Kenya Banking Act

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HomeBrud.gifKenyan LawBrud.gifActsBrud.gifKenya Banking Act

PART I - PRELIMINARY

  • Section 1: Short title
  • Section 2: Interpretation

PART II-LICENSING OF INSTITUTIONS

  • Section 3: Restriction on Carrying of Banking Business, Etc
  • Section 4: Application for License.
  • Section 5: Licensing of Institutions.
  • Section 6: Revocation of License.
  • Section 7: Minimum Capital Requirements.
  • Section 8: Location of Places of Business.
  • Section 8A: Branches and Subsidiaries
  • Section 9: Amalgamations and Transfer of Assets and Liabilities.
  • Section 9A: Directors, Chief Executive Officers and Significant Shareholders to be Fit and Proper

PART III-PROHIBITED BUSINESS

  • Section 10: Limit on Advances, Credits and Guarantees.
  • Section 11: Restrictions on Advances, Credits and Guarantees.
  • Section 12: Restrictions on Trading and Investments.
  • Section 13: Restrictions on Ownership of Share Capital of an Institution.
  • Section 14: Restrictions on Advances for Purchase of Land.
  • Section 15: Mortgage Finance Companies.
  • Section 16: Restrictions on Deposit Taking.
  • Section 16A: Imposition of Charges and Payment of Interest

PART IV-RESERVES AND DIVIDENDS

  • Section 17: Ratio Between Capital and Deposits.
  • Section 18: Ratio Between Capital and Assets
  • Section 19: Minimum Liquid Assets.
  • Section 20: Restrictions on Dividends.
  • Section 20A: Financial Year

PART V-ACCOUNTS AND AUDIT

  • Section 21: Form of Accounts.
  • Section 22: Accounts to be Exhibited.
  • Section 23: Submission of Accounts to the Central Bank.
  • Section 24: Appointment of Auditors.
  • Section 25: Change of Auditors to be Notified to the Central Bank.
  • Section 26: Auditor’s Duty of Confidence.

PART VI-INFORMATION AND REPORTING REQUIREMENTS

  • Section 27: Collection of Information by Central Bank.
  • Section 28: Furnishing of Information.
  • Section 29: Minister may Require Further Information.
  • Section 30: Time to Furnish Information.
  • Section 31: Publication of Information.

PART VII-INSPECTION AND CONTROL OF INSTITUTIONS

PART VIII-THE DEPOSIT PROTECTION FUND

  • Section 36: Deposit Protection Fund Board.
  • Section 36A: Objects and Functions of the Board
  • Section 36B: Remuneration of Board Members
  • Section 36C: Protection from Personal Liability
  • Section 37: Deposit Protection Fund
  • Section 38: Contribution to the Fund.
  • Section 39: Protection of Deposits.
  • Section 40: Rights of the Board on Insolvency.
  • Section 40A:Rights of Assignments.
  • Section 41: [Repealed].
  • Section 41A: Administration of Assets.
  • Section 42: Annual Reports, etc

PART IX-REPRESENTATIVE OFFICES OF FOREIGN INSTITUTIONS

  • Section 43: Representative Offices of Foreign Institutions.

PART X-MISCELLANEOUS PROVISIONS

  • Section 44: Restriction on Increase in Bank Charges.
  • Section 44A: Limit on Interest Recovered on Defaulted Loans
  • Section 45: Minister to Consult with the Central Bank.
  • Section 46: Bank Holidays.
  • Section 47: Orders by High Court.
  • Section 48: Disqualification of Officers.
  • Section 49: Penalties for Offences.
  • Section 50: Penalties for Default by Officers.
  • Section 51: Misleading Advertisement for Deposits.
  • Section 52: Civil Obligations.
  • Section 52A: Act to Prevail in Event of Conflict.
  • Section 53: Exemptions.
  • Section 54: Act not to apply to certain institutions.
  • Section 55: Regulations.
  • Section 56: Repeal and savings.

SCHEDULES

  • FIRST SCHEDULE: Criteria for Determining Professional and Moral Suitability of Directors and Senior Officers Proposed to Manage or Control Institutions
  • SECOND SCHEDULE: Minimum Capital Requirements

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