1) The object and purpose for which the Corporation is established is toprovide a deposit insurance scheme for customers of member institutions and toreceive, liquidate and wind-up any institution in respect of which the Corporationis appointed receiver or liquidator in accordance with this Act.(2) Without prejudice to the generality of subsection (1), the Corporationshall—(a)levy contributions for the Fund from institutions in accordance withthis Act;(b)hold, manage and apply the Fund in accordance with the provisionsof this Act and administer the deposit insurance scheme set upunder this Act;(c)provide incentives for sound risk management and generallypromote the stability of the financial system; and(d)perform such other functions as may be conferred on it by this Act orany other written law.6. Powers of the CorporationThe Corporation shall have all such powers as are necessary or expedient forthe furtherance of its objects, the performance of its functions or the discharge ofits duties and in particular, the Corporation shall have power to—(a)subject to the provisions of this Act, make investments and enterinto any transactions necessary or desirable for the financialmanagement of the Fund;(b)for the purpose of reducing or averting a risk to an institution or thefinancial system or a threatened loss to the Corporation—(i) acquire assets of an institution under liquidation;(ii) make loans or advances with security or guarantee any loanor advance provided to an institution;(iii) acquire, by way of security or otherwise, capital instruments ofan institution and hold and dispose off such capital instruments;(c)settle or compromise any claim by or against the Corporation;(d)guarantee, indemnify, or become liable for the payment of monies orthe performance of any obligations;(e)mortgage, charge or create a lien to secure or guarantee theperformance of its obligations;(f)enter into any agreement with any person in furtherance of itsobjects or in relation to the performance of its functions;(g)enter into strategic agreements with the Central Bank of Kenya orany other financial sector regulators;(h)formulate such rules and guidelines as may be required for thepurpose of carrying out its objectives;(i)establish such subsidiaries as it may consider necessary for theperformance of its functions; and[Issue 1]10
[Rev. 2012]No. 10 of 2012Kenya Deposit Insurance(j)request any information from any monetary authority, financialregulatory authority, fiscal or tax agency, or fraud investigationsagency within or outside Kenya or a credit reference bureaulicensed by the Central Bank where such information is reasonablyrequired for the proper discharge of the functions of the Corporation.7. Board of Directors(1) The Corporation shall be administered by a Board of Directors which shallconsist of—(a)a non-executive chairperson appointed by the President on therecommendation of the Minister from amongst the membersappointed under paragraph (d);(b)the Permanent Secretary in the Ministry for the time beingresponsible for matters relating to finance or his representative;(c)the Governor of the Central Bank of Kenya or his representative;(d)five members, not being public officers, appointed by the Minister byvirtue of their knowledge and possession of a minimum of ten yearsexperience in matters relating to banking, finance, insurance,commerce, law, accountancy or economics, three of whom shall befrom institutions;(e)the Chief Executive officer who shall be an ex-officio member.(2) The Board shall appoint its own secretary.8. Conduct of business and affairs of the Board(1) The conduct and regulation of the business and affairs of the Board shallbe as provided in the Schedule.(2) Except as provided in the Schedule, the Board may regulate its ownprocedure.9. Remuneration of Board membersThe Board shall pay its members such remuneration, fees or allowances as itmay determine in consultation with the Cabinet Secretary.10. Chief Executive Officer(1) There shall be a Chief Executive Officer who shall be competitivelyrecruited and appointed by the Board and whose terms and conditions of serviceshall be determined by the Board in the instrument of appointment or otherwisein writing from time to time.(2) No person shall qualify for appointment under this section unless suchperson—(a)has at least a degree in the field of either banking, law, finance,accounting, economics or insurance; and(b)has at least ten years’ experience at management level.(3) The Chief Executive Officer shall be responsible for the day to daymanagement of the affairs and staff of the Corporation.11[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance(4) The Chief Executive officer shall hold office for a term of three years butshall be eligible for re-appointment for one further term.11. Staff of the CorporationThe Board may appoint such officers and other staff as are necessary for theproper discharge of its functions under this Act, upon such terms and conditionsof service as it may determine.12. Delegation by the Board(1) The Board may, by resolution either generally or in any particular case,delegate to any committee or to any member, officer, employee or agent of theCorporation, the exercise of any of the powers or the performance of any of thefunctions or duties of the Board under this Act or under any other written law.(2) The Corporation may, by instrument under its common seal, appoint aperson, whether in Kenya or in a place outside Kenya, to be its attorney and theperson so appointed may, subject to the terms stipulated in the instrument, doany act or execute any power or function which he is authorized by theinstrument to do or execute.(3) The Corporation may, in or outside Kenya, appoint any agent as itconsiders necessary or expedient, to perform any act on behalf of the Corporation.13. Protection from personal liability(1) No act or omission by any member of the Board or by any officer,employee, agent or servant of the Corporation shall, if the act or omission wasdone bona fide for the purposes of executing a function, power or duty under theAct render such member, officer, employee, agent or servant personally liable toany action, claim or demand whatsoever.(2) The provisions of subsection (1) shall not relieve the Corporation of theliability to pay compensation to any person for any injury to him, his property or toany of his interests caused by the exercise of any power conferred by this Act orby failure, whether wholly or partially, of any works.14. Common seal(1) The common seal of the Corporation shall be kept in such custody as theBoard may direct and shall not be used except on the order of the Board.(2) The affixing of the common seal of the Corporation shall be authenticatedby the signature of the chairperson and the Chief Executive Officer and anydocument not required by law to be made under seal and all decisions of theBoard may be authenticated by the signatures of both the chairperson and theChief Executive Officer.(3) Notwithstanding the provisions of subsection (2), the Board shall, in theabsence of either the chairperson or the Chief Executive Officer in a particularmatter, nominate one member to authenticate the seal on behalf of either thechairperson or the Chief Executive Officer.(4) The common seal of the Corporation when affixed to a document and dulyauthenticated shall be judicially and officially noticed and unless and until thecontrary is proved, any necessary order or authorization by the Board under thissection shall be presumed to have been duly given.[Issue 1]12
[Rev. 2012]No. 10 of 2012Kenya Deposit Insurance15. Confidentiality(1) No director, officer, employee or agent of the Corporation or any personwho for any reason, has access to any record, document, material or informationrelating to the business and affairs of the Corporation, an institution or a customerof an institution which he has acquired in the performance of his duties or theexercise of his functions, shall divulge, publish, or otherwise disclose to anyperson, such document, material or information unless the disclosure is required—(a)under any law;(b)for the performance of his duties or the exercise of his functionsunder this Act; or(c)when lawfully required to do so by a court of law.(2) This section shall not apply to any document, material or informationwhich at the time of the disclosure is, or has already been made, lawfullyavailable to the public from any source.(3) No person who has any document, material or information which to hisknowledge has been disclosed in contravention of subsection (1) shall in anymanner whatsoever disclose the same to any other person.(4) Any person who contravenes subsection (1) or (3) commits an offenceand shall, on conviction, be liable to a fine not exceeding two hundred thousandshillings or to imprisonment for a term not exceeding three years or to both.PART III – FINANCIAL PROVISIONS16. Funds of the Corporation(1) The funds of the Corporation shall comprise of—(a)such sums as may be granted to the Corporation by the Ministerpursuant to subsection (2);(b)all monies from any other source provided for or donated or lent tothe Corporation including contributions, gifts or grants from or byway of testamentary bequest by any person;(c)monies earned or arising from any investment of the Fund; and(d)such fees, monies or assets as may accrue to or vest in theCorporation in the course of the exercise of its powers or theperformance of its functions under this Act or under any written law.(2) There shall be made to the Corporation, out of monies provided byParliament for that purpose, grants towards the expenditure incurred by theCorporation in the exercise of its powers or the performance of its functionsunder this Act.(3) The receipts, earnings or accruals of the Fund and its balances at theclose of each financial year shall not be paid into the Consolidated Fund, butshall be retained for the purposes of the Fund.17. Financial yearThe financial year of the Corporation shall be the period of twelve monthsending on the thirtieth June in each year.13[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance18. Annual estimates(1) At least three months before the commencement of each financial year,the Board shall cause to be prepared estimates of the revenue and expenditureof the Corporation for that year.(2) The annual estimates shall make provision for all estimated expenditureof the Corporation for the financial year and in particular, the estimates shallprovide for—(a)the payment of the salaries, allowances and other charges inrespect of members and staff of the Corporation;(b)the payment of pensions, gratuities and other charges in respect ofstaff of the Corporation;(c)the proper maintenance of the buildings and grounds of theCorporation;(d)the maintenance, repair and replacement of the equipment andother property of the Corporation; and(e)the creation of such reserve funds to meet future or contingentliabilities in respect of retirement benefits, insurance or replacementof buildings or equipment, or in respect of such other matter as theCorporation may deem appropriate.(3) The annual estimates of the Corporation shall be approved by the Boardbefore the commencement of the financial year to which they relate and shall besubmitted to the Minister for approval and after the Minister’s approval, the Boardshall not increase the annual estimates without the consent of the Minister.19. Accounts and audit(1) The Board shall cause to be kept all proper books and records ofaccounts of the income, expenditure and assets of the Corporation.(2) Within a period of three months from the end of each financial year, theBoard shall submit to the Auditor-General or to an auditor appointed under thissection, the accounts of the Corporation together with—(a)a statement of the income and expenditure of the Corporation duringthat year; and(b)a balance sheet of the Corporation on the last day of that year.(3) The accounts of the Corporation shall be audited and reported upon inaccordance with the Public Audit Act, 2003 (No. 12 of 2003).PART IV – DEPOSIT INSURANCE FUND20. Establishment of the Fund(1) There is hereby established a fund to be known as the Deposit InsuranceFund.(2) The Fund shall vest in the Corporation and shall be administered by theBoard.(3) The Fund shall consist of—(a)monies, which at the commencement of this Act, exist in the DepositProtection Fund established under the Banking Act;[Issue 1]14
[Rev. 2012]No. 10 of 2012Kenya Deposit Insurance(b)monies contributed to the Fund by institutions under section 27 andany interest or penalties levied in respect of such contributions;(c)monies borrowed from the Central Bank of Kenya under section 21;(d)monies that may accrue to the Fund under subsection (4);(e)monies transferred from the funds of the Corporation in accordancewith subsection (5);(f)income that may accrue to the Fund from the investments madeunder section 22;(g)monies received as subventions, grants or donations to the Fund;and(h)all other monies or assets which may in any manner becomelawfully payable to, received by or vested in the Corporation relatingto any matter incidental to its powers, duties and functions underthis Act.(4) Parliament may, in exigent circumstances, appropriate such funds as maybe required by the Corporation for purposes of this Part.(5) If at any time the amount available in the Fund is insufficient to meet therequirements of the Fund, the Corporation shall transfer from its funds undersection 16, on such terms and for such period as may be determined by theBoard, such amount as may be sufficient to meet the requirements of the Fund.21. Borrowing from the Central Bank(1) The Board may authorize the Corporation to borrow from the CentralBank such sum or sums of money as it may require for purposes of the Fund.(2) The total amount outstanding at any one time on account of any advancesmade under subsection (1) shall not exceed five hundred million shillings or suchother sum as may be set by the Central Bank.(3) The terms and conditions of any advance under this section shall bedetermined by the Central Bank in consultation with the Minister.22. Fund investmentThe monies constituting the Fund may be invested by the Corporation in—(a)treasury bills, treasury bonds or other securities issued by theGovernment; or(b)any other securities as may be prescribed in the Gazette by theMinister from time to time.23. Application of the FundThe Fund shall be used to meet—(a)payments in respect of insured deposits;(b)liabilities in respect of borrowings made under section 21; and(c)disbursements for the whole or any part of the liability on account ofother expenses incurred or to be incurred by the Corporation.15[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance24. Membership of the Fund(1) Any institution licensed by the Central Bank shall become a member ofthe Fund from the date it is granted the licence.(2) Notwithstanding subsection (1), every institution which at the commencementof this Act is licensed by the Central Bank shall be deemed to be a member of theFund.(3) The Corporation shall cause a list of all institutions whose deposits areinsured under this Act to be published in the Gazette annually.25. Cessation of membership(1) An institution shall automatically cease being a member of the Fund uponthe—(a)surrender, cancellation or revocation of an institution’s licence by theCentral Bank; or(b)issue of a winding-up order against an institution; or(c)transfer of all deposit liabilities of an institution in Kenya to any otherinstitution; or(d)appointment of a liquidator in pursuance of a resolution for aninstitution’s voluntary winding-up; or(e)entry by an institution into any scheme of arrangement orcompromise with its creditors or a reconstruction sanctioned by acompetent authority which does not permit the acceptance of freshdeposits; or(f)merger or amalgamation of an institution with any other institution; or(g)determination by the Corporation that the affairs of an institution arebeing conducted in a manner detrimental to its own interests or tothe interest of its depositors; or(h)termination under section 41 of this Act.(2) The Corporation shall, as soon as reasonably practicable after terminationof membership of an institution under subsection (1), cause the name of thatinstitution to be published in the Gazette and at least two daily newspapers ofnationwide circulation.26. Effect of cessation(1) Where an institution ceases to be a member of the Fund under section 25,the institution shall—(a)not assume, hold out or in any other way give the impression thatthe institution is a member of the Fund;(b)surrender its licence and the Corporation shall notify the institution’sdepositors of the termination of its membership in the prescribedmanner;(c)not be relieved from its obligations or liabilities to the Corporationthat have accrued before the cessation of its membership; and[Issue 1]16
[Rev. 2012]No. 10 of 2012Kenya Deposit Insurance(d)indemnify the Corporation in the event of any payment made by theCorporation to depositors, in respect of such deposits as shall havebeen transferred or acquired by another institution.(2) Where an institution is obligated to repay to a person any monies that arereceived or held by the institution, such monies shall be deemed not to constitutepart of a deposit for the purposes of deposits insured with the Corporation if thedate on which the person acquires his interest in the monies is a date subsequentto the date on which the institution ceases to be a member of the Fund.(3) Any institution which contravenes the provisions of subsection (1)commits an offence and shall be liable to a fine not exceeding five hundredthousand shillings and to a daily penalty not exceeding ten thousand shillings forevery day the contravention continues.27. Contributions by institutions(1) An institution licensed by the Central Bank shall contribute to the Fundsuch annual amount, and at such times, as the Corporation may determine.(2) The Corporation shall serve on every institution a notice specifying theamount and the period, which shall not be later than twenty-one days after thedate of service of the notice, within which the amount shall be paid into the Fund.(3) The amount of contribution to the Fund under this section shall not be lessthan three hundred thousand shillings nor exceed 0.4 per cent of the average ofthe institution’s total deposit liabilities during the period of twelve months prior tothe date of the notice served under subsection (2).(4) Where it appears to the Corporation that the affairs of an institution arebeing conducted in a manner detrimental to its own interests or to the interests ofits depositors, the Corporation may increase the contributions of that institutionbeyond the prevailing rate prescribed by the Cabinet Secretary.(5) An institution which, for any reason, fails to pay its contribution to theFund within the period specified in a notice issued under subsection (2) shall beliable to pay to the Corporation a penalty interest charge not exceeding one-halfper cent of the unpaid amount for every day outside the notice period on whichthe amount remains unpaid.(6) The Corporation shall not accept any contribution by an institution ifreduced or otherwise adjusted on the basis of any claim by the institution againstthe Corporation.28. Amount payable as protected deposit(1) The Corporation shall insure each deposit placed with an institution,provided that the maximum amount payable to a customer in respect of theaggregate credit balance of any deposit accounts maintained by the customerwith the institution shall not exceed one hundred thousand shillings or suchhigher amount as the Corporation may from time to time determine.(2) Where a depositor owns more than one deposit account with an institution,the aggregate of those deposits shall be insured in respect of the consolidatedamount to the prevailing maximum amount fixed under subsection (1).17[Issue 1]
No. 10 of 2012[Rev. 2012]Kenya Deposit Insurance2
KENYA DEPOSIT INSURANCE ACT No. 10 of 2012 Revised Edition 2012 Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. 2012] No. 10 of 2012 Kenya Deposit Insurance 3 [Issue 1] NO. 10 OF 2012 KENYA DEPOSIT INSURANCE ACT ARRANGEMENT OF SECTIONS
1.2 European history of deposit insurance 11 1.3 Deposit insurance as an element in the financial safety net 12 2 Deposit insurance fundamentals 15 2.1 Aims and requirements of a modern deposit insurance scheme 15 2.1.1 Aims of deposit insurance 15 2.1.2 Requirements of a deposit insurance scheme 17 2.2 Guarantee promises 19
Deposit Insurance Corporation, to chair a working group that would carry out the task of setting out guidance for effective deposit insurance systems. The final report of the Working Group on Deposit Insurance was discussed and endorsed by the Forum in London, on September 7, 2001. The FSF report on deposit insurance is built on three general .
The Cashier Office will provide pre‐numbered 3‐part deposit slips and plastic tamper resistant deposit bags for the bank deposit. The first 3 digits of the deposit slip is a location number and will identify your department to the Cashiers and the bank. The last 4 digits is a sequential deposit number. All bank deposit slips and bags must .
01/13 consol elec deposit 1 30.00 01/13 deposit intuit pymt soln boyette springs homeow 60.00 01/13 consol elec bill pay deposit 3 90.00 01/17 deposit intuit pymt soln boyette springs homeow 30.00 01/17 consol elec bill pay deposit 7 210.00 01/18 deposit intuit pymt soln boyette springs homeow 60.00 01/18 consol elec bill pay deposit 8 240.00
6 of 2001, Act No. 7 of 2002, Act No. 15 of 2003, Act No. 4 of 2004, Act No. 6 of 2005, Act No. 10 of 2006, Act No. 9 of 2007, Act No. 8 of 2008, Act No. 8 of 2009, Act No. 10 of 2010, Act No. 4 of 2012.] PART I - PRELIMINARY 1. Short title and commencement This Act may be cited as the Income Tax Act, 1973 and shall, subject to the
Financial inclusion and deposit insurance: It stands to reason that deposit insurance should promote financial inclusion by bolstering confidence in financial institutions and potentially leading to greater savings among the poor. Access to deposit insurance should provide a measure of protection to small savers, provided they are informed
discusses main features of the deposit insurance schemes and section 5 concludes. The database, country details and sources are presented in the appendix. 2. Deposit insurance adoption As Demirgüç-Kunt, Kane and Laeven (2005) point out, every country has a de facto implicit deposit insurance scheme (IDIS) in place since governments get .
While opening an AutoCAD 2000 drawing, you can use the Partial Open option to work with only part of the drawing file. If you are working with a large drawing, you can partially open the drawing and select a specific view and layers to work with instead of loading the entire drawing. See “Using Par- tial Open and Partial Load” on page 311. To open a drawing 1 In the Startup dialog box .
