ADVOKS GLOBAL · KENYA
Agricultural Finance Corporation Act
14. Powers of Corporation
Edition: 2022-12-31 · Repealed
14. Powers of Corporation
(1)The Corporation shall, subject to this Act, have powers of power to do all such things and to enter into all such transactions as it considers necessary for, or conducive or incidental to, the proper discharge of the functions described in section 3(2) of this Act, including, without prejudice to the generality of the foregoing, power—(a)to make loans of money in accordance with Part III of this Act and accept repayments thereof;(b)with the concurrence of, and subject to such limitations as may be imposed by, National Treasury, to borrow money or obtain credit either in Kenya or abroad;(c)to furnish managerial, technical and administrative advice, or to assist in obtaining such advice, for agricultural industries;(d)after consultation with the National Treasury, to invest money which is not for the time being needed for discharging the functions of the Corporation in investments for the time being authorized by law for the investment of trust moneys, or to place any such money on deposit at interest with any public body;(e)to create, make, draw, accept, endorse, execute, issue, discount, buy, sell, negotiate and deal in bills, notes, warrants, coupons, stock, debentures and other negotiable or transferable instruments;(f)subject to this Act, to mortgage the property of the Corporation to secure the repayment of money borrowed by the Corporation.(2)Notwithstanding subsection (1) of this section, the Corporation shall not borrow any money where the result would be that the total indebtedness (whether present or contingent) of the Corporation would exceed the sum of fifteen million pounds, or such larger amount as the National Treasury may, by notice in the Gazette, determine.(3)The Corporation may delegate to the General Manager its power to grant loans under this Act.(4)No loan shall be made out of the funds of the Corporation to any director or to any member of the staff unless—(a)it is for the purchase of housing accommodation or a motor vehicle; or(b)it is for agricultural purposes, and the interest of the applicant has been disclosed and recorded in the minutes of the meeting recommending approval of the application and the consent of the Cabinet Secretary to the proposal has been obtained.